The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bridport have the right to extend the lease for an additional 90 years under statute. Please give careful consideration before delaying your Bridport lease extension. Postponing the costs now simply increases the price you will eventually have to pay for a lease extension.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Virgin |
The lawyers that we work with handle Bridport lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Subsequent to lengthy correspondence with the landlord of her basement flat in Bridport, Chantelle started the lease extension process as the 80 year deadline was rapidly coming. The lease extension was finalised in March 2012. The landlord’s charges were kept to an absolute minimum.
Mrs Isobel Green purchased a one bedroom flat in Bridport in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparable flats in Bridport with an extended lease were in the region of £206,200. The average ground rent payable was £60 collected per annum. The lease finished on 20 August 2082. Taking into account 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.
Mr Muhammad Moreau owned a purpose-built apartment in Bridport in July 2007. The dilemma was if we could estimate the price would be to prolong the lease by an additional years. Comparative flats in Bridport with 100 year plus lease were valued about £300,000. The average amount of ground rent was £50 billed quarterly. The lease ran out on 12 March 2102. Given that there were 76 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.