Why you should commence your Ogmore By Sea lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ogmore By Sea property value

Ogmore By Sea leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Ogmore By Sea enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ogmore By Sea you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems where you wish to sell your flat in Ogmore By Sea if the unexpired lease term is below the criteria set by the majority of lenders. Different mortgage companies have varying criteria but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Ogmore By Sea?

Lease extensions in Ogmore By Sea can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Ogmore By Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ogmore By Sea Lease Extension Example Cases:

Harvey, Ogmore By Sea, Vale Of Glamorgan

Last October Harvey, came very close to the eighty-year mark with the lease on his garden flat in Ogmore By Sea. Having purchased his flat twenty years ago, the lease term was of minimal significance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Harvey extended the lease just ahead of time in March. Harvey and the landlord eventually settled on the final figure of £6,000 . If he had missed the deadline, the premium would have gone up by a minimum £1,100.

Ogmore By Sea case:

Mrs H Bonnet acquired a studio flat in Ogmore By Sea in September 2009. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparable flats in Ogmore By Sea with an extended lease were in the region of £290,000. The average ground rent payable was £45 invoiced quarterly. The lease expiry date was in 2099. Having 73 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Ogmore By Sea case:

Last Summer we were contacted by Mr and Mrs. N Alexander , who took over the lease of a one bedroom apartment in Ogmore By Sea in January 2011. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Ogmore By Sea with a long lease were worth £240,600. The mid-range ground rent payable was £60 collected annually. The lease termination date was on 21 July 2088. Considering the 62 years remaining we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of fees.