With a long leasehold premises in Ogmore By Sea, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than 80 years remaining. Leasehold owners in Ogmore By Sea with a lease drawing near to 81 years left should seriously think of extending it sooner rather than later. When the lease term has below 80 years remaining, under the relevant legislation the landlord can calculate and levy a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society |
Regardless of whether you are a tenant or a landlord in Ogmore By Sea,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ogmore By Sea valuers.
Benjamin owned a 2 bedroom flat in Ogmore By Sea on the market with a lease of just over sixty years unexpired. Benjamin informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
In 2014 we were called by Dr Courtney Hall who, having acquired a one bedroom flat in Ogmore By Sea in May 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical homes in Ogmore By Sea with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 billed yearly. The lease elapsed on 26 June 2087. Considering the 61 years left we approximated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including expenses.
Last Summer we were approach by Mr Y Moreau , who moved into a first floor flat in Ogmore By Sea in June 1995. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable flats in Ogmore By Sea with an extended lease were worth £166,800. The mid-range ground rent payable was £50 invoiced every twelve months. The lease finished on 20 January 2076. Given that there were 50 years unexpired we calculated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus professional charges.