As the the remaining lease term of a Ogmore Vale domestic lease decreases so does its value and therefore the value of your property. Where the lease has, more than 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in Ogmore Vale will qualify for this right; however a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Ogmore Vale with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Using our service gives you enhanced control over the value of your Ogmore Vale leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ethan owned a high value apartment in Ogmore Vale on the market with a lease of just over 61 years remaining. Ethan on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
Last Autumn we were phoned by Mr and Mrs. P Torres , who was assigned a lease of a first floor apartment in Ogmore Vale in August 2010. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Similar flats in Ogmore Vale with a long lease were valued around £285,000. The average ground rent payable was £45 invoiced yearly. The lease ended in 2097. Considering the 71 years unexpired we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.
Last Winter we were called by Mr and Mrs. W Anderson , who acquired a basement apartment in Ogmore Vale in April 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Ogmore Vale with an extended lease were worth £225,800. The average ground rent payable was £60 billed quarterly. The lease finished in 2086. Given that there were 60 years remaining we approximated the premium to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of legals.