As the the remaining lease term of a Ogmore Vale residential lease lessens so does its value and therefore the value of your property. If the residual term has, more than one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Ogmore Vale will meet the qualifying criteria; nevertheless a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Using our service gives you better control over the value of your Ogmore Vale leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of lengthy discussions with the freeholder of her leasehold apartment in Ogmore Vale, Holly initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was concluded in November 2015. The freeholder’s charges were kept to an absolute minimum.
Last year we were e-mailed by Ms Natalie Gunderson , who bought a garden apartment in Ogmore Vale in April 1999. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Ogmore Vale with 100 year plus lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease concluded on 7 April 2091. Given that there were 66 years unexpired we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 plus expenses.
Last month we were e-mailed by Dr Jamie Gray , who completed a first floor apartment in Ogmore Vale in September 2012. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Comparable premises in Ogmore Vale with 100 year plus lease were valued around £198,800. The average amount of ground rent was £55 billed quarterly. The lease came to a finish on 20 September 2080. Taking into account 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including legals.