The closer a domestic lease in Ogmore Vale gets to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. Many flat owners in Ogmore Vale will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Ogmore Vale can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in this area.
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 a wealth of experience dealing with Ogmore Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jack owned a conversion apartment in Ogmore Vale being marketed with a lease of a few days over sixty years outstanding. Jack informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jack to exercise his statutory right. Jack procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Last year we were contacted by Dr E Ramírez , who purchased a studio apartment in Ogmore Vale in April 2004. The question was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparative premises in Ogmore Vale with 100 year plus lease were worth £191,400. The mid-range amount of ground rent was £55 invoiced annually. The lease concluded in 2079. Given that there were 54 years as a residual term we calculated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including professional charges.
Last month we were phoned by Mrs Harriet Collins , who was assigned a lease of a recently refurbished flat in Ogmore Vale in August 1996. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparative properties in Ogmore Vale with a long lease were worth £295,000. The average ground rent payable was £45 invoiced yearly. The lease ran out on 15 July 2099. Given that there were 74 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.