Ogmore Vale leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Ogmore Vale will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In certain situations you may not qualify. There are prescribed timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Ogmore Vale with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Halifax | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Engaging our service gives you better control over the value of your Ogmore Vale leasehold, as your property will be more valuable and saleable in terms of lease length should you wish 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.
Sebastian was the the leasehold owner of a high value apartment in Ogmore Vale being marketed with a lease of a few days over sixty years outstanding. Sebastian on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Mr T Jones purchased a garden flat in Ogmore Vale in February 2012. The question was if we could estimate the premium could be for a ninety year extension to my lease. Identical premises in Ogmore Vale with a long lease were in the region of £250,400. The average amount of ground rent was £65 collected monthly. The lease lapsed on 1 June 2090. Taking into account 64 years remaining we calculated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including expenses.
In 2009 we were called by Dr Samantha Morris who, having was assigned a lease of a studio flat in Ogmore Vale in January 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in Ogmore Vale with a long lease were in the region of £189,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease elapsed in 2079. Taking into account 53 years left we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including professional charges.