Ollerton leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay 50% 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 Ollerton will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Irrespective of whether you are a tenant or a landlord in Ollerton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ollerton valuers.
In 2014 Matthew, started to get near to the eighty-year mark with the lease on his first floor flat in Ollerton. Having bought his home twenty years previously, the unexpired term was of minimal bearing. As luck would have it, he recognised he would imminently be paying an inflated amount for a lease extension. Matthew was able to extend his lease at the eleventh hour last April. Matthew and the landlord in the end agreed on an amount of £6,000 . If he failed to meet the deadline, the figure would have increased by at least £1,125.
Last Christmas we were e-mailed by Dr K Ward , who owned a basement flat in Ollerton in April 2000. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable residencies in Ollerton with 100 year plus lease were valued about £184,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease finished in 2079. Considering the 53 years left we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus legals.
In 2011 we were contacted by Mr and Mrs. W Morel who, having owned a garden apartment in Ollerton in May 2007. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparable premises in Ollerton with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected annually. The lease lapsed in 2099. Given that there were 73 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.