Top reasons for Osterley Park lease extension

Main reasons to start your Osterley Park lease extension today:

Increase your lease and increase your Osterley Park property value

The only way is down when it comes to Osterley Park lease terms. Osterley Park properties that have a remaining term shorter than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.

Osterley Park property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders are tightening their criteria and many now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Osterley Park were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Osterley Park?

Engaging our service gives you increased control over the value of your Osterley Park leasehold, as your property will be more valuable and saleable in terms of lease length should you decide 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.

Osterley Park Lease Extension Example Cases:

Hollie, Osterley Park, West London,

After unsuccessful discussions with the landlord of her basement flat in Osterley Park, Hollie initiated the lease extension process as the eighty year threshold was quickly advancing. The lease extension was finalised in January 2014. The freeholder’s fees were kept to an absolute minimum.

Osterley Park case:

Dr L Scott completed a garden flat in Osterley Park in May 2012. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Similar flats in Osterley Park with 100 year plus lease were in the region of £260,000. The average amount of ground rent was £50 collected per annum. The lease lapsed on 27 September 2098. Considering the 72 years as a residual term we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.