Why you should commence your Osterley Park lease extension

Main reasons to commence your Osterley Park lease extension today:

Increase your lease and increase your Osterley Park property value

It’s an underpublicised certainty that a Osterley Park residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Osterley Park property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term drops under 80 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. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Osterley Park will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the formalities.

An extended lease is almost the same value as a freehold

Leasehold properties in Osterley Park with in excess of 100 years outstanding 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be mindful that it is likely that someone intending to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the financial worth of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Osterley Park?

The lawyers that we work with handle Osterley Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Osterley Park Lease Extension Example Cases:

Stanley, Osterley Park, West London,

Stanley owned a 2 bedroom apartment in Osterley Park being sold with a lease of just over 61 years outstanding. Stanley on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Stanley to invoke his statutory right. Stanley obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Osterley Park case:

Mr and Mrs. U Williams completed a one bedroom apartment in Osterley Park in June 2012. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Osterley Park with an extended lease were worth £255,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2096. Taking into account 71 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.