Osterley Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Osterley Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Osterley Park you really ought to see if your lease has between seventy and 90 years left. There are good reasons why a Osterley Park leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB |
Lease extensions in Osterley Park can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Osterley Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Isaac, came perilously close to the 80-year mark with the lease on his two bedroom flat in Osterley Park. Having purchased his home twenty years previously, the lease term was of no concern. Fortunately, he became aware that he would soon be paying way over the odds for Extending the lease. Isaac extended the lease just under the wire in June. Isaac and the landlord who owned the flat above eventually settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £1,000.
Dr C Mitchell purchased a first floor apartment in Osterley Park in November 2010. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Similar homes in Osterley Park with an extended lease were worth £183,600. The average ground rent payable was £65 invoiced annually. The lease lapsed in 2083. Having 57 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus legals.
An example of a Freehold Enfranchisement case for a Osterley Park flat is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case was in relation to 2 flats. The unexpired term as at the valuation date was 72.39 years.