Why you should start your Osterley Park lease extension

Why you should commence your Osterley Park lease extension today:

A Osterley Park lease depreciates with the years remaining on the lease.

As the length of the unexpired term of a Osterley Park domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, more than 125 years to run then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Osterley Park will meet the qualifying criteria; however a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Osterley Park property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not loan monies with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Osterley Park if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Get in touch with one of our Osterley Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Osterley Park can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience 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.

Osterley Park Lease Extension Example Cases:

Arthur, Osterley Park, West London,

Arthur owned a conversion apartment in Osterley Park being marketed with a lease of just over 59 years unexpired. Arthur on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Osterley Park case:

Last Spring we were approach by Mr and Mrs. J Moreau , who acquired a recently refurbished apartment in Osterley Park in August 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar premises in Osterley Park with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed monthly. The lease expired on 19 February 2102. Taking into account 76 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.