Main reasons to start your Osterley lease extension

Why you should start your Osterley lease extension today:

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

It’s a harsh certainty that a Osterley residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Osterley property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Osterley will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

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

Leasehold premises in Osterley with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to loan monies with a short lease

What makes us experts in Osterley lease extensions?

Engaging our service will provide you increased control over the value of your Osterley leasehold, as your property will be more valuable and marketable in terms of lease length should you want 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 Lease Extension Case Summaries:

Ibrahim, Osterley, North London,

Ibrahim was the the leasehold owner of a conversion apartment in Osterley on the market with a lease of a little over 59 years remaining. Ibrahim on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Ibrahim to exercise his statutory right. Ibrahim procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Osterley case:

Last Summer we were approach by Mr Nathan Leroy , who bought a first floor apartment in Osterley in May 2005. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Osterley with an extended lease were in the region of £176,200. The average amount of ground rent was £65 invoiced quarterly. The lease finished on 6 April 2082. Considering the 56 years unexpired we estimated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus legals.