Main reasons to start your Osterley lease extension

Why you should commence your Osterley lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Osterley. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Osterley have the legal entitlement to extend the lease for a further 90 years under statute. Please give careful attention before putting off your Osterley lease extension. Holding off the cost now likely increases the price you will eventually incur for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Mortgage Lenders vary in their lending requirements. Some draw the line at seventy five years remaining on the lease; others may be prepared to lend with anything with more than seventy years. With less than 60 years, it may be difficult to get a mortgage in the first place.

What makes us experts in Osterley lease extensions?

Using our service gives you better control over the value of your Osterley leasehold, as your property will be more valuable and marketable in respect 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 Lease Extension Example Cases:

Logan, Osterley, North London,

Logan owned a high value flat in Osterley on the market with a lease of fraction over 61 years unexpired. Logan informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Logan to exercise his statutory right. Logan procured expert legal guidance and secured an acceptable deal informally and readily saleable.

Osterley case:

Dr Aiden Patel purchased a purpose-built flat in Osterley in June 2001. We are asked if we could estimate the premium could be to extend the lease by ninety years. Identical residencies in Osterley with a long lease were valued around £256,600. The average amount of ground rent was £60 collected annually. The lease ran out on 10 March 2078. Having 52 years unexpired we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including costs.