Stop! Your Lease Extension in Osterley Could Be FREE

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Many leaseholders in Osterley are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Osterley has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Osterley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Osterley property value

The value of Osterley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Osterley if the remaining lease term is less than the criteria set by most banks and building societies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least seventy years.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Osterley?

Using our service gives you enhanced 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Osterley Lease Extension Example Cases:

Jackson, Osterley, North London,

Jackson was the the leasehold proprietor of a high value flat in Osterley on the market with a lease of fraction over 61 years left. Jackson informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jackson to exercise his statutory right. Jackson obtained expert advice and secured an acceptable resolution informally and readily saleable.

Osterley case:

Last Summer we were e-mailed by Ms N Scott , who was assigned a lease of a studio flat in Osterley in October 2007. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical properties in Osterley with 100 year plus lease were valued around £250,000. The average ground rent payable was £50 billed annually. The lease ended on 15 July 2095. Considering the 69 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.

Decision in Hounslow

An example of a Lease Extension decision for a Osterley premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired term as at the valuation date was 60.45 years.