Top reasons for Osterley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Osterley property value

The market 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 a lease extension can increase substantially once the remaining term is below than 80 years

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

Leasehold properties in Osterley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once the remaining lease term slips under a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Osterley home.

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

The conveyancing solicitors that we work with handle Osterley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Osterley Lease Extension Case Summaries:

Tia, Osterley, North London,

In the wake of 9 months of lengthy negotiations with the freeholder of her garden apartment in Osterley, Tia started the lease extension process as the eighty year threshold was fast coming. The lease extension was concluded in June 2010. The landlord’s costs were kept to an absolute minimum.

Osterley case:

Last Summer we were contacted by Mr and Mrs. S Collins , who was assigned a lease of a first floor flat in Osterley in March 1995. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative premises in Osterley with a long lease were valued around £270,000. The average amount of ground rent was £55 billed monthly. The lease lapsed in 2101. Given that there were 75 years outstanding we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.