Chances are that where you own a flat in Osterley you actually own a long leasehold interest over your property
Leasehold premises in Osterley with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Osterley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Osterley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Benjamin, came very close to the 80-year threshold with the lease on his purpose- built flat in Osterley. Having bought his flat two decades ago, the lease term was of little significance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Benjamin extended the lease just under the wire in May. Benjamin and the freeholder eventually agreed on an amount of £5,500 . If he not met the deadline, the sum would have increased by a minimum £875.
Last Summer we were approach by Ms Amber Murphy , who took over the lease of a basement apartment in Osterley in May 2012. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Comparable residencies in Osterley with 100 year plus lease were valued about £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease concluded on 4 January 2081. Taking into account 56 years outstanding we approximated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including fees.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The unexpired residue of the current lease was 60.45 years.