The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Twickenham have the right to extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful consideration before delaying your Twickenham lease extension. Shelving that expense today simply escalates the premium you will ultimately be required to pay for a lease extension.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
The conveyancers that we work with procure Twickenham 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.
After unsuccessful discussions with the landlord of her basement apartment in Twickenham, Victoria commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was concluded in August 2013. The landlord’s charges were kept to an absolute minimum.
In 2010 we were phoned by Mr and Mrs. M Green who, having completed a first floor flat in Twickenham in March 1999. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Similar residencies in Twickenham with a long lease were valued about £257,800. The average amount of ground rent was £65 collected every twelve months. The lease expired in 2090. Given that there were 65 years unexpired we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus legals.
An example of a Lease Extension case for a Twickenham property 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 remaining number of years on the lease was 60.45 years.