Twickenham leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Twickenham will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain cases you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Twickenham with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Engaging our service gives you better control over the value of your Twickenham leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of unsuccessful discussions with the freeholder of her purpose-built apartment in Twickenham, Courtney started the lease extension process just as her lease was approaching the crucial eighty-year mark. The lease extension was finalised in September 2012. The freeholder’s charges were negotiated to about 450 GBP.
In 2011 we were e-mailed by Ms O Baker who, having acquired a one bedroom flat in Twickenham in June 2010. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Twickenham with an extended lease were valued around £225,800. The average ground rent payable was £60 collected annually. The lease ended in 2086. Considering the 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 exclusive of legals.
An example of a Lease Extension decision for a Twickenham 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.