The only way is down when it comes to Twickenham lease terms. Twickenham flats that have a remaining term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.
Leasehold properties in Twickenham with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire 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. |
The conveyancers that we work with handle 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 conveyancer we work with provide it.
Trailing unsuccessful correspondence with the freeholder of her purpose-built flat in Twickenham, Hollie commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The lease extension completed in March 2011. The freeholder’s costs were kept to an absolute minimum.
In 2009 we were approached by Mr Matthew Patel who, having completed a garden apartment in Twickenham in September 2011. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparative premises in Twickenham with 100 year plus lease were in the region of £216,000. The mid-range amount of ground rent was £60 billed annually. The lease expiry date was on 28 August 2083. Taking into account 58 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including professional charges.
An example of a Lease Extension decision for a Twickenham residence 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.