Why you should commence your Twickenham lease extension

Main reasons to commence your Twickenham lease extension today:

A Twickenham lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Twickenham. Clearly, the term of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Twickenham have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give due attention before delaying your Twickenham lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

Twickenham property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

Why use us for your lease extension in Twickenham?

Regardless of whether you are a tenant or a landlord in Twickenham,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Twickenham valuers.

Twickenham Lease Extension Case Studies:

Catherine, Twickenham, South West London,

After unsuccessful correspondence with the freeholder of her basement apartment in Twickenham, Catherine started the lease extension process just as her lease was nearing the crucial 80-year threshold. The legal work was finalised in April 2011. The freeholder’s charges were restricted to a tad over 650 pounds.

Twickenham case:

In 2010 we were contacted by Mr and Mrs. K Martinez who, having bought a one bedroom apartment in Twickenham in March 2007. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Twickenham with an extended lease were valued about £181,600. The average amount of ground rent was £55 billed per annum. The lease ended in 2078. Given that there were 52 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.