The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Twickenham may extend the lease for an additional 90 years under legislation. Do think carefully before delaying your Twickenham lease extension. Postponing that expense today simply increases the amount you will ultimately be required to pay for a lease extension.
Leasehold residencies in Twickenham with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Twickenham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Ben owned a 2 bedroom flat in Twickenham being sold with a lease of a little over 59 years unexpired. Ben informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Ben to exercise his statutory right. Ben procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
Last year we were phoned by Mr Kian Gray , who was assigned a lease of a ground floor flat in Twickenham in September 2001. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Twickenham with 100 year plus lease were valued about £206,200. The average ground rent payable was £60 collected per annum. The lease ran out on 25 July 2082. Given that there were 56 years left we calculated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus costs.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired term as at the valuation date was 60.45 years.