Twyford residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.
Leasehold premises in Twyford with in excess of one hundred years outstanding 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 premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Virgin |
Using our service gives you increased control over the value of your Twyford leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Toby, started to get close to the 80-year mark with the lease on his ground floor apartment in Twyford. Having bought his home two decades ago, the unexpired term was of no significance. by good luck, he recognised he needed to take steps soon on Extending the lease. Toby arranged for a lease extension just in the nick of time in June. Toby and the landlord subsequently agreed on a premium of £5,500 . If he failed to meet the deadline, the figure would have become more exhorbitant by a minimum £900.
In 2013 we were e-mailed by Mr and Mrs. V Jones who, having was assigned a lease of a one bedroom flat in Twyford in May 2001. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Twyford with an extended lease were in the region of £210,000. The average ground rent payable was £50 collected per annum. The lease ended in 2106. Taking into account 80 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
In 2009 we were phoned by Mr Callum Johnson who, having completed a basement flat in Twyford in May 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar homes in Twyford with an extended lease were valued around £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease elapsed in 2095. Considering the 69 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.