Top reasons for Twyford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Twyford property value

Twyford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Twyford tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Twyford you really ought to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Twyford property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders will not lend on a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. As plenty of flats in Twyford were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Twyford?

The conveyancing solicitors that we work with undertake Twyford 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 conveyancing solicitor we work with provide it.

Twyford Lease Extension Example Cases:

Jordan, Twyford, Berkshire,

Following unsuccessful correspondence with the landlord of her studio apartment in Twyford, Jordan initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The transaction was finalised in August 2008. The freeholder’s costs were negotiated to slightly above six hundred GBP.

Twyford case:

Mrs Melissa Robinson moved into a first floor flat in Twyford in May 2011. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparative premises in Twyford with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease lapsed in 2094. Having 68 years outstanding we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.

Twyford case:

Dr B Anderson purchased a basement apartment in Twyford in July 1996. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Identical flats in Twyford with a long lease were valued about £208,600. The mid-range ground rent payable was £60 collected monthly. The lease lapsed in 2083. Considering the 57 years unexpired we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including fees.