The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Twyford have the right to extend the lease for a further ninety years in accordance with statute. Do think carefully before delaying your Twyford lease extension. Shelving the costs today simply increases the premium you will ultimately have to pay to extend the lease.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Retaining our service gives you better control over the value of your Twyford leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Theo, came critically near to the 80-year threshold with the lease on his ground floor flat in Twyford. In buying his home two decades ago, the lease term was of no interest. by good luck, he realised he would imminently be paying an inflated amount for a lease extension. Theo extended the lease just in the nick of time in August. Theo and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If he not met the deadline, the premium would have escalated by a minimum £925.
Last Summer we were approach by Dr Sebastian Sánchez , who bought a one bedroom apartment in Twyford in January 2006. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative homes in Twyford with a long lease were worth £267,600. The mid-range amount of ground rent was £65 collected yearly. The lease concluded on 14 August 2091. Given that there were 67 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 plus legals.
Dr H Robinson owned a first floor flat in Twyford in February 2004. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative premises in Twyford with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £55 collected annually. The lease termination date was in 2080. Given that there were 56 years remaining we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.