Why you should commence your Twyford lease extension

Main reasons to start your Twyford lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Twyford have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Twyford lease extension. Postponing the costs today simply escalates the price you will eventually have to pay for a lease extension.

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

Leasehold residencies in Twyford with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to grant a mortgage on a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold property. Many will simply refrain from lending at all once the residual lease term drops below a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Twyford home.

What makes us experts in Twyford lease extensions?

Retaining our service gives you better control over the value of your Twyford leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Twyford Lease Extension Example Cases:

Ben, Twyford, Berkshire,

Ben was the the leasehold owner of a high value apartment in Twyford being marketed with a lease of a few days over 72 years outstanding. Ben on an informal basis contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Ben to invoke his statutory right. Ben obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.

Twyford case:

In 2012 we were phoned by Mr and Mrs. V Gómez who, having bought a one bedroom apartment in Twyford in August 2001. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Identical homes in Twyford with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated in 2102. Given that there were 76 years left we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.

Twyford case:

Mr Thomas Michel completed a purpose-built flat in Twyford in July 2006. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar homes in Twyford with 100 year plus lease were worth £257,800. The mid-range ground rent payable was £65 collected every twelve months. The lease came to a finish in 2091. Given that there were 65 years unexpired we estimated the premium to the landlord for the lease extension to be within £17,100 and £19,800 not including professional charges.