Stop! Your Lease Extension in Teddington Could Be FREE

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Many leaseholders in Teddington are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Teddington has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Teddington lease extension

Top reasons for lease extension now:

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

Teddington residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not finance a property with a short lease

Nearly all mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone wishing to purchase your property in the future might well do, so if they are not able to get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Teddington?

Engaging our service gives you increased control over the value of your Teddington 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Teddington Lease Extension Case Summaries:

Bethany, Teddington, South West London,

After protracted correspondence with the freeholder of her first floor apartment in Teddington, Bethany initiated the lease extension process as the eighty year deadline was swiftly approaching. The transaction was finalised in June 2008. The freeholder’s fees were kept to an absolute minimum.

Teddington case:

Last Autumn we were called by Dr Austin Walker , who bought a garden flat in Teddington in November 2004. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative properties in Teddington with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed annually. The lease end date was in 2102. Taking into account 76 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.

Decision in Kingston upon Thames

An example of a Lease Extension matter before the tribunal for a Teddington property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.