There is no doubt about it a leasehold flat or house in Teddington is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Most flat owners in Teddington will qualify for this right; nevertheless a lawyer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Teddington with in excess of one hundred years unexpired 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Yorkshire 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. |
Lease extensions in Teddington can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Teddington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jacob was the the leasehold owner of a studio flat in Teddington being marketed with a lease of fraction over 61 years outstanding. Jacob on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Jacob to invoke his statutory right. Jacob obtained expert advice and secured satisfactory deal informally and readily saleable.
Mr Jake Lee was assigned a lease of a ground floor apartment in Teddington in November 2011. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative homes in Teddington with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 billed yearly. The lease end date was on 18 September 2098. Considering the 72 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.
An example of a Lease Extension matter before the tribunal for a Teddington flat 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.