Top reasons for Teddington lease extension

Why you should commence your Teddington lease extension today:

Increase your lease and increase your Teddington property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Teddington. Clearly, the term of lease left shortens over time. This is often ignored and only becomes a problem when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Teddington have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give careful deliberation before putting off your Teddington lease extension. Putting off the cost now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold premises in Teddington with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Most mortgage lenders will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Teddington property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Teddington?

The conveyancers that we work with handle Teddington 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.

Teddington Lease Extension Case Summaries:

Milo, Teddington, South West London

In recent months Milo, came very near to the eighty-year mark with the lease on his ground floor apartment in Teddington. In buying his home two decades ago, the unexpired term was of no interest. Thankfully, he noticed he needed to take steps soon on Extending the lease. Milo was able to extend his lease at the eleventh hour last May. Milo and the freeholder in the end settled on an amount of £5,000 . If the lease had gone below 80 years, the amount would have become more exhorbitant by a minimum £1,025.

Teddington case:

Dr F Brooks purchased a garden apartment in Teddington in January 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Teddington with an extended lease were in the region of £191,400. The average ground rent payable was £55 billed yearly. The lease terminated in 2080. Given that there were 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including professional charges.