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.

Main reasons to start your Teddington lease extension

Main reasons to commence your Teddington lease extension today:

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

Teddington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Teddington tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Teddington you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Teddington leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

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

Leasehold properties in Teddington with in excess of one hundred years unexpired 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 upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to loan monies on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is likely that someone wanting to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Get in touch with one of our Teddington lease extension solicitors or enfranchisement solicitors

Lease extensions in Teddington can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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.

Teddington Lease Extension Example Cases:

Harry, Teddington, South West London

Two years ago Harry, came critically near to the 80-year threshold with the lease on his basement flat in Teddington. Having purchased his property 19 years previously, the unexpired term was of minimal significance. by good luck, he noticed he needed to take steps soon on a lease extension. Harry arranged for a lease extension just ahead of time in January. Harry and the landlord ultimately agreed on sum of £6,000 . If he had missed the deadline, the figure would have become more costly by at least £1,100.

Teddington case:

In 2014 we were e-mailed by Mr L King who, having moved into a recently refurbished flat in Teddington in November 1998. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Teddington with a long lease were in the region of £260,200. The average ground rent payable was £65 invoiced monthly. The lease lapsed in 2092. Having 66 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 plus costs.

Decision in Kingston upon Thames

An example of a Lease Extension case 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 was in relation to 1 flat.