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 commence your Teddington lease extension

Why you should commence your Teddington lease extension today:

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

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

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

Leasehold properties in Teddington with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions will not lend with a short lease

Banks and building societies are distinct in their lending criteria. Some set the bar at 75 years left on the lease; others may be content with anything over seventy years. With less than sixty years, it may be problematic to obtain a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

The conveyancing solicitors that we work with procure 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 Example Cases:

Jasmine, Teddington, South West London,

After unsuccessful correspondence with the freeholder of her ground floor flat in Teddington, Jasmine commenced the lease extension process as the eighty year deadline was fast coming. The legal work was finalised in April 2009. The freeholder’s fees were negotiated to about six hundred pounds.

Teddington case:

Last Autumn we were contacted by Mr and Mrs. M Ricardo , who bought a newly refurbished apartment in Teddington in February 2004. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative homes in Teddington with 100 year plus lease were valued around £240,600. The average ground rent payable was £60 invoiced yearly. The lease expired on 20 November 2088. Given that there were 62 years remaining we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus costs.

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 was in relation to 1 flat.