Why you should commence your Teddington lease extension

Why you should commence your Teddington lease extension today:

Increase your lease and increase your Teddington property value

Teddington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Teddington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Teddington you would be well advised to see if your lease has between seventy and ninety years remaining. There are good reasons why a Teddington flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Teddington with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 estate charges justify it.

Lenders will not loan monies on a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

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 marketable in terms of lease length should you decide 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 Studies:

Isabel, Teddington, South West London,

Off the back of lengthy correspondence with the landlord of her ground floor apartment in Teddington, Isabel initiated the lease extension process as the eighty year threshold was swiftly approaching. The transaction completed in January 2013. The landlord’s fees were restricted to about 550 pounds.

Teddington case:

In 2014 we were e-mailed by Mrs D Clarke who, having owned a one bedroom apartment in Teddington in April 2005. We are asked if we could estimate the price would be for a 90 year lease extension. Similar homes in Teddington with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease lapsed on 12 June 2095. Given that there were 69 years remaining we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.