Main reasons to commence your Teddington lease extension

Why you should start 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, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Teddington. Clearly, the length of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Teddington have the right to extend the lease for a further ninety years under Leasehold Reform legislation. Do give due deliberation before delaying your Teddington lease extension. Holding off that expense now likely increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not lend with a short lease

What makes us experts in Teddington lease extensions?

Retaining our service will provide you better control over the value of your Teddington leasehold, as your property will be more valuable and saleable in respect 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 Summaries:

Tyler, Teddington, South West London

Last year Tyler, came perilously near to the eighty-year mark with the lease on his basement flat in Teddington. In buying his flat two decades ago, the length of the lease was of little bearing. Thankfully, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Tyler extended the lease just in the nick of time in August. Tyler and the landlord subsequently settled on a premium of £5,500 . If he had missed the deadline, the price would have become more costly by a minimum £950.

Teddington case:

Last year we were phoned by Dr K Lefèvre , who purchased a first floor apartment in Teddington in February 2001. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable flats in Teddington with an extended lease were worth £216,000. The mid-range ground rent payable was £60 collected per annum. The lease termination date was in 2084. Taking into account 58 years left we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.