Top reasons for Teddington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Teddington property value

Teddington leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Teddington will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and steps to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Why use us for your lease extension in Teddington?

Retaining our service gives 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 want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Teddington Lease Extension Example Cases:

Alice, Teddington, South West London,

Following lengthy negotiations with the freeholder of her leasehold flat in Teddington, Alice commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The legal work was concluded in August 2007. The freeholder’s costs were kept to an absolute minimum.

Teddington case:

Last Winter we were contacted by Ms Georgia Carter , who owned a basement apartment in Teddington in June 1997. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Teddington with a long lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease came to a finish on 20 May 2103. Having 77 years unexpired we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.