Why you should start your East Twickenham lease extension

Top reasons for lease extension now:

A East Twickenham lease depreciates with the years remaining on the lease.

East Twickenham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying East Twickenham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in East Twickenham you would be well advised to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

Leasehold properties in East Twickenham with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not finance a property on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You most probably encounter difficulties where you wish to sell your flat in East Twickenham if the unexpired term of your lease is under the criteria set by most banks and building societies. Different lenders have different criteria but generally theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in East Twickenham?

Using our service gives you increased control over the value of your East Twickenham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

East Twickenham Lease Extension Example Cases:

Samantha, East Twickenham, North London,

Subsequent to protracted negotiations with the freeholder of her two bedroom flat in East Twickenham, Samantha commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The lease extension completed in March 2010. The freeholder’s fees were restricted to below 550 pounds.

East Twickenham case:

Mr Thomas Roberts acquired a one bedroom apartment in East Twickenham in October 2002. The question was if we could estimate the price could be for a ninety year lease extension. Identical premises in East Twickenham with 100 year plus lease were worth £208,600. The average ground rent payable was £60 invoiced quarterly. The lease ran out on 21 January 2082. Given that there were 57 years remaining we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of legals.