Top reasons for East Twickenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your East Twickenham property value

The market value of a leasehold property in East Twickenham depends on how many years the lease has remaining. If it is near to or fewer than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to start the process of extending the lease is when the lease still has 82 years remaining so that a lease extension can be addressed well before the eighty year threshold. Current legislation enables East Twickenham qualifying lessees to obtain a lease extension of 90 years on top of the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in East Twickenham with more than one hundred years unexpired 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property on a short lease

Lenders will not lend on short residential leases. You are likely to experience difficulties where you want to sell your flat in East Twickenham if the unexpired lease term is below the criteria set by most lenders. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

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

Lease extensions in East Twickenham can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with East Twickenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Twickenham Lease Extension Example Cases:

Dylan, East Twickenham, North London,

Dylan was the the leasehold proprietor of a conversion flat in East Twickenham being marketed with a lease of a little over 61 years unexpired. Dylan informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Dylan to invoke his statutory right. Dylan procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

East Twickenham case:

Last Autumn we were contacted by Mr and Mrs. O Sharif , who moved into a recently refurbished flat in East Twickenham in July 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Similar flats in East Twickenham with a long lease were valued about £285,000. The average ground rent payable was £45 billed monthly. The lease finished on 8 January 2097. Given that there were 71 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.