Top reasons for Twickenham Park lease extension

Why you should commence your Twickenham Park lease extension today:

Increase your lease and increase your Twickenham Park property value

It’s an underpublicised certainty that a Twickenham Park residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Twickenham Park property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. The majority of flat owners in Twickenham Park will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.

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

Leasehold residencies in Twickenham Park with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not issue a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in Twickenham Park with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Twickenham Park?

Regardless of whether you are a tenant or a landlord in Twickenham Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Twickenham Park valuers.

Twickenham Park Lease Extension Example Cases:

Matthew, Twickenham Park, South West London,

Matthew was the the leasehold owner of a studio flat in Twickenham Park on the market with a lease of just over 59 years left. Matthew informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Matthew to exercise his statutory right. Matthew procured expert legal guidance and secured satisfactory resolution informally and readily saleable.

Twickenham Park case:

Mr Reuben Clark acquired a studio flat in Twickenham Park in September 1996. The question was if we could approximate the premium would be for a ninety year lease extension. Comparative premises in Twickenham Park with 100 year plus lease were worth £290,000. The average ground rent payable was £60 billed every twelve months. The lease ran out in 2106. Given that there were 80 years outstanding we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.