Twickenham Park leases on residential properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Twickenham Park will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
Leasehold properties in Twickenham Park with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Twickenham Park can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Twickenham Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the freeholder of her garden apartment in Twickenham Park, Kate commenced the lease extension process as the 80 year mark was quickly coming. The transaction was concluded in July 2007. The freeholder’s fees were kept to an absolute minimum.
Last Winter we were contacted by Ms Morgan Roux , who owned a studio flat in Twickenham Park in August 1999. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical properties in Twickenham Park with a long lease were worth £265,000. The mid-range ground rent payable was £50 collected quarterly. The lease lapsed on 4 April 2099. Taking into account 73 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a Twickenham Park premises is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case affected 1 flat. The unexpired term was 68.34 years.