Main reasons to start your Twickenham Park lease extension

Why you should commence your Twickenham Park lease extension today:

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

Unfortunately that a Twickenham Park residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value 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 falls lower than eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Twickenham Park will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some situations you may not be entitled. 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 premises in Twickenham Park with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage with a short lease

Nearly all mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of your property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Twickenham Park lease extensions?

Irrespective of whether you are a tenant or a freeholder in Twickenham Park,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Twickenham Park valuers.

Twickenham Park Lease Extension Example Cases:

George, Twickenham Park, South West London

Two years ago George, came perilously near to the 80-year mark with the lease on his garden apartment in Twickenham Park. In buying his property two decades ago, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. George was able to extend his lease at the eleventh hour in June. George and the freeholder via the managing agents ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the figure would have escalated by at least £1,025.

Twickenham Park case:

In 2009 we were called by Mr A Fournier who, having moved into a first floor flat in Twickenham Park in April 2003. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical residencies in Twickenham Park with an extended lease were worth £250,000. The average amount of ground rent was £50 invoiced annually. The lease concluded in 2094. Given that there were 68 years remaining we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.