Unfortunately that a Twickenham Park residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Twickenham Park property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. If lease term slips below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Twickenham Park will be able to extend under the legislation; however a conveyancer will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Twickenham Park can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 a wealth of experience procuring 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.
Last Winter Zachary, came critically close to the eighty-year threshold with the lease on his ground floor apartment in Twickenham Park. Having bought his flat 18 years ago, the length of the lease was of minimal concern. As luck would have it, he noticed he would soon be paying way over the odds for a lease extension. Zachary was able to extend his lease just ahead of time in June. Zachary and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the figure would have increased by at least £1,150.
In 2013 we were approached by Mr and Mrs. M Bell who, having moved into a basement apartment in Twickenham Park in July 2001. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar properties in Twickenham Park with an extended lease were valued around £208,200. The mid-range ground rent payable was £65 collected quarterly. The lease came to a finish on 13 February 2087. Given that there were 61 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 plus professional charges.
An example of a Lease Extension case for a Twickenham Park residence 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 was in relation to 1 flat. The unexpired lease term was 68.34 years.