Twickenham Park leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Twickenham Park tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Twickenham Park you should see if your lease has between 70 and ninety years left. There are compelling reasons why a Twickenham Park leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay
Leasehold residencies in Twickenham Park with over one hundred years left on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Regardless of whether you are a tenant or a landlord in Twickenham Park,the lease extension experts that we work with will always be prepared 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.
Following protracted discussions with the landlord of her first floor flat in Twickenham Park, Alexandra commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The legal work was concluded in September 2014. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. Y Bell took over the lease of a studio apartment in Twickenham Park in February 2000. The question was if we could estimate the price could be to extend the lease by a further 90 years. Similar residencies in Twickenham Park with an extended lease were worth £264,000. The average amount of ground rent was £60 billed yearly. The lease terminated in 2079. Given that there were 53 years remaining we calculated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 not including fees.
An example of a Lease Extension matter before the tribunal for a Twickenham Park property 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 lease term was 68.34 years.