On the balance of probabilities where you own a flat in Twickenham you actually own a long leasehold interest over your property
Leasehold properties in Twickenham with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
The conveyancers that we work with undertake Twickenham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Last year George, came critically near to the eighty-year threshold with the lease on his one bedroom apartment in Twickenham. In buying his home 19 years previously, the lease term was of minimal bearing. by good luck, he became aware that he would soon be paying an escalated premium for Extending the lease. George was able to extend his lease just under the wire last July. George and the freeholder via the management company in the end settled on the final figure of £5,500 . If he not met the deadline, the price would have increased by a minimum £1,000.
Last June we were e-mailed by Mr and Mrs. E Ricardo , who was assigned a lease of a ground floor flat in Twickenham in November 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Similar properties in Twickenham with a long lease were worth £240,600. The average ground rent payable was £60 invoiced quarterly. The lease terminated in 2087. Considering the 62 years remaining we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus expenses.
An example of a Lease Extension case for a Twickenham residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.