As the the remaining lease term of a Twyford residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner than later. Many flat owners in Twyford will meet the qualifying criteria; nevertheless a lawyer will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Twyford with in excess of 100 years remaining 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
Retaining our service gives you enhanced control over the value of your Twyford leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
14 months ago Leo, came critically near to the eighty-year threshold with the lease on his studio flat in Twyford. In buying his home two decades ago, the lease term was of minimal concern. Luckily, he noticed he needed to take steps soon on a lease extension. Leo extended the lease just under the wire last March. Leo and the freeholder subsequently settled on sum of £5,500 . If he failed to meet the deadline, the figure would have become more exhorbitant by a minimum £900.
Dr Y Collins was assigned a lease of a one bedroom flat in Twyford in September 1995. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Twyford with a long lease were in the region of £216,000. The average ground rent payable was £60 billed annually. The lease elapsed in 2082. Having 58 years left we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.
Last Spring we were called by Mr and Mrs. U Parker , who moved into a ground floor apartment in Twyford in October 2005. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar homes in Twyford with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 invoiced annually. The lease ended in 2102. Having 78 years left we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.