Chances are that if you own a flat in Uxbridge you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Uxbridge can be a difficult process. We recommend you obtain professional help 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 in-depth market knowledge procuring Uxbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Lewis, came critically near to the eighty-year mark with the lease on his studio flat in Uxbridge. Having bought his flat two decades ago, the length of the lease was of minimal interest. by good luck, he noticed he needed to take steps soon on a lease extension. Lewis was able to extend his lease just ahead of time last September. Lewis and the landlord who owned the flat above subsequently settled on sum of £5,500 . If he not met the deadline, the price would have increased by at least £1,100.
In 2014 we were e-mailed by Mr and Mrs. E Morgan who, having took over the lease of a purpose-built apartment in Uxbridge in October 1997. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Uxbridge with an extended lease were valued around £220,400. The average ground rent payable was £45 collected annually. The lease ended in 2089. Having 64 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 plus fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Uxbridge property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term as at the valuation date was 69 years.