Uttoxeter leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Uttoxeter tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Uttoxeter you really ought to investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Uttoxeter flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| 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 Uttoxeter can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Uttoxeter lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Evan was the the leasehold proprietor of a 2 bedroom apartment in Uttoxeter on the market with a lease of just over 61 years left. Evan on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan procured expert advice and secured satisfactory deal informally and sell the flat.
Dr Andrew García bought a first floor apartment in Uttoxeter in January 2006. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparative residencies in Uttoxeter with a long lease were in the region of £193,400. The mid-range amount of ground rent was £65 collected monthly. The lease concluded on 20 November 2084. Given that there were 59 years left we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus expenses.
Last Christmas we were contacted by Dr Adam Phillips , who bought a garden apartment in Uttoxeter in June 2009. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical premises in Uttoxeter with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 billed yearly. The lease finished in 2095. Having 70 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.