It’s a harsh certainty that a Uttoxeter residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Uttoxeter property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than 80 years - otherwise a higher premium will be due. Most flat owners in Uttoxeter will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the process.
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB |
Retaining our service will provide you better control over the value of your Uttoxeter leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last October Gabriel, came perilously near to the 80-year mark with the lease on his leasehold apartment in Uttoxeter. In buying his property 19 years previously, the unexpired term was of no interest. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Gabriel extended the lease just under the wire last March. Gabriel and the freeholder via the managing agents ultimately settled on an amount of £5,500 . If the lease had fallen to less than eighty years, the premium would have gone up by at least £925.
Last Spring we were contacted by Mr and Mrs. N King , who moved into a ground floor flat in Uttoxeter in January 1997. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparative residencies in Uttoxeter with an extended lease were valued about £203,200. The mid-range ground rent payable was £65 collected monthly. The lease expired in 2087. Taking into account 61 years outstanding we calculated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 plus expenses.
In 2011 we were called by Dr Y Martínez who, having was assigned a lease of a purpose-built flat in Uttoxeter in May 2002. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in Uttoxeter with an extended lease were in the region of £260,000. The average amount of ground rent was £50 invoiced per annum. The lease ended in 2098. Given that there were 72 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.