Uxbridge leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease drops below eighty years - otherwise a higher premium will be due. Flat owners in Uxbridge will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not qualify. There are also strict timetables and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. 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; |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service will provide you enhanced control over the value of your Uxbridge leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted discussions with the freeholder of her first floor apartment in Uxbridge, Ellie initiated the lease extension process just as her lease was nearing the all-important 80-year threshold. The lease extension completed in June 2008. The freeholder’s charges were kept to an absolute minimum.
Last year we were approach by Dr Edward Campbell , who took over the lease of a first floor apartment in Uxbridge in July 2005. We are asked if we could estimate the premium could be for a ninety year lease extension. Identical premises in Uxbridge with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease came to a finish in 2104. Having 78 years outstanding we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.
An example of a Freehold Enfranchisement case for a Uxbridge flat 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 affected 2 flats. The unexpired term was 69 years.