Why you should start your Uxbridge lease extension

Main reasons to start your Uxbridge lease extension today:

A Uxbridge leasehold property depreciates with the years remaining on the lease.

Uxbridge leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Uxbridge will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not be entitled. There are prescribed timetables and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Uxbridge with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so in the event that they are not able to get a mortgage, then the value of the property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Uxbridge lease extensions?

Lease extensions in Uxbridge can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 dealing with Uxbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Uxbridge Lease Extension Example Cases:

Arthur, Uxbridge, West London,

Arthur owned a conversion flat in Uxbridge on the market with a lease of a few days over 59 years outstanding. Arthur on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Arthur to invoke his statutory right. Arthur obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Uxbridge case:

Mr and Mrs. T Mason took over the lease of a garden flat in Uxbridge in July 1997. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparative flats in Uxbridge with a long lease were worth £242,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease lapsed on 12 October 2093. Having 67 years remaining we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of costs.