Top reasons for Uxbridge lease extension

Main reasons to commence your Uxbridge lease extension today:

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

Unfortunately that a Uxbridge residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Uxbridge property market.Where your lease has approximately ninety years left, you need to start considering 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 falls lower than 80 years - otherwise a higher premium will be due. The majority of leasehold owners in Uxbridge will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some situations you may not qualify. 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 conveyancing solicitor for the duration of the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Uxbridge with more than one hundred years unexpired 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 property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to encounter problems if you want to sell your flat in Uxbridge if the remaining lease term is below the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Uxbridge lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Uxbridge lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Uxbridge Lease Extension Example Cases:

Ibrahim, Uxbridge, West London

16 months ago Ibrahim, came precariously close to the eighty-year threshold with the lease on his basement apartment in Uxbridge. Having purchased his property 18 years ago, the lease term was of no relevance. Fortunately, he realised he would soon be paying way over the odds for Extending the lease. Ibrahim extended the lease just under the wire last May. Ibrahim and the landlord who owned the flat above eventually agreed on sum of £6,000 . If he failed to meet the deadline, the premium would have escalated by a minimum £1,150.

Uxbridge case:

Last Christmas we were contacted by Dr Shannon Robinson , who was assigned a lease of a newly refurbished apartment in Uxbridge in February 2012. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparative flats in Uxbridge with a long lease were valued about £173,800. The mid-range amount of ground rent was £65 collected every twelve months. The lease expiry date was on 20 October 2081. Considering the 55 years left we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including professional charges.