Why you should start your Uxbridge lease extension

Main reasons to commence your Uxbridge lease extension today:

Increase your lease and increase your Uxbridge property value

It’s a harsh certainty that a Uxbridge residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Uxbridge property market.Once your lease gets to 85ish years, 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 below 80 years - otherwise a higher amount will be due. Most leasehold owners in Uxbridge will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

Uxbridge property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Uxbridge property being difficult to dispose of or remortgage.

What makes us experts in Uxbridge lease extensions?

Retaining our service will provide you increased 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Uxbridge Lease Extension Case Studies:

Sam, Uxbridge, West London,

Sam was the the leasehold owner of a 2 bedroom flat in Uxbridge being sold with a lease of just over 61 years outstanding. Sam informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Sam to invoke his statutory right. Sam obtained expert legal guidance and secured satisfactory deal informally and sell the flat.

Uxbridge case:

Last Summer we were approach by Dr Kate Thomas , who bought a studio apartment in Uxbridge in May 2012. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Uxbridge with a long lease were worth £218,000. The average amount of ground rent was £45 billed monthly. The lease came to a finish on 5 October 2089. Taking into account 63 years unexpired we approximated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including legals.