On the balance of probabilities if you own a flat in Uxbridge you actually own a long leasehold interest over your property
Leasehold properties in Uxbridge with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using our service will provide you better control over the value of your Uxbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the freeholder of her one bedroom apartment in Uxbridge, Katherine started the lease extension process as the eighty year threshold was quickly approaching. The lease extension was finalised in March 2009. The landlord’s charges were kept to an absolute minimum.
Last Christmas we were contacted by Mr B Mitchell , who moved into a first floor flat in Uxbridge in October 2012. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Identical residencies in Uxbridge with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed in 2102. Taking into account 77 years as a residual term we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including expenses.
An example of a Freehold Enfranchisement case for a Uxbridge property 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 was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69 years.