The closer a residential lease in Uxbridge nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, over 99 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Most flat owners in Uxbridge will meet the qualifying criteria; nevertheless a lawyer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Uxbridge can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience 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.
Aaron was the the leasehold owner of a studio flat in Uxbridge on the market with a lease of just over 61 years remaining. Aaron informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aaron to exercise his statutory right. Aaron procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
Last month we were contacted by Mr and Mrs. T Girard , who acquired a ground floor apartment in Uxbridge in February 2001. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparable properties in Uxbridge with an extended lease were worth £290,000. The average ground rent payable was £60 collected every twelve months. The lease terminated in 2106. Considering the 80 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.
An example of a Freehold Enfranchisement matter before the tribunal for a Uxbridge residence 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 number of years remaining on the existing lease(s) was 69 years.