Uxbridge Lease Extension - Free Consultation

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Why you should start your Uxbridge lease extension


Top reasons for lease extension now:

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

The market value of Uxbridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Uxbridge with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not lend on a short lease

Mortgage Lenders vary in their lending criteria. Some draw the line at 75 years outstanding on the lease; others may be content with anything over 70 years. With less than 60 years, it may be challenging to get a mortgage in the first place.

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.
Godiva Mortgages 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.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Yorkshire 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.

Why use us for your lease extension in Uxbridge?

The lawyers that we work with handle 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:

Kayleigh, Uxbridge, West London,

Trailing protracted correspondence with the freeholder of her one bedroom apartment in Uxbridge, Kayleigh commenced the lease extension process just as the lease was approaching the crucial eighty-year threshold. The legal work was finalised in July 2015. The freeholder’s costs were kept to an absolute minimum.

Uxbridge case:

In 2014 we were called by Mr and Mrs. D Jackson who, having was assigned a lease of a studio flat in Uxbridge in May 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar premises in Uxbridge with an extended lease were in the region of £227,800. The mid-range amount of ground rent was £45 billed yearly. The lease expired on 4 June 2087. Having 65 years remaining we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.

Decision in Hillingdon

An example of a Freehold Enfranchisement decision 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 unexpired lease term was 69 years.