With a residential leasehold premises in Uxbridge, you are actually buying a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly once there are fewer than 80 years left. Anyone in Uxbridge with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. When the lease term has under eighty years outstanding, under the current statute the landlord can calculate and levy a greater amount, based on a technical computation, strangely termed as “marriage value” which is payable.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Uxbridge can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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.
In the wake of 9 months of lengthy correspondence with the freeholder of her purpose-built flat in Uxbridge, Rachael commenced the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension was finalised in September 2013. The landlord’s charges were negotiated to slightly above 500 pounds.
Last September we were contacted by Mr Harrison Vincent , who owned a basement flat in Uxbridge in August 2006. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparable properties in Uxbridge with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected quarterly. The lease finished on 10 July 2083. Considering the 57 years left we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus professional charges.
An example of a Freehold Enfranchisement case 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 was in relation to 2 flats. The unexpired lease term was 69 years.