Top reasons for Uxbridge lease extension

Main reasons to start your Uxbridge lease extension today:

Increase your lease and increase your Uxbridge property value

Chances are that if you own a flat in Uxbridge you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Uxbridge with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You are likely to encounter problems where you want to sell your flat in Uxbridge if the remaining lease term is under the criteria set by most mortgage companies. Different mortgage companies have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Uxbridge lease extension solicitors or enfranchisement solicitors

The conveyancers 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 conveyancing solicitor we work with provide it.

Uxbridge Lease Extension Example Cases:

Felix, Uxbridge, West London,

Felix owned a 2 bedroom flat in Uxbridge on the market with a lease of just over 72 years unexpired. Felix on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Felix to exercise his statutory right. Felix procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Uxbridge case:

Last Spring we were e-mailed by Dr F Smith , who bought a basement flat in Uxbridge in January 2001. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical homes in Uxbridge with 100 year plus lease were valued around £270,000. The average amount of ground rent was £55 billed per annum. The lease ended in 2101. Having 75 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.