Top reasons for Uxbridge lease extension

Why you should commence your Uxbridge lease extension today:

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

It’s an underpublicised certainty that a Uxbridge residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Uxbridge property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If lease term slips under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Uxbridge will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease is almost the same value as a freehold

Leasehold residencies 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 value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to grant a mortgage on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Uxbridge if the unexpired term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Uxbridge can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.

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 in-depth market knowledge 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.

Uxbridge Lease Extension Example Cases:

Courtney, Uxbridge, West London,

In the wake of eight months of protracted discussions with the freeholder of her first floor apartment in Uxbridge, Courtney initiated the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction was concluded in November 2009. The landlord’s fees were kept to an absolute minimum.

Uxbridge case:

In 2011 we were phoned by Mrs W Edwards who, having was assigned a lease of a one bedroom flat in Uxbridge in May 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparable flats in Uxbridge with a long lease were in the region of £260,000. The average ground rent payable was £50 collected yearly. The lease ran out in 2097. Considering the 71 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.