The only way is down when it comes to Uxbridge lease terms. Uxbridge properties that have a remaining term lower than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will rise.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 |
| 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. |
Engaging our service gives you increased control over the value of your Uxbridge leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of unsuccessful correspondence with the freeholder of her one bedroom flat in Uxbridge, Bethan commenced the lease extension process as the eighty year threshold was rapidly nearing. The lease extension was finalised in March 2011. The landlord’s costs were restricted to approximately 450 GBP.
Last June we were e-mailed by Mr and Mrs. G González , who bought a basement apartment in Uxbridge in July 2003. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Similar flats in Uxbridge with a long lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease termination date was in 2094. Taking into account 68 years as a residual term we approximated the premium to the landlord for the lease extension to be within £10,500 and £12,000 not including fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Uxbridge flat 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 residue of the current lease was 69 years.