Top reasons for Uxbridge lease extension

Top reasons for lease extension now:

A Uxbridge leasehold property 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 expense of a lease extension can increase significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Uxbridge with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to finance a property with a short lease

Lending institutions have set criteria when loaning monies secured on leasehold property. Many will simply not lend at all once the remaining lease term goes under a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Uxbridge property.

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

Regardless of whether you are a tenant or a freeholder in Uxbridge,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Uxbridge valuers.

Uxbridge Lease Extension Case Summaries:

Michael, Uxbridge, West London

In 2014 Michael, came very close to the eighty-year mark with the lease on his leasehold apartment in Uxbridge. In buying his property 18 years ago, the unexpired term was of no relevance. by good luck, he became aware that he needed to take action soon on a lease extension. Michael arranged for a lease extension just ahead of time last August. Michael and the freeholder ultimately settled on the final figure of £6,000 . If the lease had dipped lower than eighty years, the price would have gone up by at least £1,050.

Uxbridge case:

Dr Y Anderson was assigned a lease of a ground floor flat in Uxbridge in September 2010. The question was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar premises in Uxbridge with an extended lease were worth £193,400. The mid-range ground rent payable was £65 billed yearly. The lease expiry date was in 2085. Taking into account 59 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of legals.