Why you should start your Uckfield lease extension

Why you should start your Uckfield lease extension today:

Increase your lease and increase your Uckfield property value

As the the remaining lease term of a Uckfield residential lease diminished so does its value and therefore the value of your property. If the lease has, over 100 years remaining then this decrease may be negligible however there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner than later. Many flat owners in Uckfield will qualify for this right; however a lawyer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Uckfield with in excess of 100 years remaining on the lease are often 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 reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not issue a mortgage on a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically banks were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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

The lawyers that we work with handle Uckfield 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 conveyancer we work with provide it.

Uckfield Lease Extension Example Cases:

Evan, Uckfield, East Sussex

Half a year ago Evan, started to get close to the 80-year threshold with the lease on his first floor flat in Uckfield. Having bought his home twenty years previously, the length of the lease was of minimal concern. Luckily, he recognised he would soon be paying an inflated amount for Extending the lease. Evan extended the lease just under the wire last July. Evan and the freeholder ultimately agreed on sum of £6,000 . If he had missed the deadline, the price would have gone up by at least £1,000.

Uckfield case:

In 2010 we were approached by Mr and Mrs. I Miller who, having purchased a one bedroom apartment in Uckfield in October 2010. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Similar premises in Uckfield with a long lease were in the region of £206,200. The mid-range ground rent payable was £55 invoiced monthly. The lease came to a finish in 2082. Having 56 years left we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.

Uckfield case:

Mr and Mrs. P Lee bought a recently refurbished flat in Uckfield in October 2000. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar residencies in Uckfield with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded in 2102. Given that there were 76 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.