Uckfield leases on residential properties are gradually losing value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Uckfield will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you increased control over the value of your Uckfield leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy correspondence with the freeholder of her basement flat in Uckfield, Laura initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was finalised in September 2007. The freeholder’s costs were restricted to under 700 pounds.
In 2012 we were approached by Mr and Mrs. A Green who, having took over the lease of a one bedroom apartment in Uckfield in November 2012. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical flats in Uckfield with a long lease were valued about £206,200. The average ground rent payable was £55 invoiced quarterly. The lease concluded on 27 July 2081. Having 56 years left we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.
Last year we were e-mailed by Mr B Michel , who bought a studio flat in Uckfield in June 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative properties in Uckfield with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected monthly. The lease came to a finish on 14 July 2101. Having 76 years as a residual term we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.