The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Uckfield may extend the lease for an additional ninety years under statute. Do think carefully before delaying your Uckfield lease extension. Shelving that expense today simply increases the amount you will ultimately have to pay to extend the lease.
Leasehold residencies in Uckfield with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Uckfield,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 Uckfield valuers.
Trailing protracted discussions with the freeholder of her studio apartment in Uckfield, Daisy commenced the lease extension process as the eighty year threshold was swiftly approaching. The transaction was finalised in April 2015. The freeholder’s costs were restricted to slightly above 500 GBP.
Dr T François took over the lease of a first floor flat in Uckfield in April 2007. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative premises in Uckfield with a long lease were valued about £191,400. The mid-range ground rent payable was £55 invoiced monthly. The lease came to a finish in 2079. Given that there were 54 years left we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 not including fees.
Dr Mason Khan acquired a one bedroom apartment in Uckfield in November 2005. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar residencies in Uckfield with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £45 collected annually. The lease lapsed on 12 July 2099. Given that there were 74 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.