Why you should commence your Uckfield lease extension

Main reasons to start your Uckfield lease extension today:

Increase your lease and increase your Uckfield property value

Uckfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Uckfield enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Uckfield you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Uckfield flat owner with a lease having around eighty years left should take steps to make sure that a lease extension is actioned without delay

Uckfield property with a lease extension is almost the same value as a freehold

Leasehold residencies in Uckfield with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not loan monies with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You most probably encounter problems if you need to sell your flat in Uckfield if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

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

Lease extensions in Uckfield can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Uckfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Uckfield Lease Extension Case Studies:

Luke, Uckfield, East Sussex

In recent months Luke, came seriously near to the eighty-year threshold with the lease on his basement flat in Uckfield. In buying his home two decades ago, the lease term was of minimal relevance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Luke extended the lease just in the nick of time last March. Luke and the landlord subsequently agreed on sum of £5,000 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £950.

Uckfield case:

In 2013 we were contacted by Mr G Edwards who, having bought a basement apartment in Uckfield in October 2003. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparative flats in Uckfield with an extended lease were in the region of £250,400. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded in 2090. Having 64 years unexpired we approximated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of legals.

Uckfield case:

Last Christmas we were e-mailed by Dr P André , who was assigned a lease of a basement flat in Uckfield in November 2010. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Identical premises in Uckfield with a long lease were in the region of £189,000. The average ground rent payable was £55 invoiced yearly. The lease expired on 14 July 2079. Having 53 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.