It’s a harsh certainty that a Uckfield residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Uckfield property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining slips under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Uckfield will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
Lease extensions in Uckfield can be a difficult process. We recommend you secure professional help 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 in-depth market knowledge dealing with Uckfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Freddie, came seriously close to the 80-year threshold with the lease on his one bedroom flat in Uckfield. Having bought his home 18 years ago, the lease term was of minimal significance. Fortunately, he noticed he needed to take action soon on a lease extension. Freddie arranged for a lease extension at the eleventh hour in May. Freddie and the landlord ultimately agreed on sum of £5,000 . If he not met the deadline, the sum would have escalated by a minimum £1,125.
Dr George Cook moved into a purpose-built flat in Uckfield in September 2002. The dilemma was if we could approximate the price could be for a 90 year lease extension. Identical premises in Uckfield with a long lease were worth £210,000. The average amount of ground rent was £50 collected per annum. The lease concluded on 19 March 2106. Considering the 80 years outstanding we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.
Last year we were called by Mr Oscar Ramírez , who owned a garden apartment in Uckfield in November 1996. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Uckfield with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease expired in 2095. Given that there were 69 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.