There is no doubt about it a leasehold flat or house in Uckfield is a wasting asset as a result of the diminishing lease term. If the residual term has, in excess of 125 years remaining then this decrease may be fractional however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. Most flat owners in Uckfield will qualify for this right; that being said a conveyancing solicitor can confirm if 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.
Leasehold residencies 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. 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; |
| 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. |
Lease extensions in Uckfield can be a difficult process. We recommend you obtain professional help from a lawyer 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 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.
Trailing unsuccessful discussions with the landlord of her leasehold flat in Uckfield, Georgia initiated the lease extension process as the eighty year mark was swiftly approaching. The legal work was concluded in June 2006. The landlord’s costs were kept to an absolute minimum.
In 2013 we were phoned by Dr Thomas Norbert who, having moved into a ground floor flat in Uckfield in July 2011. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Uckfield with 100 year plus lease were in the region of £240,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded on 23 March 2088. Considering the 62 years unexpired we approximated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of legals.
Dr T Vincent purchased a recently refurbished apartment in Uckfield in March 1997. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative flats in Uckfield with 100 year plus lease were valued around £174,200. The mid-range ground rent payable was £55 collected per annum. The lease expiry date was in 2077. Given that there were 51 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.