There is no doubt about it a leasehold property in Uckfield is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Uckfield will qualify for this right; nevertheless a conveyancer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Uckfield with over one hundred years left on the lease are sometimes referred to as ‘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 upside in purchasing the freehold unless savings on ground rent and service 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. |
| Chelsea 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. |
| Godiva Mortgages | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Uckfield can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in lease extensions.
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.
Last year Matthew, came dangerously close to the 80-year threshold with the lease on his garden flat in Uckfield. Having bought his home two decades ago, the unexpired term was of little interest. Fortunately, he recognised he needed to take steps soon on a lease extension. Matthew arranged for a lease extension just under the wire last January. Matthew and the landlord eventually agreed on a premium of £5,500 . If the lease had slid to less than eighty years, the premium would have increased by a minimum £925.
Dr R Lewis was assigned a lease of a purpose-built apartment in Uckfield in January 1995. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable flats in Uckfield with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease termination date was on 8 June 2093. Taking into account 67 years unexpired we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus costs.
Dr William Miller bought a purpose-built apartment in Uckfield in August 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparable residencies in Uckfield with an extended lease were worth £206,200. The mid-range amount of ground rent was £55 invoiced annually. The lease terminated in 2082. Given that there were 56 years unexpired we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus legals.