Uckfield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Uckfield residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Uckfield you must investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Uckfield leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Halifax | |
| Santander | |
| Virgin |
Lease extensions in Uckfield can be a difficult process. We recommend you obtain guidance 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 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.
Jacob owned a studio apartment in Uckfield being sold with a lease of a little over 59 years outstanding. Jacob informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jacob to exercise his statutory right. Jacob obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last Summer we were contacted by Dr V Adams , who took over the lease of a first floor flat in Uckfield in September 2000. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar residencies in Uckfield with an extended lease were worth £181,600. The average ground rent payable was £55 collected every twelve months. The lease ran out on 10 January 2078. Having 52 years left we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus professional charges.
Dr R González was assigned a lease of a one bedroom flat in Uckfield in March 2012. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Comparative premises in Uckfield with a long lease were valued about £285,000. The average ground rent payable was £45 invoiced every twelve months. The lease terminated on 3 July 2098. Taking into account 72 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.