For those whose Uckfield home is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.
Leasehold properties in Uckfield with in excess of 100 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Uckfield can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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.
Subsequent to protracted correspondence with the freeholder of her studio flat in Uckfield, Courtney initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was concluded in March 2013. The freeholder’s fees were restricted to a tad over 700 pounds.
Last June we were called by Mr and Mrs. T Gunderson , who acquired a recently refurbished flat in Uckfield in May 2006. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable homes in Uckfield with a long lease were valued about £243,000. The average ground rent payable was £65 collected every twelve months. The lease ended in 2089. Given that there were 63 years unexpired we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including costs.
Dr A García moved into a newly refurbished apartment in Uckfield in October 2004. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Uckfield with 100 year plus lease were in the region of £181,600. The average ground rent payable was £55 collected yearly. The lease expired on 11 March 2078. Considering the 52 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of fees.