Main reasons to start your Uckfield lease extension

Why you should start your Uckfield lease extension today:

Increase your lease and increase your Uckfield property value

The value of Uckfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

Uckfield property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Uckfield property being difficult to sell or to obtain finance on.

What makes us experts in Uckfield lease extensions?

The conveyancers that we work with undertake Uckfield lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Uckfield Lease Extension Case Studies:

Maisie, Uckfield, East Sussex,

Following protracted correspondence with the landlord of her garden flat in Uckfield, Maisie commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was concluded in January 2013. The landlord’s costs were restricted to under 600 pounds.

Uckfield case:

Dr Evan Michel purchased a recently refurbished flat in Uckfield in August 1998. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparable flats in Uckfield with a long lease were worth £205,000. The average amount of ground rent was £50 billed annually. The lease expired in 2105. Taking into account 79 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.

Uckfield case:

In 2009 we were e-mailed by Mr Finn Stewart who, having bought a basement flat in Uckfield in January 2007. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Similar flats in Uckfield with an extended lease were worth £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2094. Considering the 68 years remaining we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.