Why you should start your Uckfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Uckfield property value

The market value of a leasehold property in Uckfield depends on how long the lease has left to run. If it is near to or fewer than 80 years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is preferable to start the process of extending the lease is when the lease still has 82 years remaining so that a lease extension can be addressed ahead of the 80 year cut off point. Statute enables Uckfield qualifying lessees to an additional term of 90 years over and above the remaining term, at a notional rent (zero ground rent). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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 remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Uckfield lease extensions?

Engaging our service will provide you increased control over the value of your Uckfield leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Uckfield Lease Extension Case Summaries:

Tyler, Uckfield, East Sussex

In 2014 Tyler, came seriously near to the eighty-year threshold with the lease on his one bedroom apartment in Uckfield. Having bought his home two decades ago, the unexpired term was of minimal significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Tyler extended the lease just under the wire in June. Tyler and the landlord ultimately agreed on sum of £5,500 . If the lease had slipped to less than 80 years, the figure would have become more costly by at least £1,000.

Uckfield case:

Last Summer we were e-mailed by Mr and Mrs. K Howard , who completed a one bedroom flat in Uckfield in March 2012. The question was if we could estimate the premium would be to extend the lease by 90 years. Identical residencies in Uckfield with a long lease were worth £225,800. The mid-range ground rent payable was £60 invoiced per annum. The lease came to a finish in 2086. Taking into account 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus costs.

Uckfield case:

In 2012 we were called by Mr L Allen who, having was assigned a lease of a ground floor flat in Uckfield in March 2005. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Uckfield with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed monthly. The lease ran out on 6 January 2106. Taking into account 80 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.