Uckfield leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Uckfield will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Retaining our service gives you increased control over the value of your Uckfield leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted discussions with the landlord of her leasehold flat in Uckfield, Rachel started the lease extension process just as her lease was nearing the critical eighty-year mark. The lease extension was finalised in June 2005. The landlord’s charges were kept to an absolute minimum.
In 2012 we were phoned by Dr A Gunderson who, having owned a basement apartment in Uckfield in October 1995. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical premises in Uckfield with a long lease were worth £171,800. The mid-range ground rent payable was £55 billed monthly. The lease ended on 18 January 2075. Given that there were 50 years remaining we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of costs.
In 2012 we were phoned by Dr B François who, having bought a garden apartment in Uckfield in October 1999. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable flats in Uckfield with a long lease were worth £280,000. The average amount of ground rent was £45 billed every twelve months. The lease terminated in 2095. Considering the 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.