Unfortunately that a Uckfield residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Uckfield property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If lease term slips below 80 years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Uckfield will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer throughout the formalities.
Leasehold properties in Uckfield with more than 100 years outstanding 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| 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 be at least 75 years plus the term of the mortgage 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Uckfield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Uckfield valuers.
During the course of the last few months Austin, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Uckfield. In buying his flat two decades ago, the length of the lease was of little relevance. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Austin was able to extend his lease just under the wire last August. Austin and the landlord subsequently agreed on the final figure of £5,000 . If he had missed the deadline, the price would have escalated by a minimum £975.
Dr Millie White purchased a garden flat in Uckfield in March 2007. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Identical premises in Uckfield with a long lease were valued about £295,000. The average amount of ground rent was £45 collected annually. The lease finished on 6 October 2100. Considering the 74 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.
Mr Ethan Ricardo took over the lease of a studio flat in Uckfield in March 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Uckfield with an extended lease were in the region of £243,000. The mid-range ground rent payable was £65 collected yearly. The lease terminated on 7 January 2089. Given that there were 63 years left we calculated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 plus professional charges.