When it comes to long leasehold property in Cuckfield, you are actually buying a right to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years remaining. Leasehold owners in Cuckfield with a lease approaching 81 years unexpired should seriously consider extending it without delay. When the lease term has less than 80 years outstanding, under the current legislation the landlord is entitled to calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you better control over the value of your Cuckfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Hunter owned a high value flat in Cuckfield on the market with a lease of a little over 59 years remaining. Hunter informally spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Dr Y Dupont bought a purpose-built apartment in Cuckfield in May 2008. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable properties in Cuckfield with 100 year plus lease were in the region of £243,000. The average amount of ground rent was £65 billed per annum. The lease elapsed in 2088. Having 63 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 not including professional charges.
Dr Joshua Torres bought a first floor flat in Cuckfield in April 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative homes in Cuckfield with 100 year plus lease were valued around £181,600. The average amount of ground rent was £55 invoiced monthly. The lease elapsed in 2077. Having 52 years remaining we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of legals.