With a residential leasehold property in Cuckfield, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably when there are less than eighty years left. Residents in Cuckfield with a lease approaching 81 years remaining should seriously think of extending it without delay. When the lease term has under 80 years remaining, under the relevant legislation the landlord can calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold premises in Cuckfield with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service gives you increased control over the value of your Cuckfield leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last Autumn Theo, came critically close to the eighty-year threshold with the lease on his studio flat in Cuckfield. In buying his property 19 years ago, the unexpired term was of little significance. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Theo arranged for a lease extension at the eleventh hour last May. Theo and the freeholder subsequently agreed on an amount of £5,500 . If he not met the deadline, the premium would have escalated by at least £850.
In 2010 we were called by Mrs R Edwards who, having bought a garden apartment in Cuckfield in July 1998. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparative flats in Cuckfield with an extended lease were valued around £233,200. The mid-range ground rent payable was £60 collected per annum. The lease came to a finish in 2087. Considering the 61 years left we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of fees.
Last Autumn we were called by Dr O Roux , who bought a ground floor apartment in Cuckfield in March 2004. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar premises in Cuckfield with 100 year plus lease were worth £166,800. The mid-range amount of ground rent was £50 collected monthly. The lease expired on 9 February 2076. Given that there were 50 years unexpired we approximated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of expenses.