The only way is down when it comes to Uckfield lease terms. Uckfield properties that have a remaining term fewer than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will go up.
Leasehold properties in Uckfield with over 100 years unexpired 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Uckfield leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of lengthy discussions with the landlord of her ground floor apartment in Uckfield, Yasmin commenced the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension was finalised in October 2007. The landlord’s fees were restricted to under 650 pounds.
Last October we were e-mailed by Mr D Hill , who bought a purpose-built flat in Uckfield in May 2006. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Similar premises in Uckfield with an extended lease were valued around £208,600. The average amount of ground rent was £60 collected monthly. The lease expiry date was in 2082. Having 57 years outstanding we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including fees.
Mr and Mrs. O Allen owned a studio flat in Uckfield in November 2003. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable residencies in Uckfield with 100 year plus lease were valued around £200,000. The average amount of ground rent was £50 billed annually. The lease ran out on 2 April 2102. Taking into account 77 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.