Unfortunately that a Uckfield residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Uckfield property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be due. Most leasehold owners in Uckfield will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Engaging our service will provide you enhanced control over the value of your Uckfield leasehold, as your property will be more valuable and saleable in respect of lease length should you decide 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.
After lengthy discussions with the landlord of her purpose-built flat in Uckfield, Rosie commenced the lease extension process as the 80 year threshold was rapidly nearing. The transaction was finalised in November 2015. The landlord’s charges were negotiated to approximately 650 pounds.
Last Spring we were contacted by Mr James Campbell , who purchased a recently refurbished flat in Uckfield in February 2008. The question was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Uckfield with an extended lease were in the region of £198,800. The average amount of ground rent was £55 collected every twelve months. The lease finished on 5 May 2080. Having 55 years remaining we estimated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus expenses.
Last Autumn we were called by Mr and Mrs. B Clark , who purchased a one bedroom apartment in Uckfield in September 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Uckfield with 100 year plus lease were valued around £295,000. The average ground rent payable was £50 collected quarterly. The lease end date was in 2100. Considering the 75 years left we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.