It’s an underpublicised certainty that a Liskeard residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Liskeard property prices.Where your lease has approximately ninety years left, you need to 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 under eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Liskeard will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| TSB |
Lease extensions in Liskeard can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Liskeard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Lewis, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Liskeard. In buying his home 19 years ago, the lease term was of minimal bearing. Thankfully, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Lewis arranged for a lease extension just under the wire in January. Lewis and the freeholder via the managing agents subsequently agreed on an amount of £5,500 . If the lease had gone to less than eighty years, the amount would have become more costly by at least £1,125.
Last March we were phoned by Mr Jude Lee , who was assigned a lease of a basement flat in Liskeard in January 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Liskeard with an extended lease were in the region of £265,000. The average ground rent payable was £50 invoiced annually. The lease finished on 16 February 2099. Having 73 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.
Last Autumn we were e-mailed by Dr Blake Jackson , who moved into a one bedroom apartment in Liskeard in January 2011. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Similar flats in Liskeard with an extended lease were worth £264,000. The mid-range ground rent payable was £60 billed quarterly. The lease expired in 2079. Given that there were 53 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including expenses.