Why you should start your Liskeard lease extension

Top reasons for lease extension now:

A Liskeard lease depreciates with the years remaining on the lease.

For those whose Liskeard property is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension.

Liskeard property with a lease extension has roughly the same value as a freehold

Leasehold properties in Liskeard with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably encounter difficulties where you wish to sell your flat in Liskeard if the remaining term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Liskeard lease extensions?

Irrespective of whether you are a tenant or a landlord in Liskeard,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Liskeard valuers.

Liskeard Lease Extension Case Summaries:

Riley, Liskeard, Cornwall

Half a year ago Riley, came seriously close to the 80-year mark with the lease on his garden flat in Liskeard. In buying his property 19 years previously, the length of the lease was of minimal significance. by good luck, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Riley arranged for a lease extension at the eleventh hour last June. Riley and the freeholder in the end agreed on the final figure of £5,500 . If the lease had slid below 80 years, the amount would have escalated by a minimum £900.

Liskeard case:

In 2012 we were contacted by Mr and Mrs. Y Peterson who, having bought a studio flat in Liskeard in April 2004. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative residencies in Liskeard with an extended lease were in the region of £232,800. The average ground rent payable was £45 collected every twelve months. The lease elapsed on 22 September 2091. Considering the 65 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Liskeard case:

In 2012 we were phoned by Mr and Mrs. H Díaz who, having moved into a purpose-built apartment in Liskeard in February 2000. We are asked if we could estimate the price would be for a 90 year lease extension. Similar homes in Liskeard with an extended lease were valued around £275,000. The mid-range amount of ground rent was £55 billed annually. The lease concluded in 2102. Having 76 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.