Stop! Your Lease Extension in Liskeard Could Be FREE

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Many leaseholders in Liskeard are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Liskeard has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Liskeard lease extension

Main reasons to start your Liskeard lease extension today:

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

Chances are that if you own a flat in Liskeard you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Liskeard with in excess of one hundred years outstanding 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 buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as inadequate security.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Halifax Minimum 70 years from the date of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

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.
 


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.

Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Liskeard?

Lease extensions in Liskeard can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Liskeard lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Liskeard Lease Extension Case Summaries:

Luke, Liskeard, Cornwall

Last Summer Luke, came precariously close to the eighty-year threshold with the lease on his studio apartment in Liskeard. In buying his property 19 years previously, the length of the lease was of little interest. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Luke extended the lease just under the wire in July. Luke and the freeholder eventually settled on the final figure of £5,000 . If the lease had dipped below eighty years, the price would have increased by at least £1,000.

Liskeard case:

In 2012 we were phoned by Mr G Brown who, having owned a studio apartment in Liskeard in September 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Liskeard with a long lease were worth £208,200. The average ground rent payable was £65 invoiced monthly. The lease finished in 2087. Considering the 61 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of professional charges.

Liskeard case:

In 2014 we were called by Mr and Mrs. N Young who, having was assigned a lease of a ground floor apartment in Liskeard in June 1995. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Liskeard with 100 year plus lease were in the region of £260,000. The average ground rent payable was £50 billed monthly. The lease concluded on 28 April 2098. Considering the 72 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.