Why you should start your Liskeard lease extension

Main reasons to commence your Liskeard lease extension today:

Increase your lease and increase your Liskeard property value

The market value of Liskeard leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Liskeard with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties as and when you come to sell or refinance your property as it will be practically unmortgageable. You might not have an imminent plan to sell but when you do your buyer must wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Liskeard?

Lease extensions in Liskeard can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 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:

Joshua, Liskeard, Cornwall

Half a year ago Joshua, came very close to the eighty-year mark with the lease on his two bedroom flat in Liskeard. Having purchased his home two decades ago, the unexpired term was of little significance. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Joshua was able to extend his lease just under the wire in June. Joshua and the freeholder via the managing agents subsequently agreed on an amount of £6,000 . If the lease had dropped to less than eighty years, the figure would have escalated by a minimum £1,050.

Liskeard case:

Mr and Mrs. O Adams bought a garden apartment in Liskeard in October 2005. We are asked if we could approximate the price would be for a 90 year lease extension. Comparable homes in Liskeard with a long lease were valued around £250,000. The average amount of ground rent was £50 invoiced per annum. The lease concluded in 2095. Having 69 years left we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Liskeard case:

In 2009 we were called by Dr Oliver Mason who, having moved into a newly refurbished apartment in Liskeard in January 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Liskeard with an extended lease were worth £290,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished in 2106. Having 80 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.