The only way is down when it comes to Liskeard lease terms. Liskeard leaseholds that have a remaining term fewer than eighty years will reduce in market price even faster, and the cost to extend your lease will increase.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Liskeard can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 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.
Kian was the the leasehold proprietor of a conversion flat in Liskeard being marketed with a lease of a little over 72 years remaining. Kian on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
Last Spring we were contacted by Dr E Sharif , who purchased a recently refurbished flat in Liskeard in April 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Liskeard with 100 year plus lease were valued around £210,600. The average ground rent payable was £65 billed quarterly. The lease termination date was on 17 September 2087. Considering the 62 years remaining we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of expenses.
Ms B García completed a studio apartment in Liskeard in November 1998. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical flats in Liskeard with an extended lease were valued around £260,000. The average ground rent payable was £50 invoiced annually. The lease elapsed on 21 February 2097. Considering the 72 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.