Main reasons to commence your Liskeard lease extension

Main reasons to start your Liskeard lease extension today:

Increase your lease and increase your Liskeard property value

The 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 extending the lease can increase significantly once the remaining term is below than eighty years

Liskeard property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

The trend since over the last decade has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Liskeard lease extensions?

Using our service will provide you enhanced control over the value of your Liskeard leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Liskeard Lease Extension Case Studies:

Jennifer, Liskeard, Cornwall,

In the wake of 6 months of protracted discussions with the freeholder of her one bedroom apartment in Liskeard, Jennifer commenced the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction was concluded in September 2006. The freeholder’s fees were restricted to a tad over six hundred pounds.

Liskeard case:

Mr Nathaniel Nelson completed a first floor apartment in Liskeard in August 2001. The question was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Liskeard with a long lease were worth £246,800. The mid-range amount of ground rent was £60 billed annually. The lease came to a finish on 21 April 2076. Taking into account 50 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus expenses.

Liskeard case:

In 2011 we were called by Mrs Courtney Cooper who, having bought a one bedroom apartment in Liskeard in August 2004. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Liskeard with a long lease were valued about £208,200. The average ground rent payable was £65 invoiced monthly. The lease came to a finish in 2087. Given that there were 61 years remaining we calculated the premium to the landlord for the lease extension to be between £19,000 and £22,000 not including expenses.