Why you should commence your Liskeard lease extension

Main reasons to start your Liskeard lease extension today:

Increase your lease and increase your Liskeard property value

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 over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Liskeard property becoming difficult to sell or refinance.

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 conveyancer 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 procuring 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:

Dexter, Liskeard, Cornwall,

Dexter owned a conversion flat in Liskeard on the market with a lease of fraction over 59 years outstanding. Dexter informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Liskeard case:

Mr and Mrs. Y Clark took over the lease of a ground floor apartment in Liskeard in May 1999. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar residencies in Liskeard with 100 year plus lease were in the region of £191,000. The mid-range amount of ground rent was £65 billed yearly. The lease expired on 4 February 2084. Taking into account 58 years outstanding we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus professional charges.

Liskeard case:

Last Summer we were phoned by Dr Leon André , who bought a basement flat in Liskeard in September 1996. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar residencies in Liskeard with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2095. Taking into account 69 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.