Main reasons to start your Liskeard lease extension

Why you should start 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 extending the lease can increase substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Banks and building societies are really restricting their approach as regards to homes in Liskeard with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of potential purchasers.

Get in touch with one of our Liskeard lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Liskeard leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Liskeard Lease Extension Case Studies:

Rory, Liskeard, Cornwall,

Rory was the the leasehold proprietor of a studio flat in Liskeard on the market with a lease of fraction over 59 years remaining. Rory on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Liskeard case:

Ms B Rodríguez bought a one bedroom apartment in Liskeard in September 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Liskeard with an extended lease were in the region of £280,000. The average ground rent payable was £55 collected yearly. The lease came to a finish on 17 November 2103. Considering the 77 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.

Liskeard case:

Last Spring we were phoned by Mr and Mrs. E Ali , who moved into a one bedroom apartment in Liskeard in June 1998. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparative properties in Liskeard with an extended lease were worth £183,600. The mid-range amount of ground rent was £65 billed annually. The lease finished on 27 February 2083. Having 57 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.