Main reasons to commence your Liskeard lease extension

Why you should start your Liskeard lease extension today:

Increase your lease and increase your Liskeard property value

For those whose Liskeard property is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension.

Liskeard property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is probable that someone intending to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Liskeard lease extensions?

Irrespective of whether you are a tenant or a freeholder in Liskeard,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Liskeard valuers.

Liskeard Lease Extension Case Summaries:

Lydia, Liskeard, Cornwall,

Following protracted correspondence with the freeholder of her purpose-built flat in Liskeard, Lydia started the lease extension process as the eighty year threshold was quickly approaching. The transaction was finalised in September 2008. The freeholder’s fees were restricted to approximately 650 GBP.

Liskeard case:

Last year we were called by Dr B Brown , who moved into a first floor apartment in Liskeard in May 2007. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Similar premises in Liskeard with a long lease were worth £166,400. The mid-range ground rent payable was £60 collected monthly. The lease finished in 2080. Having 54 years left we estimated the premium to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of expenses.

Liskeard case:

In 2011 we were called by Mr and Mrs. H Gómez who, having was assigned a lease of a purpose-built flat in Liskeard in January 2009. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable residencies in Liskeard with 100 year plus lease were valued around £232,800. The average amount of ground rent was £45 billed every twelve months. The lease expired in 2091. Taking into account 65 years left we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.