The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Liskeard can extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful consideration before delaying your Liskeard lease extension. Shelving the costs today simply increases the premium you will ultimately be required to pay to extend the lease.
Leasehold premises in Liskeard with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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 get professional help from a lawyer and surveyor with experience in lease extensions.
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.
Last Christmas Finn, started to get close to the 80-year threshold with the lease on his purpose- built flat in Liskeard. Having bought his home two decades ago, the unexpired term was of minimal concern. As luck would have it, he realised he needed to take steps soon on Extending the lease. Finn extended the lease just under the wire last May. Finn and the freeholder in the end settled on a premium of £5,500 . If the lease had descended below eighty years, the amount would have increased by a minimum £1,050.
In 2013 we were phoned by Mr and Mrs. J Mason who, having acquired a ground floor flat in Liskeard in May 2008. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparable flats in Liskeard with an extended lease were worth £235,200. The mid-range ground rent payable was £45 billed monthly. The lease elapsed on 22 January 2092. Considering the 66 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.
Last month we were phoned by Dr T Mercier , who owned a one bedroom apartment in Liskeard in September 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Liskeard with an extended lease were valued around £280,000. The mid-range ground rent payable was £55 billed quarterly. The lease concluded in 2103. Having 77 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.