Main reasons to commence your Liss lease extension

Why you should start your Liss lease extension today:

A Liss lease depreciates with the years remaining on the lease.

Liss leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Liss residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Liss you would be well advised to see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Liss with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage on a short lease

Most banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Liss property becoming difficult to dispose of or to obtain finance on.

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

Retaining our service gives you enhanced control over the value of your Liss leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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.

Liss Lease Extension Case Studies:

Samantha, Liss, Hampshire,

Subsequent to protracted correspondence with the landlord of her garden apartment in Liss, Samantha started the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was concluded in February 2014. The freeholder’s costs were negotiated to less than 450 GBP.

Liss case:

In 2012 we were contacted by Mr C Green who, having took over the lease of a recently refurbished flat in Liss in July 2008. The question was if we could approximate the premium could be for a ninety year lease extension. Similar homes in Liss with a long lease were worth £208,600. The average amount of ground rent was £60 billed yearly. The lease termination date was in 2083. Considering the 57 years outstanding we approximated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.

Liss case:

Last Spring we were e-mailed by Dr George Carter , who bought a one bedroom apartment in Liss in June 2000. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Identical premises in Liss with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected monthly. The lease concluded in 2103. Taking into account 77 years remaining we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.