Liss leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Liss will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Liss can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
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 Liss lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Connor, came seriously close to the eighty-year mark with the lease on his leasehold apartment in Liss. Having bought his property twenty years previously, the lease term was of no bearing. Luckily, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Connor was able to extend his lease at the eleventh hour in August. Connor and the landlord who owned the flat above eventually agreed on sum of £5,000 . If the lease had fallen to less than 80 years, the amount would have gone up by a minimum £875.
Last year we were phoned by Mr and Mrs. S Rose , who took over the lease of a one bedroom apartment in Liss in September 2009. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparable residencies in Liss with an extended lease were worth £300,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish on 15 April 2102. Given that there were 76 years left we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.
Mr and Mrs. D Williams purchased a first floor apartment in Liss in November 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Liss with a long lease were valued around £257,800. The mid-range amount of ground rent was £65 billed annually. The lease ended on 9 February 2091. Having 65 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 not including professional charges.