Mancot leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Mancot enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Mancot you would be well advised to investigate if your lease has between 70 and 90 years left. There are good reasons why a Mancot flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay
Leasehold properties in Mancot with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| TSB |
Lease extensions in Mancot can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 Mancot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Rory was the the leasehold proprietor of a studio apartment in Mancot being sold with a lease of a little over fifty eight years unexpired. Rory on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Rory to exercise his statutory right. Rory obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Mr and Mrs. V King took over the lease of a purpose-built flat in Mancot in January 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Mancot with an extended lease were valued about £191,400. The average amount of ground rent was £55 invoiced every twelve months. The lease came to a finish on 2 January 2080. Having 54 years as a residual term we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 not including professional charges.
In 2013 we were approached by Mrs P Cox who, having moved into a recently refurbished flat in Mancot in May 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar homes in Mancot with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 collected quarterly. The lease expired on 10 July 2100. Having 74 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.