The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Mancot have the right to extend the lease for an additional 90 years in accordance with legislation. Please give careful consideration before delaying your Mancot lease extension. Putting off the costs today simply escalates the premium you will eventually be required to pay for a lease extension.
Leasehold properties in Mancot with over one hundred years outstanding on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Lease extensions in Mancot can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 a wealth of experience 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.
Ethan was the the leasehold proprietor of a 2 bedroom flat in Mancot on the market with a lease of a few days over 61 years outstanding. Ethan on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to exercise his statutory right. Ethan obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
Mr Toby Jones took over the lease of a first floor flat in Mancot in June 2005. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable flats in Mancot with an extended lease were in the region of £233,200. The average ground rent payable was £60 billed monthly. The lease concluded in 2085. Taking into account 61 years left we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of expenses.
Last Autumn we were called by Mr and Mrs. P Díaz , who owned a basement flat in Mancot in April 2007. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Identical premises in Mancot with a long lease were valued around £171,800. The mid-range amount of ground rent was £55 billed yearly. The lease concluded in 2074. Having 50 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus expenses.