Stop! Your Lease Extension in Mancot Could Be FREE

Get a Free Case Review
Many leaseholders in Mancot are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Mancot has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Mancot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mancot property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Mancot. Inevitably, the length of lease remaining reduces over time. This may slip by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Mancot have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do give due deliberation before delaying your Mancot lease extension. Holding off that expense now likely increases the price you will eventually have to pay to extend your lease

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

Leasehold residencies in Mancot with more than 100 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Mancot home.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
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.

Why use us for your lease extension in Mancot?

Lease extensions in Mancot can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 a wealth of experience dealing with Mancot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mancot Lease Extension Example Cases:

Henry, Mancot, Flintshire

Last October Henry, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Mancot. Having purchased his home 18 years ago, the length of the lease was of no importance. Thankfully, he realised he needed to take action soon on a lease extension. Henry was able to extend his lease at the eleventh hour in January. Henry and the freeholder via the managing agents eventually settled on sum of £6,000 . If the lease had slipped to less than 80 years, the figure would have gone up by at least £1,150.

Mancot case:

In 2010 we were e-mailed by Mr and Mrs. U Moreau who, having moved into a recently refurbished flat in Mancot in September 1999. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Mancot with an extended lease were worth £200,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ended on 21 August 2103. Considering the 77 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.

Mancot case:

In 2012 we were phoned by Mrs Isobel Mason who, having took over the lease of a basement apartment in Mancot in May 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Identical properties in Mancot with an extended lease were in the region of £265,200. The average amount of ground rent was £65 billed quarterly. The lease terminated in 2092. Considering the 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus fees.