Stop! Your Lease Extension in Mancot Could Be FREE

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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.

Main reasons to commence your Mancot lease extension

Main reasons to commence your Mancot lease extension today:

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

Chances are that where you own a flat in Mancot you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Mancot with in excess of one hundred 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not issue a mortgage on a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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

Retaining our service will provide you enhanced control over the value of your Mancot leasehold, as your property will be more valuable and saleable in respect of lease length should you wish 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.

Mancot Lease Extension Case Summaries:

Adam, Mancot, Flintshire,

Adam was the the leasehold proprietor of a 2 bedroom apartment in Mancot on the market with a lease of fraction over 59 years left. Adam on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Adam to invoke his statutory right. Adam procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Mancot case:

Mrs E Miller acquired a one bedroom apartment in Mancot in May 1996. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Identical residencies in Mancot with 100 year plus lease were worth £223,400. The mid-range ground rent payable was £60 billed monthly. The lease terminated on 15 May 2085. Given that there were 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of legals.

Mancot case:

Last Christmas we were e-mailed by Dr Dylan García , who completed a one bedroom apartment in Mancot in November 2000. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Mancot with an extended lease were worth £205,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ended in 2105. Given that there were 79 years left we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.