Main reasons to commence your Mancot lease extension

Why you should commence your Mancot lease extension today:

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

The market value of a leasehold property in Mancot is impacted by how long the lease has remaining. If it is near to or fewer than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension before purchasing. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that formalities can be concluded prior to the eighty year mark. Statute enables Mancot qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wishing to purchase your property in the future might well do, so if they are not able to obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

Using our service will provide you better control over the value of your Mancot leasehold, as your property will be more valuable and marketable in respect of lease length should you want 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 Example Cases:

Louise, Mancot, Flintshire,

Trailing lengthy negotiations with the landlord of her two bedroom flat in Mancot, Louise started the lease extension process as the eighty year mark was swiftly coming. The lease extension completed in July 2011. The landlord’s fees were kept to an absolute minimum.

Mancot case:

Mr and Mrs. O Gómez purchased a newly refurbished apartment in Mancot in May 2003. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Similar flats in Mancot with an extended lease were worth £265,200. The average amount of ground rent was £65 billed annually. The lease concluded in 2092. Considering the 66 years as a residual term we estimated the premium to the landlord for the lease extension to be within £15,200 and £17,600 not including fees.

Mancot case:

Dr A David took over the lease of a studio flat in Mancot in June 2004. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar properties in Mancot with an extended lease were worth £198,800. The average ground rent payable was £55 billed quarterly. The lease ended on 10 February 2081. Having 55 years remaining we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of expenses.