Mancot leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Mancot will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain cases you may not qualify. There are prescribed timetables and steps to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Mancot,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mancot valuers.
Subsequent to unsuccessful correspondence with the freeholder of her basement apartment in Mancot, Isabelle started the lease extension process just as the lease was coming close to the all-important eighty-year mark. The lease extension completed in September 2011. The landlord’s fees were negotiated to less than four hundred GBP.
Dr Oscar Bailey owned a newly refurbished apartment in Mancot in February 1997. The question was if we could estimate the price could be to prolong the lease by ninety years. Comparable flats in Mancot with a long lease were valued around £189,000. The average ground rent payable was £55 billed quarterly. The lease expired in 2079. Having 53 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of expenses.
Mr and Mrs. G Stewart completed a basement flat in Mancot in March 1999. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Mancot with an extended lease were valued around £290,000. The mid-range amount of ground rent was £45 billed quarterly. The lease elapsed on 9 August 2099. Having 73 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.