Top reasons for Mancot lease extension

Why you should commence your Mancot lease extension today:

Increase your lease and increase your Mancot property value

Mancot leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Mancot residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Mancot you should check if your lease has between 70 and ninety years left. There are compelling reasons why a Mancot leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

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

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 any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The trend since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Mancot?

Regardless of whether you are a tenant or a landlord in Mancot,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mancot valuers.

Mancot Lease Extension Example Cases:

Jude, Mancot, Flintshire

In 2014 Jude, started to get close to the 80-year mark with the lease on his two bedroom flat in Mancot. Having purchased his property 19 years ago, the lease term was of little concern. Fortunately, he realised he would soon be paying way over the odds for a lease extension. Jude extended the lease just under the wire in May. Jude and the landlord who owned the flat above ultimately agreed on a premium of £6,000 . If the lease had gone below eighty years, the amount would have escalated by at least £1,100.

Mancot case:

Mr and Mrs. C Scott moved into a garden flat in Mancot in March 2001. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical flats in Mancot with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish on 8 October 2104. Considering the 78 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £7,600 and £8,800 not including fees.

Mancot case:

Last October we were called by Mr Milo Brooks , who acquired a garden flat in Mancot in August 2002. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparable homes in Mancot with 100 year plus lease were valued about £267,600. The mid-range amount of ground rent was £65 collected annually. The lease expired on 12 June 2093. Taking into account 67 years as a residual term we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of expenses.