Top reasons for Mancot lease extension

Why you should start your Mancot lease extension today:

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

Mancot leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease drops under 80 years - otherwise a higher amount will be due. Flat owners in Mancot will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Mancot with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not lend on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will be problematic when you wish to sell or refinance your flat as it will be effectively unmortgageable. Even though you may have no immediate intention to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in Mancot lease extensions?

The conveyancers that we work with handle Mancot lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Mancot Lease Extension Example Cases:

Zachary, Mancot, Flintshire,

Zachary owned a 2 bedroom apartment in Mancot being marketed with a lease of fraction over sixty years unexpired. Zachary on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Zachary to invoke his statutory right. Zachary obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.

Mancot case:

In 2012 we were phoned by Mr and Mrs. G Parker who, having took over the lease of a recently refurbished apartment in Mancot in September 1999. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Similar flats in Mancot with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease concluded in 2100. Having 74 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.

Mancot case:

In 2010 we were called by Mr H Turner who, having moved into a studio apartment in Mancot in July 1996. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable homes in Mancot with an extended lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected annually. The lease ended in 2089. Considering the 63 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus expenses.