Mancot Lease Extension - Free Consultation

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Top reasons for Mancot lease extension


Why you should start your Mancot lease extension today:

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

Unfortunately that a Mancot residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Mancot property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be payable. Most leasehold owners in Mancot will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

Mancot property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 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.

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

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient security.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
Yorkshire 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.

What makes us experts in Mancot lease extensions?

Using our service will provide you better control over the value of your Mancot leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers 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:

Isabel, Mancot, Flintshire,

Following unsuccessful negotiations with the freeholder of her leasehold apartment in Mancot, Isabel initiated the lease extension process as the eighty year deadline was swiftly nearing. The transaction was finalised in May 2007. The landlord’s fees were negotiated to about 500 GBP.

Mancot case:

Mr and Mrs. G Bernard bought a first floor apartment in Mancot in January 2002. The question was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Identical residencies in Mancot with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 billed yearly. The lease concluded on 15 May 2075. Given that there were 51 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of legals.

Mancot case:

Last month we were called by Mr Liam Bernard , who owned a studio apartment in Mancot in June 2001. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical residencies in Mancot with a long lease were valued about £285,000. The average ground rent payable was £45 billed every twelve months. The lease came to a finish on 25 August 2095. Taking into account 71 years remaining we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.