Why you should start your Mill Hill lease extension

Why you should commence your Mill Hill lease extension today:

A Mill Hill leasehold property depreciates with the years remaining on the lease.

Mill Hill leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Mill Hill will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Mill Hill with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not grant a mortgage with a short lease

Why use us for your lease extension in Mill Hill?

Irrespective of whether you are a tenant or a landlord in Mill Hill,the lease extension experts 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 Mill Hill valuers.

Mill Hill Lease Extension Case Summaries:

Amelia, Mill Hill, North London,

Trailing unsuccessful correspondence with the landlord of her two bedroom apartment in Mill Hill, Amelia started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The legal work completed in September 2014. The landlord’s costs were restricted to less than 650 pounds.

Mill Hill case:

Last year we were contacted by Ms A Lewis , who owned a basement flat in Mill Hill in May 1996. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Similar premises in Mill Hill with 100 year plus lease were valued around £260,200. The mid-range amount of ground rent was £65 collected annually. The lease came to a finish on 10 October 2092. Having 66 years unexpired we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of professional charges.