Top reasons for Mill Hill lease extension

Why you should start your Mill Hill lease extension today:

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

The value of Mill Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Mill Hill with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and Building Societies have specific criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your Mill Hill home.

Why use us for your lease extension in Mill Hill?

Lease extensions in Mill Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Mill Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mill Hill Lease Extension Example Cases:

Gabriel, Mill Hill, North London

18 months ago Gabriel, came seriously near to the 80-year mark with the lease on his two bedroom flat in Mill Hill. In buying his flat twenty years previously, the lease term was of minimal concern. Fortunately, he recognised he needed to take action soon on Extending the lease. Gabriel arranged for a lease extension just in the nick of time in March. Gabriel and the freeholder eventually agreed on sum of £5,500 . If he had missed the deadline, the price would have increased by at least £1,025.

Mill Hill case:

Last Winter we were called by Dr Owen Bell , who owned a one bedroom flat in Mill Hill in April 1997. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable flats in Mill Hill with 100 year plus lease were worth £240,600. The average ground rent payable was £60 invoiced per annum. The lease came to a finish in 2088. Taking into account 62 years unexpired we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including fees.