Stop! Your Lease Extension in Mill Hill Could Be FREE

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Many leaseholders in Mill Hill are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Mill Hill has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Mill Hill lease extension

Main reasons to start your Mill Hill lease extension today:

Increase your lease and increase your Mill Hill property value

Mill Hill residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Mill Hill if the remaining lease term is less than the criteria set by most mortgage companies. Different lenders have different criteria but in the main theyrequire an unexpired term of at least 65 years.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Mill Hill lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Mill Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mill Hill Lease Extension Case Studies:

Ali, Mill Hill, North London,

Ali owned a 2 bedroom flat in Mill Hill being sold with a lease of just over fifty eight years unexpired. Ali informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Ali to invoke his statutory right. Ali procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Mill Hill case:

In 2013 we were approached by Mr B Gunderson who, having was assigned a lease of a studio flat in Mill Hill in February 2004. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Similar residencies in Mill Hill with an extended lease were valued around £189,000. The average amount of ground rent was £55 collected every twelve months. The lease finished in 2079. Considering the 53 years left we approximated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including expenses.

Decision in Barnet

An example of a Lease Extension matter before the tribunal for a Mill Hill residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The unexpired lease term was 71.73 years.