Why you should commence your Mill Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mill Hill property value

On the balance of probabilities where you own a flat in Mill Hill you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Mill Hill with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to loan monies on a short lease

Many mortgage companies will not lend on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Mill Hill property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Mill Hill lease extensions?

Retaining our service will provide you enhanced control over the value of your Mill Hill leasehold, as your property will be more valuable and marketable in respect 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.

Mill Hill Lease Extension Example Cases:

Blake, Mill Hill, North London

Half a year ago Blake, came critically near to the 80-year mark with the lease on his one bedroom apartment in Mill Hill. In buying his flat 19 years ago, the lease term was of no concern. Luckily, he noticed he would soon be paying an inflated amount for a lease extension. Blake arranged for a lease extension just ahead of time last May. Blake and the landlord who owned the flat above eventually settled on sum of £5,500 . If the lease had dipped lower than eighty years, the price would have become more exhorbitant by a minimum £1,100.

Mill Hill case:

Dr R González purchased a studio apartment in Mill Hill in November 2011. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar residencies in Mill Hill with an extended lease were worth £171,800. The average ground rent payable was £55 collected yearly. The lease elapsed on 28 May 2076. Having 50 years remaining we calculated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of expenses.