Top reasons for Mill Hill lease extension

Why you should start your Mill Hill lease extension today:

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

Mill Hill residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not lend on a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops below a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Mill Hill home.

What makes us experts in Mill Hill lease extensions?

Irrespective of whether you are a tenant or a landlord in Mill Hill,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mill Hill valuers.

Mill Hill Lease Extension Case Summaries:

Lauren, Mill Hill, North London,

Off the back of unsuccessful correspondence with the landlord of her first floor apartment in Mill Hill, Lauren commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The lease extension was finalised in November 2013. The freeholder’s costs were kept to an absolute minimum.

Mill Hill case:

Last Spring we were phoned by Dr Yasmin Ward , who took over the lease of a newly refurbished apartment in Mill Hill in January 2011. The question was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar homes in Mill Hill with a long lease were in the region of £216,000. The mid-range ground rent payable was £60 billed annually. The lease termination date was in 2084. Given that there were 58 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.