Why you should commence your Mill Hill lease extension

Why you should commence your Mill Hill lease extension today:

Increase your lease and increase your Mill Hill property value

Mill Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Mill Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Mill Hill you must investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Mill Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom 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 premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not lend with a short lease

Banks and Building Societies have set criteria when loaning funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls under a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Mill Hill property.

Why use us for your lease extension in Mill Hill?

Lease extensions in Mill Hill can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

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:

Emma, Mill Hill, North London,

Subsequent to protracted correspondence with the freeholder of her basement apartment in Mill Hill, Emma commenced the lease extension process as the eighty year threshold was quickly nearing. The legal work was concluded in January 2014. The freeholder’s costs were kept to an absolute minimum.

Mill Hill case:

Mr Kian Dupont was assigned a lease of a newly refurbished flat in Mill Hill in April 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Mill Hill with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £45 billed every twelve months. The lease ended in 2095. Given that there were 69 years outstanding we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.