Top reasons for Mill Hill lease extension

Why you should commence your Mill Hill lease extension today:

Increase your lease and increase your Mill Hill property value

The only way is down when it comes to Mill Hill lease terms. Mill Hill leaseholds that have a lease term lower than eighty years will de-escalate in market price even faster, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold properties in Mill Hill with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to lend on a short lease

Almost all mortgage lenders will not lend on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Mill Hill property being difficult to sell or refinance.

Why use us for your lease extension in Mill Hill?

Regardless 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 experience and the close ties they enjoy with Mill Hill valuers.

Mill Hill Lease Extension Example Cases:

Rhiannon, Mill Hill, North London,

Off the back of unsuccessful discussions with the landlord of her one bedroom apartment in Mill Hill, Rhiannon initiated the lease extension process as the eighty year deadline was swiftly nearing. The lease extension was concluded in February 2010. The landlord’s charges were negotiated to under 700 pounds.

Mill Hill case:

In 2011 we were contacted by Dr H Hall who, having owned a one bedroom apartment in Mill Hill in October 2006. The dilemma was if we could approximate the premium could be to prolong the lease by ninety years. Comparable premises in Mill Hill with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 billed yearly. The lease finished in 2102. Having 78 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.