Top reasons for Mill Hill lease extension

Why you should start your Mill Hill lease extension today:

Increase your lease and increase your Mill Hill property value

Mill Hill leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in Mill Hill will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly 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 equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Mill Hill property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Mill Hill?

Irrespective of whether you are a tenant or a freeholder in Mill Hill,the lease extension experts 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 Example Cases:

Teddy, Mill Hill, North London

In 2014 Teddy, started to get near to the 80-year mark with the lease on his leasehold apartment in Mill Hill. Having purchased his flat two decades ago, the length of the lease was of no concern. by good luck, it dawned on him that he would soon be paying way over the odds for Extending the lease. Teddy arranged for a lease extension just in the nick of time in April. Teddy and the landlord in the end agreed on an amount of £5,000 . If the lease had dropped lower than eighty years, the premium would have increased by at least £875.

Mill Hill case:

In 2013 we were called by Ms Y Dupont who, having moved into a purpose-built apartment in Mill Hill in August 1999. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable properties in Mill Hill with a long lease were worth £191,400. The average amount of ground rent was £55 collected monthly. The lease concluded on 24 January 2080. Taking into account 54 years remaining we calculated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including legals.