Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Mildenhall. Clearly, the term of lease left reduces over time. This is often ignored and only raises itself as an issue when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Mildenhall have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful attention before delaying your Mildenhall lease extension. Holding off that expense now only increases the price you will ultimately have to pay for a lease extension
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Mildenhall can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 dealing with Mildenhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy negotiations with the landlord of her basement flat in Mildenhall, Erin initiated the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work completed in September 2009. The landlord’s fees were kept to an absolute minimum.
In 2014 we were e-mailed by Mr and Mrs. F Cox who, having completed a studio apartment in Mildenhall in August 2009. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Mildenhall with a long lease were valued about £225,400. The average amount of ground rent was £45 billed quarterly. The lease expiry date was on 7 September 2090. Given that there were 64 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 plus professional charges.
Last Autumn we were phoned by Mr and Mrs. O Michel , who completed a basement apartment in Mildenhall in April 2002. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar residencies in Mildenhall with an extended lease were in the region of £270,000. The average amount of ground rent was £55 billed annually. The lease ran out in 2101. Having 75 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.