Stop! Your Lease Extension in Mildenhall Could Be FREE

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Many leaseholders in Mildenhall are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Mildenhall has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Mildenhall lease extension

Why you should start your Mildenhall lease extension today:

Increase your lease and increase your Mildenhall property value

Chances are that if you own a flat in Mildenhall you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend on a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Mildenhall were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

Get in touch with one of our Mildenhall lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Mildenhall,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Mildenhall valuers.

Mildenhall Lease Extension Case Studies:

Amy, Mildenhall, Suffolk,

Off the back of lengthy correspondence with the landlord of her basement flat in Mildenhall, Amy commenced the lease extension process as the eighty year threshold was fast advancing. The transaction was finalised in October 2015. The freeholder’s fees were kept to an absolute minimum.

Mildenhall case:

Last Autumn we were e-mailed by Dr S Roberts , who purchased a first floor flat in Mildenhall in October 2006. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Similar homes in Mildenhall with 100 year plus lease were worth £183,600. The mid-range ground rent payable was £65 collected monthly. The lease termination date was on 20 November 2083. Having 57 years left we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.

Mildenhall case:

Last Autumn we were phoned by Mr and Mrs. F Bernard , who purchased a one bedroom flat in Mildenhall in September 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Comparative properties in Mildenhall with 100 year plus lease were in the region of £245,000. The average amount of ground rent was £50 collected yearly. The lease elapsed in 2094. Given that there were 68 years remaining we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.