Main reasons to commence your Mildmay lease extension

Why you should commence your Mildmay lease extension today:

Increase your lease and increase your Mildmay property value

For anyone whose Mildmay flat is held on a long lease, our message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic once you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a a lease extension.

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

The conveyancing solicitors that we work with undertake Mildmay lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Mildmay Lease Extension Example Cases:

Jude, Mildmay, London,

Jude was the the leasehold proprietor of a studio apartment in Mildmay being sold with a lease of a few days over 59 years left. Jude on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be due on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Mildmay case:

In 2013 we were contacted by Mrs Y Walker who, having bought a first floor flat in Mildmay in May 1999. We are asked if we could approximate the price would be to prolong the lease by 90 years. Identical properties in Mildmay with an extended lease were in the region of £300,000. The average ground rent payable was £50 billed quarterly. The lease ran out in 2102. Given that there were 76 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.

Mildmay case:

Last July we were approach by Dr O Wilson , who purchased a basement apartment in Mildmay in September 2001. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative homes in Mildmay with an extended lease were in the region of £257,800. The average ground rent payable was £65 collected per annum. The lease concluded on 22 September 2091. Given that there were 65 years unexpired we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.