Main reasons to commence your Millwall lease extension

Main reasons to commence your Millwall lease extension today:

Increase your lease and increase your Millwall property value

When it comes to domestic leasehold premises in Millwall, you are actually buying a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are less than eighty years left. Residents in Millwall with a lease approaching 81 years left should seriously consider extending it sooner as opposed to later. When a lease has fewer than 80 years left, under the relevant legislation the landlord can calculate and levy a greater amount, assessed on a technical multiplication, known as “marriage value” which is due.

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

Leasehold premises in Millwall with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Millwall were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Millwall?

Regardless of whether you are a tenant or a freeholder in Millwall,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Millwall valuers.

Millwall Lease Extension Example Cases:

Hollie, Millwall, London,

Trailing protracted correspondence with the landlord of her garden flat in Millwall, Hollie started the lease extension process just as her lease was approaching the crucial 80-year deadline. The transaction completed in March 2008. The landlord’s costs were restricted to below 700 GBP.

Millwall case:

In 2009 we were approached by Dr Katie Miller who, having owned a first floor apartment in Millwall in February 1995. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical residencies in Millwall with a long lease were worth £189,000. The mid-range ground rent payable was £55 collected yearly. The lease ended on 10 May 2078. Considering the 53 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus costs.