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Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Millwall lease extension

Why you should start your Millwall lease extension today:

Increase your lease and increase your Millwall property value

On the balance of probabilities if you own a flat in Millwall you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Millwall with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

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

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Regardless of whether you are a tenant or a freeholder in Millwall,the lease extension solicitors that we work with will always be prepared 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:

Nathan, Millwall, London

Last Winter Nathan, came perilously near to the eighty-year mark with the lease on his studio apartment in Millwall. In buying his flat twenty years ago, the lease term was of little significance. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Nathan extended the lease just under the wire last July. Nathan and the landlord who owned the flat above in the end agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have gone up by at least £1,075.

Millwall case:

Dr U Green was assigned a lease of a garden flat in Millwall in May 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable flats in Millwall with a long lease were valued around £225,800. The mid-range amount of ground rent was £60 billed quarterly. The lease expired on 10 March 2085. Given that there were 60 years outstanding we estimated the premium to the landlord for the lease extension to be within £23,800 and £27,400 not including legals.

Decision in Southwark

An example of a Freehold Enfranchisement case for a Millwall flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The remaining number of years on the lease was 101.61 years.