Top reasons for Millwall lease extension

Why you should start your Millwall lease extension today:

Increase your lease and increase your Millwall property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Millwall have the legal entitlement to extend the lease for an additional ninety years in accordance with legislation. Do think carefully before delaying your Millwall lease extension. Shelving that expense today simply increases the premium you will eventually be required to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years outstanding on the lease; others may be happy with anything with more than seventy years. Below sixty years, it may be problematic to obtain a mortgage at all.

What makes us experts in Millwall lease extensions?

Using our service gives you better control over the value of your Millwall leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Millwall Lease Extension Example Cases:

Luke, Millwall, London,

Luke owned a studio apartment in Millwall on the market with a lease of a little over 61 years unexpired. Luke informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Luke to invoke his statutory right. Luke obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Millwall case:

Last Summer we were called by Mr and Mrs. S Wilson , who was assigned a lease of a one bedroom apartment in Millwall in April 2012. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative residencies in Millwall with an extended lease were in the region of £243,000. The mid-range ground rent payable was £65 collected yearly. The lease expired on 10 August 2089. Given that there were 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of costs.