Stop! Your Lease Extension in Mill Hill Could Be FREE

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Many leaseholders in Mill Hill 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 Mill Hill 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.

Why you should start your Mill Hill lease extension

Why you should start your Mill Hill lease extension today:

A Mill Hill lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Mill Hill you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may cause difficulties as and when you need to market or remortgage your property as it will be practically unmortgageable. Even though you might not have an imminent intention to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

The conveyancing solicitors that we work with procure Mill Hill 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 conveyancer we work with provide it.

Mill Hill Lease Extension Example Cases:

Olivia, Mill Hill, North London,

After protracted discussions with the landlord of her one bedroom apartment in Mill Hill, Olivia commenced the lease extension process as the 80 year deadline was quickly approaching. The legal work was concluded in May 2010. The freeholder’s fees were restricted to below 600 GBP.

Mill Hill case:

Last Christmas we were called by Mrs Alisha Bell , who moved into a one bedroom flat in Mill Hill in November 1995. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable residencies in Mill Hill with an extended lease were worth £208,600. The average ground rent payable was £60 billed yearly. The lease elapsed in 2083. Taking into account 57 years unexpired we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including expenses.

Decision in Barnet

An example of a Lease Extension matter before the tribunal for a Mill Hill flat is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired term as at the valuation date was 71.73 years.