Why you should commence your Mill Hill lease extension

Why you should commence your Mill Hill lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Mill Hill. Inevitably, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Eligible long lease owners in Mill Hill have the legal entitlement to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give careful attention before delaying your Mill Hill lease extension. Holding off that expense now only increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.

Lenders may not lend with a short lease

Lending institutions are less likely to give a mortgage on a residential flat in Mill Hill with a short lease. Many lenders simply refuse to lend on leases with less than 75 years remaining.

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

Engaging our service gives you increased control over the value of your Mill Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mill Hill Lease Extension Example Cases:

Eleanor, Mill Hill, North London,

After protracted discussions with the landlord of her ground floor apartment in Mill Hill, Eleanor commenced the lease extension process as the 80 year threshold was quickly nearing. The lease extension was concluded in July 2008. The landlord’s fees were kept to an absolute minimum.

Mill Hill case:

Mr and Mrs. C Norbert was assigned a lease of a basement apartment in Mill Hill in February 1996. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Mill Hill with a long lease were in the region of £295,000. The average amount of ground rent was £50 invoiced quarterly. The lease ran out on 13 August 2100. Considering the 75 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.