Millwall Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Millwall
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Millwall lease extension

Why you should commence your Millwall lease extension today:

Increase your lease and increase your Millwall property value

For anyone whose Millwall home is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

Millwall property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties when you come to market or remortgage your property as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a a lease extension.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

The conveyancing solicitors that we work with undertake Millwall 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.

Millwall Lease Extension Example Cases:

Jennifer, Millwall, London,

Off the back of lengthy correspondence with the landlord of her purpose-built flat in Millwall, Jennifer started the lease extension process as the eighty year threshold was swiftly approaching. The legal work was finalised in April 2013. The freeholder’s costs were kept to an absolute minimum.

Millwall case:

Ms Stephanie Sánchez completed a one bedroom apartment in Millwall in April 2004. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Millwall with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected monthly. The lease end date was on 23 May 2103. Having 78 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Decision in Southwark

An example of a Freehold Enfranchisement matter before the tribunal for a Millwall property 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 related to 3 flats. The unexpired term as at the valuation date was 101.61 years.