Do you want to sell your short lease flat fast? We buy short-lease flats, houses, and other difficult-to-sell homes. Selling a flat with a short lease needs a specialist. Below are the key features:
- Get a valuation and property value offer based on land registry sold prices of similar properties in your area.
- No estate agents or other selling fees for short lease property, for example, less than 80 years
- Fast service, even with less than 80 years remaining
- Sell and rent back option for many properties
- Ideal for people in the process of divorce when you are the current owner
- Charges from judgements and defaulted debts, secured loans and mortgage arrears are no problems for us.
- Whether it’s your home or a buy-to-let home with existing tenants doesn’t matter.
- Lease extension funding – joint ventures for lease extensions – lease extension process
- It is ideal for people subject to pending civil litigation, including CCJ’s before charges on your home, HMRC investigations and VAT problems.
- Money up front to help you move home
- Seven storeys or a block at least 18 metres high is OK
- Flats with no fire risk assessment are OK
- No EWS1 form is no problem
- Flats without self-remediation
- Flats not subject to Government schemes – the Developer Remediation Contracts, the Medium Rise Scheme or the Building Safety Fund
- Flats that are parts of a freehold that is not insured or uninsurable
- Short lease properties with problems with the Building Safety Regulator (BSR)
- Properties with high ground rents are OK
- Properties with an unknown lease extension premium
- Will mortgage lenders not touch your application, or do you have problems with your age?
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Selling a flat with a short lease quickly with no fees
Leasehold properties are, in general, more difficult to sell than freehold property due to the costs and uncertainty of the lease and its terms
Selling a flat with a short lease quickly and with no fees is difficult. Most buyers will be cautious due to mortgage restrictions on properties with shorter leases, and many will expect a discounted price. Additionally, estate agents and solicitors typically charge fees, so avoiding all costs is unlikely.
One option might be selling to a cash buyer, as they are less concerned about lease length, but this often comes at a lower sale price. Alternatively, you could explore a lease extension to increase the property’s value and appeal before selling.
Is it hard to sell a leasehold property with a remaining lease term of less than 80 years?
Selling a leasehold property with less than 80 years remaining can be challenging. Buyers and mortgage lenders may be cautious, as properties with shorter leases can be more expensive to extend and may decrease in value over time.
Due to marriage value, the cost of extending the lease increases significantly once it falls below 80 years. You could consider extending the lease before selling to make the property more attractive, though this may come with upfront costs.
Buy Short Lease Flat – remaining lease term under 90 years
If you have a flat with a short lease, the value will decrease rapidly after a particular time. If you have tried a statutory lease extension but struggled,
Buying a flat with a lease under 90 years can pose issues. While mortgages are generally available for leases above 80 years, anything below that can make financing more difficult.
Extending the lease will become more expensive as the term approaches 80 years due to added “marriage value” costs. Ground rent and service charge terms should also be reviewed, as they could affect affordability.
It’s advisable to factor in the cost of a lease extension when considering the purchase.
Selling your flat before civil litigation depends on the nature of the dispute. If the litigation involves the property, such as a boundary issue or lease dispute, it may be difficult to sell while the case is ongoing.
Unresolved legal issues may deter buyers, and some mortgage lenders may refuse to lend. If the litigation is unrelated to the property, selling beforehand could help avoid complications. Consulting with a solicitor is advisable to understand the potential impact on the sale. Short lease equity release options in 2024 for people older than 55.
Buying a property with a short lease – existing lease length issues and ground rent problems
Buying a property with a short lease can lead to issues. Lenders may be reluctant to provide a mortgage for leases under 70-80 years, making resale harder. Extending the lease can be significantly costly once it drops below 80 years, as you must pay a “marriage value” to the freeholder.
Additionally, ground rent clauses in the lease can cause problems, particularly if they escalate over time, as some lenders refuse mortgages for properties with high or increasing ground rent. Reviewing the lease terms and lease agreement carefully and considering lease extension costs before proceeding is essential.
Depending on the lease terms, selling a leasehold property can be more challenging than selling a freehold property. Buyers and lenders may be concerned about short leases (especially under 80 years), high ground rent, or restrictive clauses. Extending the lease or clarifying terms upfront can make the property more attractive, but these factors may still affect the speed and price of the sale.
Our UK property buying service specialises in quickly and efficiently purchasing leasehold flats. Whether you’re selling a property with a short lease or simply looking for a fast sale, we provide a streamlined process tailored to your needs.
When the lease remaining on your property is less than 90 years, it can significantly affect the purchase price, as a short lease devalues the property in the market. As the lease drops closer to 80 years or less, extending it becomes more costly, and traditional mortgage providers may be reluctant to lend. To overcome this, we work with specialist lenders familiar with properties on a leasehold basis.
We also offer cash purchases, making it easier for sellers dealing with properties that may struggle to sell on the open market due to their property’s lease length. Our cash offer process ensures a quick sale without the usual delays.
If you want to extend the lease to improve your property’s value, we can advise you on the steps. Serving a statutory notice allows you to secure a new lease of up to 999 years, which can substantially increase the market value of your flat. As a registered owner, you have the right to extend, and we can provide guidance to help you through the process.
Selling your leasehold flat with us means avoiding the complications that often come with properties nearing the end of their leases, ensuring you get a fair price and a hassle-free sale.
How much does a short lease devalue a property? When a leasehold property becomes a short lease property, it can lose around 10-20% of its total value.