Short Lease on Flat and need to Sell Quickly
Short Lease on Flat and Need to Sell Fast
Most leasehold properties in the UK are flats and apartments but there are still leasehold houses. All leasehold properties have a certain number of years remaining on the lease and when this lease eventually expires the property reverts back to the freeholder.
If you have a leasehold property you will never own the property in its entirety and depending on how many years remain on the lease, this can have serious ramifications when it comes to selling your flat fast as a short lease can significantly affect the value of your home. Lenders in the UK generally wont provide a mortgage for an apartment / lease if it has less than 75 years left on the lease. If homeowners decide to let the number of years reduce on their lease it can be extremely difficult to extend the lease which in turn can end up in you having a property which isn’t mortgagable.
It is possible to extend your lease under the Leasehold Enfranchisement Act and come to an agreement with the freeholder but it can get extremely expensive and unless you have the funds available you wont have the opportunity to extend your lease. If you have the money to extend your lease you will normally have your lease extended by a further 90 years by the freeholder.
Extending leases is never an easy task though and can cost in the tens if not hundreds of thousands of pounds. Homeowners need to establish from the outset whether its a good idea to extend their lease and if they have the available funds to facilitate the process. Unfortunately so many homeowners leave it too late which means extending the lease of their flat or apartment doesn’t become financially viable and for this reason they decide to sell their flat fast to a cash buyer. Also, even if a homeowner had the funds to facilitate a lease extension, sometimes timescales don’t make it viable as a leasehold extension can take up to 6 months. The value of your flat or apartment will continue to decrease in value as the number of years reduce on your lease.
If you have a short lease on flat and need to sell quickly there is now a solution. Property Buyer is a regulated surveying firm which can purchase your property for cash fast. If you have less than 75 years on your lease your property becomes unmortgagble so selling on the open market to a mortgage buyer wont help you. Property Buyer understands the Leasehold Enfranchisement Act but also understand homeowners requirements and if you need to facilitate a quick sale on your short lease flat this can be done. The advantages of selling your shot lease flat quickly to Property Buyer is:
- Cash sale completed within 7 days or in a timescale to suit you
- All your fees are paid, including your solicitors fees
- Receive up to 80 – 85% of market value with all professional fees paid.
- Surveying firm you can trust
- Regulated Property Buying firm
- Decades of experience in short leases and buying flats fast for cash
If you dont have the money to facilitate the extension or if you cant wait 6 months for the extension process contact Property Buyer today, we can help you. We are a surveying firm who have been buying short lease properties fast for cash for decades and we can assist a quick sale of your property. Contact Property Buyer today on 0208 0033290 to discuss your short lease property with one of our surveyors, we can give you a no obligation cash offer to buy your property fast!