Comments on: How to sell flat with a short lease? http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/ Sell your flat fast for cash Sat, 11 Feb 2012 08:09:19 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: echurch77 http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/comment-page-1/#comment-1541 echurch77 Sat, 04 Apr 2009 03:56:56 +0000 http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/#comment-1541 How short is short? When we sold our flat 2 years ago with a 76 year (out of original 99) lease we were told that was short and it took a little while to sell but we still got the price we wanted. We were told at the time that mortgage companies want 50 years on top of the 25 year mortgage (so 75 year minimum), however, when we recently re-mortgaged, we noticed that they wanted only 25 years on top (not that it applies to us now, as we moved to a freehold house). Estimates for extending the lease varied from £1k to £12k. I spoke to our management company (who acted for the freeholder) at the time and were told they couldn't say how much it might be, but we would have to make an offer to the freeholder and they would accept or reject and negotiate. Buyers will use any excuse to get the price down, especially now. Good luck. How short is short?
When we sold our flat 2 years ago with a 76 year (out of original 99) lease we were told that was short and it took a little while to sell but we still got the price we wanted. We were told at the time that mortgage companies want 50 years on top of the 25 year mortgage (so 75 year minimum), however, when we recently re-mortgaged, we noticed that they wanted only 25 years on top (not that it applies to us now, as we moved to a freehold house).
Estimates for extending the lease varied from £1k to £12k. I spoke to our management company (who acted for the freeholder) at the time and were told they couldn’t say how much it might be, but we would have to make an offer to the freeholder and they would accept or reject and negotiate.
Buyers will use any excuse to get the price down, especially now.
Good luck.

]]> By: gordon m http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/comment-page-1/#comment-1540 gordon m Fri, 03 Apr 2009 05:33:39 +0000 http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/#comment-1540 There will always be a buyer, I would suggest trying one of the cash buyer companies, such as Alternatively you could see what options there are to extend your lease by contacting the freeholder. You may even be able to purchase a share of the freehold jointly with other leaseholders in the building. There will always be a buyer, I would suggest trying one of the cash buyer companies, such as

Alternatively you could see what options there are to extend your lease by contacting the freeholder. You may even be able to purchase a share of the freehold jointly with other leaseholders in the building.

]]> By: bluenose1949 http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/comment-page-1/#comment-1539 bluenose1949 Thu, 02 Apr 2009 21:33:45 +0000 http://www.sellflatfast.co.uk/flat-sale/how-to-sell-flat-with-a-short-lease/#comment-1539 Assuming you are in the UK.If the lease is less than say 50-60 years a buyer could have difficulty in getting a mortgage regardless of the 'credit crunch'.. Under the leasehold reform act you can request a new 125 year lease. BUT, you will have to pay for it. Suggest you get your solicitor to negotiate with the freeholder. Assuming you are in the UK.If the lease is less than say 50-60 years a buyer could have difficulty in getting a mortgage regardless of the ‘credit crunch’.. Under the leasehold reform act you can request a new 125 year lease. BUT, you will have to pay for it. Suggest you get your solicitor to negotiate with the freeholder.

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