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38f Goring Rd,
Worthing
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Selling a flat with short lease
Facing challenges selling a flat with a short lease?
Look no further – we offer a cash solution.
Properties with leases of less than 80 years are hard to sell unless the lease is extended. While extending the lease is a good option, it often calls for substantial time and added expenses, sometimes exceeding £10,000. This process may be necessary when choosing to sell the flat through a traditional estate agency route.
As a cash property-buying company, we provide an alternative solution. We specialise in fast home purchases for cash, regardless of lease length. You won’t need to worry about footing the bill for a lease extension before the sale.
Contact us today to learn more about our services or get a free non-obligation quote today.
What can happen when your flat’s lease is short?
If your flat has a lease under 80 years, it can lead to several problems:
- The value of your property decreases as the lease gets shorter.
- Buyers may be discouraged from purchasing a flat with a short lease due to the high cost and complexity of extending it. They may also need to wait two years before applying for an extension.
- Remortgaging may be challenging, as many mortgage companies are reluctant to lend on properties with short leases.
- The cost of extending a lease rises as the lease term diminishes.
If you opt to extend your lease, it’s advisable to seek a solicitor experienced in lease extensions. Additionally, if other residents in your building are facing similar issues, collective enfranchisement may be an option to consider. This process allows residents to compel the freeholder to sell the property to them collectively.
Why pick us to buy your flat with a short lease?
We’re not discouraged by properties with short leases.
At HomeSaleHub, we provide an alternative to the traditional estate agent process. We use our own funds to offer cash for property and can quickly purchase your flat, tailored to your preferred timeline. Our offer is guaranteed, ensuring we won’t back out of the purchase. Additionally, we cover all solicitor fees, and there’s no charge for using our service.
What’s the offer for my flat with a short lease?
We offer under the full market value for your flat. A flat with a short lease typically won’t reach the market value because of the expenses and challenges linked to extending a lease. When deciding whether to sell your flat to a cash property buyer, it’s important to weigh the costs of selling through other routes such as estate agent fees, the price reduction for a short lease, and any expenses for cosmetic repairs.