Can you sell a flat with a short leasehold?
January 22nd, 2010
We have a leasehold flat with 55 years remaining on the lease. We are trying to sell the flat but would like to know is it worth extending it or can we sell the property as it is? Does it have any affect on the sale?
Rent Back Fast
I think 55 years is fine nobody would object to taking that on, as long as you tell all that take an interest.
yes , this should be reflected in the selling price though
Typically UK mortgage lenders dislike leases of under 60 years remaining. Have a word with the freeholder to see how much a re negotiated lease would be. You may then be able to advertise the sale with that information. Otherwise you could find yourself having to accept either a vastly reduced price, a very long wait for a suitable purchaser (and all the time the lease is reducing) or paying yourself for the lease extension, and then selling. The current economic climate is not helping.
Personally I would never consider a leasehold, only freehold.