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Want to sell the property extend the lease and sell or sell without extension?

Hi, lease left on my property is 71yrs. Shall I extend my lease and add 99yrs or sell the property without extension? (Lease extension will cost apporx. 12 to 15k property value is 220k)

Asked on May 29 2011, House Prices in Harrow | Report content

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  • Photo of albertgrace

    albertgrac...

    Selling the property with a relatively short lease may prove to be challenging and take up considerable time in achieving a sale. I would recommend you increase the lease, as that would help potential buyer to get more mortgage products to achieve their purchase. Most lenders are not lending on short lease or undervaluing them, so the sale doesn't go. I hope this helps a little, if you want to talk to us more, google albertgrace to contact us. good luck with all.

    Answered on Jul 18 2011, Report content
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  • Photo of CapitalL

    CapitalL

    There is a list of mortgage providers and their rules relating to lease length at: http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321 Clearly, shorter leases mean fewer lenders, so fewer applicants will be available to purchase your property. Fewer purchasers effectively mean you are unlikely to achieve the best price for your property within a limited timescale. However, you can apply for a lease extension and pass on the benefit of it to the buyer without incurring all the costs. Your valuer will give you a good idea of what the extension costs are likely to be and this information can be given to the prospective purchaser. A statutory lease extension will add 90 years on to the existing lease and mean that the owner will never have to address the situation again. Going down the statutory route means there is a timetable that the freeholder has to stick to and recourse to a tribunal to produce a reasonable settlement. Please see our blog article on the Lease Extension Timetable for further information.

    Web reference: http://leaseholdextension.com/articles/lease-extension-ti...

    Answered on Apr 12 2013, Report content
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