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What does "short lease" mean?

I am a foreigner and new in the market. What is the meaning of "Short lease" or other lease descriptions? What are the particulars I have to take into account when buying property in London?

Asked on Jun 13 2012, House Prices in London | Report content

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  • A lease is a period of time that you own the property for usually when it sits on land owned by someone else (the freeholder). A flat for example will usually be leasehold as it will be on land owned by a freeholder. A short lease is exactly that; a short period of time left. Lease details are important when considering buying a property as most mortgage companies will not lend on short leases. You should also consider how the length of the lease will affect the resale of the property and the price when you come to move as extensions of leases can be expensive. Don't be alarmed by them as leasehold properties are very common but make sure you find out the original length of the lease, how many years remain, any ground rent charges and if the information is available; the likely cost of renewal. A solicitor will be able to advise you further about the lease details of any property you chose to purchase.

    Answered on Jun 14 2012, Report content
  • Lease lengths vary, but the average new lease in London (converted houses for example) are usually 99 years (modern blocks for example) usually 125 years. If you are looking at a property with a short lease (65 years or under), then talk to your solicitor about the possibility of extending the lease during the purchase.

    Answered on Jun 22 2012, Report content
  • In Central London, a short lease can often be favoured by purchasers as the property would be substantially cheaper than a similar one with a long lease, allowing one to enjoy a prestigious address that would otherwise be prohibitively expensive. For information regarding lease extensions, see the Capital Leasehold website. There is a special offer for those seeking an initial appraisal.

    Web reference:

    Answered on Apr 16 2013, Report content

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