Should I extend my lease before selling?
If you own a house or flat that you want to sell but it is a leasehold with less than 80 years remaining, one issue you need to consider before selling is whether to extend the lease or not.
Three top queries about extending a lease before selling a home
When people want to sell their homes to us but are unsure how the length of existing leases at the property might affect a sale, these are the top three queries we typically receive:
✅ Can I still sell my home even if I decide not to extend the existing lease?
Yes you can, and there is nothing in law that prevents you from selling your house or flat even if the lease has less than the ideal 90 years left on it. But be aware that homes with shorter leases are seen as less desirable for many buyers, and therefore you might struggle to get as much money for your home as your desire if the lease is shorter.
✅ Is it better for a homeowner to try selling immediately or to extend the lease?
There are legal costs involved with hiring a professional solicitor and advisers to oversee the lease extension process, so if you are working with a very tight budget then you might have no choice but to forego an extension and instead sell without extending the lease. Your approach will depend on your individual financial circumstances.
✅ Is it a lengthy and complicated process to extend the lease before selling?
The steps involved with extending a lease can be time-consuming and complicated, but that’s why we recommend hiring professionals to oversee the entire process. This will remove any stress for you, because they will take care of any negotiations with the freeholder and the paperwork that will be required.
We can make you a cash offer on your home regardless of the lease length
Because LDN Properties has been in business for almost 20 years, we have extensive experience making fast and generous cash offers to buy homes with leases of any length, particularly the complicated short leases often found in London.
If you’re interested in selling your house or flat, call our expert team at 020 7183 3022 or click the "Request Offer" button for a free and no-obligation cash offer for your property.
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