Selling a Leasehold Flat

Selling a leasehold flat could seem at first to be a straightforward process, but there are some important steps to learn that can help make the process stress-free and streamlined.

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Your top questions when selling a leasehold flat

✅ How do I know whether the flat that I own is leasehold?

A leasehold flat is one where you are the owner of the property for a certain number of years, and this duration will be specific in a lease agreement that you sign with the freeholder of the building in which the flat is located. You’ll also pay the freeholder an annual ground rent, along with paying service charges that help to fund the overall upkeep of the building.

✅ What are some of the hurdles involved with selling a leasehold flat?

When you are trying to find a buyer for your flat, you could find that its leasehold status creates some extra barriers to selling. Concerns that people might have about your property include potential restrictions in the lease agreement on how the flat can be used, and above-average service charges and ground rent that might be too expensive for many prospective buyers.

✅ Is it a good idea to extend the length of my lease before selling my flat?

If your lease agreement has 80 years or less left on it, then it will usually be considered to have a short lease and this is seen as less desirable to buyers. The goal is to have a lease with 90-plus years remaining, and you’ll need to think about whether you’re willing to invest in the often costly and length process required to secure a lease extension from the freeholder.

✅ How can I make my leasehold flat more appealing to buyers?

There are a few simple and relatively cheap, or no cost, actions that can help to get buyers more interested in your flat. Inside the home you should remove as much clutter as possible and tidy every room, because this will make the property look larger and more valuable. Outside the flat you can see if there are improvement to make like repainting your window ledges.

✅ Should I fix major problems with a leasehold flat before trying to sell it?

If your flat has a large-scale problem, which can include physical flaws like extensive dry rot, then you may be thinking about whether to fix this issue before selling, in order to remove it as a potential concern for buyers. But there is no requirement to pursue such work before selling, and there are many owners who won’t be able to spend time, money or energy on it.

✅ How speedily will I be able to find a buyer for my leasehold flat?

If you decide to sell your flat through an auctioneer, an estate agent or on your own then it could take several months at least before you are able to secure a buyer. But if you opt for selling your home to a quick buyer such as LDN Properties then the timeline should only be a few short weeks, and this includes exchanging contracts and paying you the full sale proceeds.

✅ Will I have to pay commission for the sale of a leasehold flat?

You will not need to pay any fees if you decide to sell your flat either without any help or if you sell it to a legitimate no-commission quick buyer like LDN Properties. But if you choose to sell the property using the services of an estate agent or an auctioneer then you will need to pay them fees, which will add to your costs because this will be taken out of the sale proceeds.

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