Lease extension does not take place unless the leaseholder wants to sell his or her apartment. The 2000 or 2001 built leasehold apartments and properties have 80 years of lease left, and thus difficult to sell. It is not impossible to sell a short term leased apartment and property. All properties come with in-built value, and therefore put them up for sale is quite possible.
If you have already put up your property on a short lease, then you can pose a big problem to you if you require immediate cash. Of course, you could get in touch with lenders who will be willing to give a mortgage loan on a property that is already on a short lease.
However, the drawback of this arrangement is that the interest rates will be quite high when compared to the properties that are not attached to any kind of lease. You would think that there is no way for you to sell a property if it is already given out on a lease, but you will be happy to know that there are fast cash buyers, who are willing to purchase your property even though it is given out on a short lease.
As you can see that most buyers and lenders do not want to get their hands into property sales if they are attached to leases. You will have to do a lot of marketing to find such buyers.
For those who are in such a dilemma, you could visit the website of Home House Buyers. They are real estate experts who can help you with selling a flat with a short lease in the UK. Many of their clients have expressed satisfaction about their services, as they have helped them sell houses in as little as 1 week. They buy any house, no matter what condition it is in.
Another advantage of working with these fast home buying firms is that they give a cash offer quickly. You can expect them to come back to you with an offer on the next working day itself. That way you would know how feasible the offer is without wasting too much time and effort behind it.
You would not want to be stuck with a property if the returns from the lease are insufficient to take care of your urgent financial needs. You will want to dispose of as soon as possible to get cash fast. Another advantage is that you will not have to spend any money on transaction fees and sales paperwork. They will take care of all such expenses.
Sell apartment as is
The amount of lease running years left will determine the sales price and difficulty in selling it. A prospective buyer will factor lease length in their offer and even the lease extension hassles. The sales price will obviously be lower than what you would get with a lease extension or an ongoing assignment right to buyers.
If you have a short lease start the lease extension process as soon as you can to avoid delaying the sales process down the road!