Selling a flat with a short lease, typically considered as 80 years or less, significantly limits the potential buyer interest. First-time buyers and down-sizers often face challenges securing standard mortgage lending for such flats.
Landlords and homeowners may lack immediate funds to extend their lease, compelling them to sell with a short lease. This process can often stretch for months, if not years, on the open market. At Snap Sell Properties, we specialise in purchasing flats with short leases, enabling you to move on swiftly.
The Section 42 notice and lease extension procedure can usually be transferred to a new buyer, providing you with additional negotiating power. This allows the new buyer to avoid waiting for the standard 2-year period before being able to extend the lease on the flat they are purchasing from you.
If you initiate the lease extension process by serving a Section 42 notice to your landlord and then sell your flat before finalising the extension, you can transfer the associated rights and responsibilities to the new buyer. This is typically executed through a legal provision known as the “Section 45 Notice” or a “Notice of Assignment,” notifying the landlord of the change in ownership and ongoing lease extension discussions. The new buyer can then proceed with the lease extension based on the terms outlined in the Section 42 notice.
Selling any property can be a stressful time for all. We pride ourselves on our ability to buy your property in a quick and hassle free manner. We recently carried out a survey of clients who had sold a property to Snap Sell Properties.
We utilise our funds to acquire properties of any condition across the UK. Our typical completion timeframe is 4-6 weeks, with the ability to expedite the process when needed.
We provide a straightforward cash purchase solution for individuals who have recently inherited a property or are navigating the probate process.
We have a vast amount of experience in acquiring short lease flats, even in challenging situations. Selling a flat with a lease of fewer than 80 years is a complex process that requires specialised knowledge and experience.
Offloading a property with an existing tenant on the open market poses challenges. We provide a straightforward resolution for landlords seeking to exit their investment.
We provide a streamlined solution for investors looking to sell off multiple units or an entire portfolio.
We present compelling proposals for freehold and ground rent opportunities across the UK.
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