I want to sell but I have a short lease

joco8a

I am looking to release the equity in my flat but I only have a 55 year lease which I believe means that most people will not be able to get a mortgage to buy it. What is the best thing to do in this situation? Are there companies that specialise in cash buyer sales?I can't extend the lease as all the owners in the block have to do it and I know they don't want to.
Any advice appreciated.
Thanks

Doozergirl

You can extend your own lease; you've misunderstoof something. It's buying the entire freehold that might have to be done as a block.

The property will be devalued, yes, but this isn't the end of the world. You should contact your managing agent/freeholder to get a quote for the lease extension. You would then start the ball rolling. If you don't have the money then you can still offer the property for sale at full market value whilst offering it with a new lease and your buyer's payment pays for the new lease as well as the flat at the point of completion. You would get to keep the change, so to speak.

Definitely worth you having a look at this site and calling them if you are unsure.
www.lease-advice.org

joco8a

Thanks Doozergirl. Obviously I've misunderstood something along the way.