Short Lease Warning
Leasehold property concern
Leasehold properties with fewer than 80 years remaining face significant issues with mortgageability, saleability, and lease extension costs.
What This Means
This leasehold property has less than 80 years remaining on the lease - this is a serious problem that makes the property harder to sell and mortgage.
Practical Advice
- ACT NOW - lease extension costs rise dramatically under 80 years
- Under 80 years you pay 'marriage value' (50% of property value increase)
- Very difficult to get a mortgage with less than 80 years
- Property may be unsellable without extension
- Typical extension cost: £10,000-£50,000+ depending on lease length
- Process takes 6-12 months - start immediately
- Get professional advice from a lease extension specialist
Key Points
- What it means: Lease running out - serious problem for property value
- Why it matters: Very difficult to mortgage under 80 years
- Property may be unsellable without lease extension
- Extension costs rise dramatically under 80 years
- Marriage value charged once under 80 years
- Typical extension cost: £10,000-£50,000+
- Act now if under 85 years to avoid marriage value
- Lease extension takes 6-12 months
Additional Information
Short leases are a serious issue. Extend the lease as soon as possible - costs only increase as lease gets shorter.