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When selling a flat with a short lease (usually considered as 80 years or less) the pool of potential buyers dramatically shrinks due to the fact that first time buyers and downsizers struggle to receive standard mortgage lending on these types of flats.
Landlords and homeowners often do not have the funds at hand to extend their own lease so are forced to sell with a short lease which can often take months if not years on the open market. Here at The Property Bird, we are well versed in buying flats with a short lease so you can move on as quickly as possible.
The Section 42 notice and the lease extension process can usually be passed on to a new buyer giving you extra leverage in your negotiations. This means the new buyer will not have to wait 2 years until they’re able to extend the lease on the flat you are selling to them.
If you initiate the lease extension process by serving a Section 42 notice to your landlord and then sell your flat before the lease extension is finalized, you can transfer the rights and responsibilities associated with the lease extension to the new buyer. This is typically done through a legal provision called the “Section 45 Notice” or a “Notice of Assignment,” which informs the landlord of the change in ownership and the ongoing lease extension negotiations. The new buyer can then continue the lease extension process based on the terms set out in the Section 42 notice.
Selling a property in 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 The Property Bird.
We use our own cash to buy any property, in any condition throughout the UK. We usually can complete in 4-6 weeks and even quicker when neccesary.
We offer a simple cash buy option for anyone who has recently inherited a property or is going through the probate process
We provide competitive offers on freehold and ground rent opportunities throughout the UK
