When it comes to selling or letting your property, choosing the right estate agent can make a...
WHAT IS A SHORT LEASE?
When you own a flat, it’s usually on a leasehold basis, meaning you have the right to live there for a set number of years (often 99, 125 or even 999), but the land and building belong to the freeholder. As the years run down, your lease gets shorter, and the shorter it becomes, the less attractive your property is to buyers and mortgage lenders.
A lease is generally seen as “short” once it drops below 85 years, and once it falls under 80 years it becomes much more expensive to extend because of something called marriage value. This means the freeholder is entitled to 50% of the increase in your flat’s value once the lease is extended, which can add tens of thousands to the cost. For this reason, it’s always best to act before your lease reaches the 80-year mark.
Why Does Lease Length Matter?
90 + Years
Considered a healthy lease. Saleability is strong, mortgage options are wide.
85–90 years
Buyers may begin to hesitate; lenders more cautious.
82–85 years
Buyers know they’ll have difficulty extending quickly. Price reductions likely.
80–82 years
Buyers cannot use the statutory route for two years after purchase. By then, the lease will have dropped below 80 years.
79 years or fewer
The property becomes much harder to sell. Costs of extension rise significantly.
Your Options as a Seller
Extend Before You Sell
Extending your lease before marketing the property usually makes financial sense. Benefits include:
- Maximising sale price – A longer lease is far more attractive to buyers.
- Mortgage eligibility – Opens the market to more potential buyers.
- Saving money – Acting before the lease dips under 80 years avoids marriage value.
Statutory Lease Extension
If you qualify, you can extend by 90 years and reduce ground rent to zero. This is a legal right, though it involves valuations, serving notice, and potentially tribunal involvement if negotiations stall.
Informal (Negotiated) Extension
Sometimes it’s possible to negotiate directly with your freeholder. This can be faster but must be checked carefully for ground rent clauses and other long-term costs.
Sell Without Extending
You can still sell with a short lease, but expect:
- Lower offers from buyers who must factor in extension costs.
- A smaller pool of potential buyers, often limited to investors or cash purchasers.
- A potentially longer sale process, as buyers’ solicitors flag the risks.
If you choose this route, a clear marketing strategy is key. We often highlight the property’s potential uplift once the lease is extended, which can attract investors looking for long-term value.
Why Acting Early Matters
- Avoid marriage value costs – Extending before the 80-year threshold can save you tens of thousands.
- Wider buyer appeal – A longer lease opens the property up to more buyers with mortgage finance.
- Protect your asset – A longer lease maintains your flat’s long-term value, whether you’re selling now or in future.
How Samuel Estates Can Help
We’ve supported many leaseholders across South West London through the challenges of selling with a short lease. Our role is to:
- Give you clear, honest advice on whether to extend or sell as-is.
- Connect you with trusted solicitors and surveyors who specialise in lease extensions.
- Market your property strategically to the right buyers, ensuring you achieve the best possible price.
Need Specialist Advice?
If you’re unsure about your next step, we’re here to help. Our team can review your lease length, discuss your options, and connect you with recommended lease extension solicitors for tailored legal guidance.
Download our
Guide to Short Leases
Short Lease FAQs
Can I sell my flat with a short lease?
Yes, you can sell a flat with a short lease, but it’s usually harder. Mortgage lenders are often reluctant to lend on properties with less than 85 years remaining, which reduces the number of buyers. This typically limits you to cash buyers or investors, who may negotiate a lower price.
Should I extend my lease before selling?
In most cases, yes. Extending before selling makes your property more attractive to buyers, increases mortgage availability, and can add significant value. If your lease is close to 80 years, acting now can save you tens of thousands by avoiding marriage value costs.
How much does it cost to extend a lease?
The cost depends on the length remaining, your property’s value, and ground rent terms. As a guide, the shorter the lease, the more expensive the extension becomes. Once below 80 years, marriage value applies, which increases costs considerably. A surveyor’s valuation and solicitor’s advice are essential to get an accurate figure.
How long does a lease extension take?
A statutory lease extension typically takes 3–12 months, depending on negotiations with the freeholder. An informal extension may be quicker, but terms must be checked carefully to avoid unfavorable ground rent clauses.
Do I have to wait two years before I can extend?
Previously, leaseholders had to wait two years before starting a statutory lease extension. However, recent reforms mean you can now extend from day one of ownership. This is especially useful for sellers who want to increase their property’s value before marketing.
Can Samuel Estates help with lease extensions?
Yes. We work closely with trusted specialist solicitors and surveyors who handle lease extensions regularly. We’ll guide you through your options, connect you with the right professionals, and create a sales strategy that works best for your circumstances.
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