Short Lease

In a society obsessed by freehold ownership, no matter how large the mortgage (and, in some cases, how many people share the freehold), short leases are scorned by many. But before the Second World War they were commonplace - you could buy a lease to suit your pocket. In other words, renting on a grand scale, as in a Jane Austen novel.

Itís a bit different today and the numbers are certainly bigger but demand for Prime and Ultra-Prime property on shorter leases is increasing apace, as city high-flyers realize that acquiring an apartment on a short lease can be an excellent and cost effective entry to the prime market, delivering today the property the buyer really wants, on a sort of staged payment basis, allowing them to buy a longer lease at a moment of their choosing in the future.

Estimating the cost of extending a lease or buying your freehold is a highly technical matter. These claims involve both legal and valuation issues and generally the advice of both a solicitor and specialist surveyor is required. Appropriate finance is also a necessity and we have excellent contacts to who we can introduce you.

Your lawyer will advise you on your legal rights and deal with researching your title as well as the preparation of the various statutory notices that may be required. The choice of solicitor can be especially important when a sale has been agreed to a buyer who wishes to extend a lease or acquire the freehold or in cases where you are proposing to acquire a property on a short lease.

In such cases special clauses are needed in the sale contract and there is a good deal of legal work to be done over and above what is usual. We are pleased to be able to recommend a number of solicitors firms who are expert in these areas and who we know can be relied upon to see the job through to a successful conclusion.

A specialist lease extension surveyor will also advise you and in the case of lease extensions will provide a statutory valuation for the notice served on the freeholder at the start of the process.

Of course the role of the estate agent is crucial, whether one is buying or selling. Shorter leases are one of our specialist areas and our expert knowledge can really make a difference.