Hi, my name is Mark King and I am a South Wales based property cash buyer.
One of the things that happens often is that we are contacted by vendors who have a shorter defected lease.
This makes a property really difficult to sell in the open market, because a lot of mortgage lenders will either refuse to lend on that type of property, or will offer a lower loan to value. This means that the buyer would need to put a large deposit into the property to succeed at getting a mortgage.
What I can do is look at the financial cost of extending the leasehold, or I could buy the freehold, if it’s a house, rather than a flat.
For you as a vendor, what that means is I could normally pay a higher figure for that property against what you would get on the open market.
Once I agree to purchase the property, I would then extend the lease at point of purchase.
If you’re in a situation where you have a property with a short lease, and that can be a lease that is under 65 years, please get in touch. I’m happy to make you a cash offer, and I would be able to complete that very quickly.
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