Planning for the sale of your London flat is important to ensure you sell for the highest price in the best possible time

If the time has come to sell your London flat there are a few things you should check before rushing in to signing an estate agents marketing agreement.  Selling a leasehold flat is not like selling a house and this is especially true for London flats.  Almost all flats, with the exception of some self-contained properties will be held on a lease.  Most leases start at either 99 years, 125 years or 999 years. As time goes by the lease length diminishes; if you own a London flat with a short lease (less than 70 years) it’s sensible to make enquiries with your landlord regarding arranging a lease extension. We have a special section on our website about short lease properties (but it’s only a guide) always let your solicitor handle communications with your freeholder.

Many London flat owners allow their lease term run down to just a few years before thinking about contacting their freeholder about a lease extension.  This can be a dangerous risk to take and potentially leaves the leaseholder homeless when the lease reaches expiry.

Selling a short lease London flat

If your London flat has a short lease it may be sensible to talk to your solicitor before appointing an estate agent. They will be able to give you advice on how to sell your flat for the highest possible price and this may require some negotiation with the freeholder before marketing the property for sale.

If you’re considering selling your London flat it’s also sensible to be clear on any outstanding disputes in the building (either between other leaseholders or with the freeholder). These may include disputes about high service charges, poorly maintained communal area or noisy neighbours. You will be required to disclose these details when you sell your London flat, so if any disputes remain outstanding it’s helpful if you provide the prospective buyer with where things stand.

(Photo by Daniel Berehulak/Getty Images)