Maximising Property Values
A 'complicated' Short Lease purchase!
Dec 1, 2022
Real estate expert Patricia shares detailed insights into a recent short lease purchase, discussing figures, law, and navigating complications in the process. Topics cover lease extension procedures, document delivery, negotiation strategies, and expert guidance for successful short leasehold purchases.
32:13
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Utilizing a lifetime tracker mortgage with a Section 42 notice to extend lease and reduce ground rent enhanced property value.
- Negotiating lease extension premiums with expert advice minimized costs and avoided tribunal proceedings for optimal outcomes.
Deep dives
Property Purchase and Lease Extension
The podcast host describes purchasing a one-bedroom flat with a short lease in London for 207,500 pounds. They opted for a lifetime tracker mortgage to facilitate lease extension without early repayment charges. The host initiated a Section 42 notice to extend the lease by 90 years and reduce ground rent to a peppercorn to make the property more attractive to potential buyers.
