By Dedman Gray Auctions – Essex’s Most Successful Property Auctioneer
For many property owners, a flat with a short lease – particularly one with less than 80 years remaining – can be challenging to sell on the open market. This is especially true if the lease is so short that mortgage lenders refuse to finance the purchase. Buyers relying on a mortgage are ruled out entirely, leaving only cash purchasers – and finding them through traditional estate agency sales can be a slow and uncertain process.
An unconditional auction offers a fast, transparent, and reliable solution for selling such properties, while often achieving the best possible market price from motivated cash buyers.
Why Short Lease Flats Struggle in the Open Market
Mortgage lenders typically have strict criteria around lease length, with many refusing to lend on leases under 70–80 years. This means that potential buyers must be able to purchase outright in cash – a smaller pool of prospects in the private treaty market.
Even when a buyer is found, lengthy negotiations and legal delays can stretch the transaction over several months. In many cases, sales fall through when buyers reconsider the challenges or costs of lease extension.
The Auction Advantage for Short Leases
Guaranteed Speed
At Dedman Gray Auctions, we bring properties to auction within weeks of instruction. Once the gavel falls, contracts are exchanged immediately, and legal completion usually follows within 28 days. For sellers, this means turning a hard-to-sell asset into cash in record time.
Certainty of Sale
In an unconditional auction, there is no “subject to contract” stage. The successful bidder is legally committed to completing the purchase and pays a deposit on the day of the auction. This eliminates the risk of time-wasting and collapsed chains.
Competitive Bidding from Serious Buyers
Auctions attract the right audience for short lease flats – mainly investors and cash-rich buyers who understand the value and potential of lease extension. By creating an open, competitive environment, bidding can drive the price up beyond expectations.
Transparency for All Parties
One of the great strengths of auction is its openness. The sale process is public, and the price achieved is the true market value on the day. Sellers can demonstrate they have offered the property fairly and competitively, avoiding disputes or questions about whether a better price could have been achieved.
Ideal for Executors and Portfolio Landlords
Short lease properties often arise in probate situations or within landlord portfolios where lease extension is not practical or desired. For executors, auction ensures a fast and transparent outcome for beneficiaries. For landlords, it’s a way to dispose of a non-mortgageable asset and release capital for reinvestment.
Essex’s Most Successful Property Auctioneer
At Dedman Gray Auctions, we specialise in selling short lease flats and other “non-standard” properties that struggle on the open market. Our marketing reaches thousands of motivated buyers, our auctions create urgency and competition, and our results speak for themselves.
If you have a short lease flat to sell – whether it’s unmortgageable, in need of renovation, or simply proving hard to shift – contact Dedman Gray Auctions today for a free, no-obligation appraisal. We’ll help you achieve a fast, secure, and successful sale.