Property lease below 70 years

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31 Mar 2015

Do you have a property with a lease below 70 years?

Author: Simon Clayton

IfSelling at auction the length of the lease on a property is less than 70 years the majority of high street banks and building societies tend not to lend against it, so it is only suitable for cash buyers. These types of buyers are harder to find, and selling via a traditional route isn’t always successful, however, there is an alternative method to attract cash buyers, and achieve the best price on the day.

“Nearly all of the buyers that attend our property auctions are cash buyers” comments Simon Clayton, Director and Auctioneer. “The exchange of contracts takes place at the fall of the gavel so the buyers are in a fantastic position to purchase property quickly.

“Auctions naturally create a competitive atmosphere, and as all interested parties are publicly bidding for the property you can rest-assured that the best price was achieved on the day, subject to a reserve price.”

Other benefits to selling at auction include:

  • Certainty

Contracts are exchanged on the day of the auction

  • Speed

From instruction to exchange can take as little as four weeks, or less

  • Efficiency

Benefit from comprehensive and extensive exposure to the market

If you are thinking of selling an investment property Romans is now inviting entries for its third auction of the year on 24th June. Request an auction property valuation, or call the team to see if selling by auction would be the best method for your property on 01344 753 120.


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