Selling a leasehold property in London – What you need to know

Selling a leasehold home in London can take a few more weeks compared to freehold properties, as your solicitor will need to run a few more checks about the terms of the lease and also liaise with the freeholder. However, if you are an informed seller, prepared with all the necessary documents, the sale should go through smoothly.

There are nearly five million leasehold properties in the UK. Out of these, almost 70% are apartments, while the remaining 30% are houses. When selling a leasehold home in London, you are typically selling the right to lease to a buyer, and therefore need to provide full disclosure about the lease terms.

How to sell your London home quickly in 2025?

How does a leasehold property differ from a freehold one?

Unlike a freehold property, where the owner has complete rights over the building as well as the land it stands on, a leasehold property involves buying a lease from the freehold owner for a set duration. While typical leases last for 90 to 120 years, many new-build properties come with a much longer 999-year lease. Owners of leasehold properties may also need to pay ground rent, maintenance fees and other service charges for shared amenities, which they must disclose at the time of sale.

What buyers should know when buying a leasehold property?

What are the main steps in selling a leasehold property in London?

Hire the right estate agent

Working with a London-based estate agent like Benham and Reeves can help with a quick sale, as we have over six decades of experience in the field. From free property valuations to precise marketing and expert advice, we offer a one-stop property sales service.

Get all documents in order

While there are many documents required to sell a property in London, the lease copy is most important as it clearly states the number of years left on the lease and all other terms related to ownership and transfer.

Appoint a solicitor

Hiring a solicitor with experience in leasehold conveyances can speed up the process. As your sales agent, we can recommend some of the top experts in this area.

Consent forms and informing the freeholder

Certain leases require the leaseholder to inform and obtain the freeholder’s consent before a sale. Even if it does not, it’s good and ethical practice to notify the freeholder of your intent to sell.

Getting an offer and sharing lease information

After you receive an offer from a buyer, the sale process is officially underway, and your solicitor will require you to share all information about the lease, like the ground rent, service charges, freeholder restrictions, etc, in the TA7 Leasehold Pack.

Contract exchange and sale completion

These are the final steps to close the sale and are no different from a freehold sale.

Why does it now take longer to buy or sell a home in London?

Do lease terms impact a property’s value and sale potential?

The duration of the property lease is one of the key factors that can impact value, as most buyers will struggle to obtain a mortgage approval if less than 80 years remain on the lease. In such cases, you can consider getting an extension or renewing the lease before listing it for sale.

Restrictive clauses

Even though the freeholder does not enforce it, many times leases can have clauses that restrict the leaseholder from making minor cosmetic changes to the property or even keeping pets. Expect the buyer’s solicitor to review all the lease terms in detail and caution their client about any unnecessary clauses or covenants.

High service charges and poor maintenance

Leasehold properties are primarily apartment blocks with shared communal spaces, such as on-site gardens, gyms, and pools, that require regular maintenance and upkeep. While the leaseholders contribute to and pay the service charges, along with a peppercorn ground rent, if the quality of the services is not up to the mark, potential buyers may lose interest.

Read our step-by-step guide to sell your London property

How can Benham and Reeves help me sell my leasehold property?

We have 21 physical branches across London, along with 14 international offices and multiple country desks to source interested buyers from around the world. Our property experts bring decades of local knowledge and experience in selling homes across different London neighbourhoods. They can guide you through the entire sale process, even if you live abroad.

Looking to sell your London property? Contact us for a quick discussion