| Property | Two-bedroom flat with 58 years left on the lease |
|---|---|
| Location | Kensington, West London |
| Client | Private buyer purchasing a short-lease flat as a long-term London base |
| Product | Bridging loans |
The challenge
With 58 years left on the lease, the flat was unmortgageable for most lenders. The seller wanted a quick sale, so the buyer had to move fast.
What we did
We arranged a bridging loan from a lender comfortable with short leases, with an exit based on extending the lease and then refinancing. The seller served the statutory lease extension notice before completion and assigned the benefit to the buyer. A full refurbishment and lease extension followed. The client then refinanced onto a standard mortgage.
The outcome
The client secured the flat and later refinanced on a lease of more than 140 years.
Bridging loansFast, short-term property finance for auctions, chain breaks, refurbishments and time-critical purchases.
Learn moreImportant: Bridging and development finance are short-term, secured borrowing and can be expensive. You need a clear, realistic exit plan. Loans secured on a home you live in may be FCA-regulated; most others are not. Your property may be repossessed if you do not keep up repayments.