Can I get equity release on a leasehold property?

Yes you can have Equity Release on leasehold property. Providers will all have slightly different criteria on what is or is not acceptable in terms of the remaining length, or ‘term’ of the lease. The provider/lender will want to know that it can sell the property at the end of your equity release term, so they might want an unexpired term of at least 75 or 80 years, plus confirmation from a surveyor that the property is in good condition and would sell easily if necessary. Check with your provider, or ask your adviser to make enquiries before you go ahead, so you understand their criteria.

If the lease is too short for a provider/lender, you may have a couple of options available to you. For example, you may be able to buy the Freehold, or a share of the Freehold with other flat owners, or you may be able to extend the term of the lease. These options carry a cost, so make sure you investigate these thoroughly with your Landlord or the Managing Agent. You can find out more from the Leasehold Advisory Service.