Flat with a short lease

[Putthatbookdown]

This only has 49 years left on it Should we just try to sell now to a cash buyer and cut our losses or hang on until we can get everyone together to lengthen the lease ?

That is short. Where are you? In London? Most buyers will be looking for a longer term therefore selling for 49 years really limits your market.

Do you have a management company? Is it a big freeholder like Cadogan Estates? Or do the leaseholders own the freehold? How many leaseholders are there? Are all the leases the same length? What does the lease say, if anything, about extending the lease / altering the lease?

Those are some of the questions that might help you make a decision.

You don't need to get everyone together to make your lease longer. One flatowner can do this. Have a look at this website. www.lease-advice.org/
They even have a calculator so you can work out how much it will cost. Alternatively try and get everyone together to go for a group enfranchisement. It won't be any cheaper though......
A lease of 49 years is unmortgageable but you probably know that already.