Can you get equity release on a flat? Often yes, but lenders set their own limits on lease length, block height, lifts and ex-council flats, and the limits differ.
A lender judges a flat on more than your age and its value. It also looks at the building: how many storeys it has, whether there is a lift, who owns the freehold and how much lease is left. If you have one particular flat in mind, a qualified equity release adviser can go through its details with you; to ask for that, at no charge, fill in this page's form.
Below is what four lenders' criteria documents, all written for advisers, say about flats, each with its print code. Lenders change their rules, so read them as the questions a lender asks, not as what any lender accepts today.
The short answer: it depends on the flat and the lender
Each of the four documents accepts some flats and not others, and the dividing lines come from the building and the title: whether the flat is leasehold or freehold, how many years remain on a lease, the block's height and lift, any past ownership by a local authority, and the service charge and ground rent. With the lenders below the flat must also be your main home. How the property is valued, and how much a lender will lend against it, are on the valuation page and how much equity release you can get; What is equity release? explains the product.
Storeys, floors, lifts and former council flats
Block height is where the four documents differ most. The table gives each lender's own terms.
| Lender and document | Block height, floor and lift | Former local authority flats |
|---|---|---|
| Aviva, Lifetime mortgages: Lending criteria (adviser document, PF011331 03/2026) | "Privately developed flats, maximum four storeys with a lift" and "in blocks of two storeys without a lift" are considered for valuation. Blocks of five storeys or more, and blocks of three or four storeys without a lift, are to be referred to Aviva. | "Former local authority flats" are in the refer-to-Aviva list. |
| Pure Retirement, Classic Lending Criteria (adviser document, PR02716 0925) | "Private sector purpose-built flats of no more than 4 floors" are acceptable. Flats in blocks of five storeys or more that are not in an "excellent" location are not acceptable, and those in an "excellent" location are referred to Pure. | "Ex-council or ex-MOD flats or maisonettes" are in the not-acceptable list. |
| Legal & General, Later Life Mortgages Suitability Criteria (adviser document, DA836 06/26) | Blocks up to five storeys, with or without a lift, on any floor including the fifth are marked acceptable. Blocks up to ten storeys with a lift, where the flat is on the tenth floor or below, are marked acceptable. Blocks over five storeys without a lift are "considered" for a flat on the third floor or below and marked not acceptable on the fourth floor or above. | The ten-storey line adds "consideration will be given to ex-local authority". The minimum property value for flats and for ex-local authority properties is £100,000. |
| Just, Lending Criteria Guide (adviser document, JM 00341.21 05/2026) | "Blocks of up to 6 floors (over 4 floors must be serviced by a working lift)" are acceptable; blocks of seven floors or more are for individual consideration on some product series only. | The flats section lists "Ex-local authority and housing association flats" as not acceptable; the property type section lists "Ex-Local authority maisonette flats (max 2 storey, min value £100K, in good condition)" as acceptable. |
The same block can pass with one lender and need a referral or fail with another, so a "no" from one is not a "no" from all. Other features have their own lines. Aviva refers deck or balcony access, flats above or adjacent to commercial premises, and basement or lower ground floor flats with level access to a garden; without that access, a basement flat is not acceptable. Just lists deck or balcony access flats and basement flats as not acceptable, Pure lists flats with only external staircase access as not acceptable, and Legal & General marks no block buildings insurance as not acceptable. On cladding, Pure asks for an EWS1 form (its document spells it "ESW1") where a valuer has noted a concern, and Legal & General marks external wall ratings A1 or A2 acceptable and B1, B2 or A3 not. A former council house is covered on its own page, and construction on non-standard construction.
Lease length, ground rent and service charges
For a leasehold flat the lease is often the deciding document, because a lender wants it to outlast the loan. Each lender sets the test its own way:
- Aviva (PF011331 03/2026): the years left plus the youngest borrower's age must be at least 160, and the remaining lease also sets what percentage of the valuation it lends against. Its flat enquiry template (PF011496 04/2026) gives the example of a youngest borrower of 65 needing at least 95 years, and adds that "the minimum lease length required is 75 years regardless of the youngest borrower's age".
- Legal & General (DA836 06/26): the youngest applicant's age at completion plus the remaining term must be at least 175 years.
- Just (JM 00341.21 05/2026): leasehold is acceptable on its J1-J4 series only, with a minimum remaining term of 120 years.
- Pure Retirement (Classic, PR02716 0925): a table sets the minimum remaining at application by age, from 125 years for the youngest band down to 100 years for the oldest.
A short lease is not always the end. Aviva accepts one that is being extended before completion, but only with documentary evidence that the landlord has agreed the extension and its terms. A solicitor and the Leasehold Advisory Service, which GOV.UK describes as offering free, independent advice on extending a lease, can explain your rights; equity release on leasehold covers the wider picture.
Running costs are compared with the flat's value, and the lines differ. Aviva considers an annual service charge of 2% or less of the property value, lists more than 2% and a sinking fund of 7% or more of the sale price as not acceptable, and accepts a fixed ground rent up to the higher of £250 (outside London) or £1,000 (London), or 0.2% of the value, "subject to valuer’s comments". Legal & General marks a total service charge, with ground rent and any sinking-fund contribution, above 2.5% of the value as not acceptable. Just lists ground rent above 0.2%, or ground rent and service charge combined above 2.5%, and a service charge over £15,000, as not acceptable. Pure says properties "with excessive service charge, ground rents or estate charges may be unacceptable", with no percentage.
What GOV.UK says about leasehold reform
GOV.UK's explainer on extending a lease or buying a freehold (updated 7 September 2026) says the Leasehold and Freehold Reform Act 2024 will let leaseholders extend by 990 years with no ground rent. The government intends to bring the changes into force as soon as possible, but first it is consulting, setting the details in regulations and fixing issues in the 2024 Act through a forthcoming Commonhold and Leasehold Reform Bill. Freeholders challenged some of the reforms; the government won in the High Court, and that decision is under appeal. Capping ground rent in older leases at £250 a year, falling to a peppercorn after 40 years, is a proposal for that Bill, which would need Parliament's approval. Meanwhile a lender tests the lease you hold against its own rules.
Lease, ground rent and service charge all turn on your own paperwork. Squaring those papers with each lender's current rules is something a qualified equity release adviser does routinely, and this page's form is where to request one.
Freehold flats and second homes
Freehold flats. Aviva lists "Freehold flats (England, Wales, Northern Ireland)" as not acceptable; Pure says it does not accept freehold flats or maisonettes; Legal & General marks them not acceptable; Just lists them as not acceptable. Owning a share of the freehold alongside your lease is another matter: Aviva may require a charge on that share, and does not accept a freehold owned with a connected party.
Second homes. Aviva requires "the main home of the borrower(s)"; Legal & General marks "Second homes that aren't the main residence" not acceptable; Just lists "Second/holiday homes and investment properties bought to let" as not acceptable; and Canada Life's customer guide (30-012 0126RC) says "Your property must be your main residence." Canada Life does have a second-home lifetime mortgage, Second Home Options, but when its page was checked on 20 October 2026 the product was closed to new applications for the time being. Rental property is on the buy to let page, borrowing to buy another home on buying another property, and shared ownership has its own page.
Age-restricted flats are not acceptable to Aviva (it is "unable to lend on age restricted flats, retirement properties"), Pure, which also names retirement properties, or Legal & General, which lists sheltered housing as "considered".
Valuation and Scotland
Aviva says all applications are subject to a valuation, legal checks and full underwriting; Canada Life appoints an independent valuer; Pure's Heritage guide (PR01575 0625) says it pays the cost of the initial valuation. For flats, Pure's Classic criteria say "only 85% of the property value will be used" and Just puts leasehold flats at "85% of the LTV". Aviva's flat enquiry template asks for the storeys, floor, lift, any past local authority ownership, service charge, planned major works and any contribution asked, the freehold owner, the management company and block insurance. See the valuation page and equity release fees.
Scotland. Scottish homes are secured by a standard security (Conveyancing and Feudal Reform (Scotland) Act 1970, section 9). Aviva considers "Feuhold/Freehold properties (including flats) in Scotland", and its separate Scottish flat page asks about the "factor" (management company) and block or individual insurance; Pure and Legal & General both list mainland Scotland as acceptable.
The usual lifetime mortgage features apply to a flat: roll-up interest compounds, the estate left is smaller, means-tested benefits can be affected and early repayment charges can apply (the hub guide, repaying early). Equity Release Council members follow standards under which all customers need independent legal advice. A lender's own range is on its page: Pure Retirement, Canada Life, more2life.
Questions people ask about equity release on a flat
Can I get equity release on a freehold flat?
All four documents list freehold flats as not acceptable. Aviva's line covers England, Wales and Northern Ireland; in Scotland it considers freehold or feuhold flats.
Can I get equity release on a second home or second property?
The documents require the home to be the main residence, and Legal & General and Just list second homes as not acceptable. Canada Life's second-home product was closed to new applications when checked on 20 October 2026.
Can I get equity release on an ex-council flat?
It depends on the lender. Aviva refers former local authority flats, Pure's Classic criteria list ex-council flats as not acceptable, and Legal & General's ten-storey line says "consideration will be given to ex-local authority". Just's guide prints "Ex-local authority and housing association flats" as not acceptable and "Ex-Local authority maisonette flats (max 2 storey, min value £100K, in good condition)" as acceptable.
What if my lease is too short?
Each lender sets a minimum, usually tied to your age. Aviva accepts a short lease being extended before completion, with the landlord's agreement evidenced.
Next step
Whether a lender will take your flat turns on the building, the lease and your circumstances, and the decision is hard to undo. A qualified equity release adviser can match your flat's details to what lenders ask for, and independent legal advice from a solicitor comes before completion; you start with the form on this page.
Sources: Aviva, Lending criteria, Flat enquiry template; Pure Retirement, Classic Lending Criteria, Lending criteria FAQs, Heritage guide; Legal & General, Suitability Criteria; Just, Lending Criteria Guide; Canada Life, Customer Guide, Second Home Options; GOV.UK, leasehold explainer; Equity Release Council, Standards; Conveyancing and Feudal Reform (Scotland) Act 1970, s 9.