Welcome to another edition of Make It Make Sense, the business and mindset show. Today, Claire Stanley and Neville Wright sit down with Jason Patterson – also known as the Short Lease King – for a conversation about property, perseverance, and the power of delayed gratification.
From Sainsbury’s to Property Empire
Jason’s journey began in the most humble of places – stacking bread on the grocery aisle at Sainsbury’s.
“I started working at Sainsbury’s at 16, putting out bread – Kingsmill, Hovis, Mr Kipling pies. I was there for about 11 years total.”
But even while stacking shelves, Jason knew there had to be a better way.
“There has to be a better way of earning money rather than doing this for the next 40 or 50 years until I retire. I thought, there’s ways of making money – start a business, stocks and shares, or go into property.”
— Jason Patterson
He chose property.
What Is a Short Lease?
For those unfamiliar with the concept, Jason explained it simply.
“In England, you’ve got two types of properties – freehold and leasehold. With freehold, you own the land the property is on. With leasehold, you’re only leasing it for a period of time – 99 years, 125 years, 999 years.”
“When the lease goes below 80 years, it’s classed as a short lease. The flat starts to diminish in value. The lower the lease, the more it’s going to cost to extend – but the more money you can make once you extend that lease.”
— Jason Patterson
The First Lease Extension
Jason bought his first flat in 2001 for £70,000 in Enfield, North London. In 2002, the lease was at about 82-83 years.
“Someone said to me, ‘Don’t let a lease fall below 80 years. That’s what they call the marriage value. If it falls below 80 years, it starts to diminish in value.'”
So he contacted the freeholder to extend the lease.
“They asked what I did. I said, ‘I work in Sainsbury’s.’ They said, ‘Oh, you work at head office?’ I said, ‘I wish. I don’t work at head office.’ They said, ‘Oh, you’re a manager or supervisor?’ I said, ‘No.’ They said, ‘What do you do?’ I said, ‘I stack bread.'”
— Jason Patterson
They must have felt sorry for him. His first lease extension cost just £1,000.
“If you’re negotiating a lease out there, tell the freeholder you work in Sainsbury’s – they’ll give you a discount.”
— Jason Patterson
Learning the Strategy
That first extension started Jason on a path of learning and replication.
“I started to learn and understand the process of extending leases from then. It became a copy-and-paste system.”
At first, he was just buying flats to rent out – buy, refurb, add value, rent out. Then the credit crunch hit in 2007-2010.
“I had about eight flats with BM Solutions. They said, ‘We can only have three buy-to-lets now.’ They said, ‘You can stay with us, but we can’t take out any equity to buy more properties.'”
So he moved four of them to TMW (The Mortgage Works). When the surveyor valued the flats, three were fine – but the fourth had a lease of just 72 years.
“The surveyor said, ‘They won’t lend you any money because the lease is short. I suggest you go to the freeholder, extend the lease, and then you can continue your journey.'”
— Jason Patterson
Jason went back to the freeholder – and ended up buying the freehold to the whole block. He extended his own lease to 999 years.
“I thought, you know what? This is a good strategy. I’m going to look for flats with short leases, do the paper exercise, add the value, uplift, and then recycle, rinse and repeat.”
— Jason Patterson
The Triple Threat
Jason developed what he calls the “triple threat” strategy.
“If you can extend the lease, reconfigure the property, and do a refurb – those ones bring in the most money.”
— Jason Patterson
He also explained the power of buying the freehold.
“Sometimes the freeholder allows it. Some of them want to retain the freehold status. But I try to look for conversions – where it used to be a house and there are two separate flats, or above a commercial shop downstairs.”
The Problem with Modern Ground Rents
Jason highlighted a growing problem in the leasehold market.
“A lot of freeholders are using ground rent as a money tool. The ground rent might start at £100 or £200 a year, but every 10 years it might double – £200, £400, £800 and so on.”
“Some of the owners are becoming mortgage prisoners because lenders don’t like it when ground rent doubles every 10 years. They can’t move lenders, and then they’re stuck. This is where the leasehold reform came into play.”
— Jason Patterson
He likened it to the credit crunch:
“What the freeholders were doing was packaging up all the freeholds and sending them on to other freeholders. Those freeholders would increase the rents – similar to the credit crunch, where they packaged up bad debt with good debt and sent it on. Eventually, the bubble burst.”
Dreams and Determination
Jason shared a powerful story about his dream to buy a Bentley.
“One of my dreams was to buy a Bentley from Jack Barclay in Mayfair, London. Sometimes I used to walk past it in my Sainsbury’s uniform, looking in the window. I used to think, ‘How do people afford these cars?'”
“I made it one of my dreams. One day, I’m coming back to that same branch and I’m going to buy a car. I did that about eight or nine years ago. It was a sense of achievement – a stamp to say, ‘Whatever plan I’ve cultivated, I’ve managed to achieve.'”
— Jason Patterson
Neville observed: “You were pushing the trolleys and stacking the bread, thinking of that Bentley. The person next to you was stacking the bread and thinking, ‘What’s on telly tonight?’ That’s the difference in mindset.”
The Power of Delayed Gratification
Jason is a firm believer in patience.
“Everyone wants it now, now, now. Just wait a little bit. Put the foundations first. Move slowly.”
He shared his own experience.
“My previous car – a BMW – I had it for 17 years. I was driving around to estate agents and viewings. They said, ‘You’ve got all these properties – why don’t you change the car?'”
“Now I’ve got the Bentley, they’re saying, ‘When are you going to upgrade the car?’ I can’t win. Just do it for yourself. Forget everyone else. Tune out the noise. Whatever makes you happy, stick with that.”
— Jason Patterson
Freedom of Time
Jason’s ultimate goal was never just about money.
“The ultimate goal wasn’t to make money or become a millionaire. It was to have the freedom of time. Do what I want, when I want, with who I want.”
— Jason Patterson
He wanted to enjoy life now, not wait until 65 or 67.
“From my early 30s, I started having a holiday every 90 days. Have the freedom of time. Enjoy life now while I’m still mobile and able, rather than wait until I’m 60 or 65 – because I might not make it.”
A Family Man
Jason is a huge family man. He has a young son who sometimes comes to properties with him.
“My son is already getting involved. He’s got a Lamborghini – not a Bentley yet, just to start with the rough one before you get to the elite.”
— Jason Patterson
He spoke about the importance of being present.
“I’ve done what I’ve done so that I can do what I want, when I want, with who I want. That’s the ultimate goal – freedom of time.”
— Jason Patterson
The Mindset of Successful People
Neville shared his thoughts on entrepreneurs versus employees.
“Entrepreneurs like yourself and myself don’t retire – because you only retire if you’ve got a job that you don’t like. If you’re an entrepreneur, you’ve got that flexibility to live your life on your terms, as you want it.”
“A lot of people – 98% – are too fearful of doing what you’re doing. They’d rather keep stacking that bread because they know they’re going to get a wage. But you’re getting a fortune doing what you want to do, how you want to do it.”
— Neville Wright
Jason agreed.
“A lot of people want to figure everything out before they start. In reality, it’s not realistic. Just start, and along your journey, you’ll figure things out along the way.”
— Jason Patterson
Advice for the Next Generation
Jason offered practical advice for young people leaving school.
“Even if the grades aren’t what you want them to be, you’ve got academic and non-academic routes. If you’re non-academic, try and find a trade – plumbing, electrician, joiner. Learn it, master it, and maybe start a small company.”
— Jason Patterson
But his most important advice was about assets.
“Always have something on the side, just in case. Build up some assets on the side. Because everyone is dispensable at some point. A new leader comes in, restructuring happens – you might have to reapply for your own job. Have that on the side.”
— Jason Patterson
Neville added: “The people who are more practical are going to survive longer than people sitting at a desk. AI is going to replace them. For every 30 people in an office, three are going to survive. But plumbers, carpenters – they’ll always be needed.”
Staying Active in Body and Mind
Jason spoke about the importance of staying active – in both body and mind.
“I still do a bit of maths private tuition because I like maths. GCSE maths is coming up soon, so I keep active with that.”
Neville chimed in with his own philosophy.
“If you’re not exercising your legs, your hips break. People say, ‘He fell over and broke his hip.’ No – his hip broke and he fell over. You’ve got to keep your legs and your lungs in good shape.”
— Neville Wright
And on staying mentally active: “When people retire, some slow down, the brain starts to shrink, and they get a bit senile. Keep your brain active with something.”
The Last Word
Jason’s parting wisdom was simple.
“Be patient. Don’t try to get it all now. Be patient, and you’ll get to your goal.”
— Jason Patterson
And on the power of saying yes:
“I didn’t know how I was going to get there. I just knew I wanted to get there. And then you figure it out along the way.”
— Jason Patterson
Jason Patterson is the Short Lease King. Find him on Instagram at jasonpatterson365, and on LinkedIn and Facebook as Jason Patterson.
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