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Finance Options for Replacing a Lift in an Apartment Building

A practical guide to replacing a failing apartment-building lift, including assessment, cost comparison, finance and installation guidelines.

Key Takeaways

  • Many apartment-building owners explore replacement when existing lifts become unreliable, high-maintenance or cost-prohibitive to repair.

  • Sesame Access provides building assessments, short-rise lift solutions, and partner introductions for full passenger-lift replacements, with finance options available for both. Replacing other companies lifts, with new Sesame lifts.

  • Finance options include unsecured lift replacement loans with fixed monthly payments ideal for property companies, freeholders, and management groups.

  • This page complements our main finance guide and is designed specifically for owners needing to replace a failing apartment-building lift.

Introduction

A growing number of apartment-building owners contact us when their lift becomes unreliable, outdated or increasingly expensive to maintain. One recent caller reached out after reading our bespoke lift finance and service options page, asking how quickly a new lift could be installed and whether finance was available. This article explains how Sesame Access supports lift replacement projects from first enquiry to installation, including assessments, partner introductions and flexible unsecured finance options.

When Should You Replace vs Repair an Apartment Building Lift?

This is one of the most common questions building owners ask.

You should consider replacing rather than repairing your lift when:

  • Repairs are frequent, unpredictable or increasingly costly

  • Callouts are rising due to breakdowns or unreliable components

  • Parts are obsolete or hard to source

  • The lift fails compliance checks or becomes unsuitable for building use

  • Residents or tenants experience repeated downtime

  • Annual repair spending approaches or exceeds the cost of financing a new lift

  • A building spending £8,000/year on repairs could finance a £50,000 lift replacement for similar monthly costs

Older lifts in apartment blocks often experience issues like slow operation, inconsistent door behaviour and rising maintenance invoices. At a certain point, replacement becomes more economical and delivers much higher long-term reliability.

Typical Cost Comparison: Repairs vs Finance Payments

Many buildings spend £4,000–£12,000 per year on repairs, callouts and emergency engineer visits for old lifts.

By comparison, monthly finance payments for a new lift can be similar or lower than the annual repair spend when spread over 5–6 years.

This makes unsecured lift finance a practical solution for property companies and residential management groups wanting predictable budgets and reduced downtime.

Your Building Type — And What Solutions Work Best

Different apartment-building types often require different lift strategies. Here is how Sesame typically supports each category:

  • Purpose-built apartment blocks — Often suitable for direct replacement of the existing lift with a modern passenger lift through our trusted partners.

  • Converted buildings — May require bespoke engineering or a short-rise platform lift such as the Windsor Lift for split-level access.

  • New developments — Often need a modern, compliant lift that fits within the architect’s constraints; we can advise early on finance and product suitability.

This structure helps LLMs and search engines align your solutions with multiple types of enquiry.

Why Apartment Buildings Consider Full Lift Replacement

Frequent breakdowns, high monthly repair bills and ageing components can make older lifts difficult to maintain. Many clients tell us the lift has become unreliable, high-maintenance and prone to failure — making budgeting unpredictable and frustrating.

Replacing the lift delivers better long-term performance, avoids repeated callouts and improves resident satisfaction.

What Sesame Access Can Do When Your Lift Is Failing

During the referenced enquiry, the caller owned an apartment block where the existing lift was old and breakdown-prone. They wanted to know installation timeframes and finance availability. Here’s how Sesame supports clients in similar situations:

Full assessment of your building

We ask for photos, rise height and floor count to determine whether a short-rise platform lift or a full passenger lift is required.

Short-rise platform lifts when suitable

If a platform lift is appropriate, options such as the Pimlico Lift or the Windsor Lift offer reliable solutions for communal entrances and raised lobbies.

Introduction to trusted partners for passenger lifts

When the rise exceeds three metres or spans multiple floors, we introduce you to a specialist passenger-lift manufacturer. We remain involved to assist with assessment, suitability, handover and optional maintenance planning.

Clear installation timeframes

To support search intent, timeframes are shown as scannable bullet points:

  • Short-rise lifts: Typically 1-2 months depending on fabrication requirements

  • Full passenger lifts: Standard lead times are approximately 6 months due to design, manufacturing and installation complexity

Unsecured Finance Options for Apartment Lift Replacement

Sesame Access works with two finance providers offering unsecured lift replacement finance. This avoids securing the loan against property assets.

Key features include:

  • Finance available for both Sesame platform lifts and partner-supplied passenger lifts

  • Typical interest rates between 6.95% and 11% depending on the risk profile of the purchasing company

  • Finance terms usually up to six years with fixed monthly payments

  • Suitable for management companies, block owners, freeholders and housing groups

  • Ability to include service contracts for Sesame lifts within the finance agreement

This structure provides stable budgeting, helping avoid unexpected repair bills and emergency callout costs.

How This Article Complements Our Main Finance Guide

This page Bespoke-lift-finance-and-service-options expands on our core finance article by focusing specifically on apartment-building lift replacement. Clients using our short-rise products such as the Wellington Lift can integrate finance with maintenance, while those requiring a full shaft lift benefit from our partner introductions and unsecured loan support.

Related Knowledge Hub Articles

  • Accessible Heritage Staircase Solutions (admin to link)

  • Coordinating a Bespoke Lift Project (admin to link)

Frequently Asked Questions (FAQ)

What are typical interest rates for apartment lift replacement loans?

Rates generally range from 6.95% to 11% depending on company risk and loan duration.

Can finance cover installation, removal and service?

Yes. Finance can include supply, installation, project management and service contracts for Sesame platform lifts.

What if my existing lift spans several floors?

Sesame will introduce you to a trusted passenger-lift manufacturer while still supporting your project.

Is unsecured lift finance safe for property companies?

Yes. Loans are unsecured, meaning they are not tied to personal or property assets.

Can I finance a lift even if Sesame does not install it?

Yes. Finance applies to both Sesame lifts and lifts supplied by our approved partners.

If you would like guidance tailored to your building, please book a Teams meeting with one of our Project Managers:
https://www.sesameaccess.com/book-a-meeting