Leasehold.. when did 70+ years left become a problem with getting mortgage?

Fire_Fox

pastmybest wrote: »

Hindsight is a wonderful thing that applied to you and has now applied to me and will keep applying to many others as this forum is ready day by day. I bought this place as easy to look after, can be locked up when I take many breaks/holidays. However I will never never never buy another place like this as it has been an absolute PITA realising that you are so reliant on others before being able to make a decision on anything affecting the place.

If you had researched the market before making the biggest purchase of your life, you would have realised share of freehold is anything but easy to look after. If you pass the buck rather than accept responsibility over this issue, the same thing will happen to you again late in life albeit with a different set of professionals. :huh:

pastmybest wrote: »

So judging by the many other posts, on a variety of topics, there are a lot of very very naive posters on MSE.

I came on tonight to ask a perfectly simple question and finding myself getting very defensive and now wondering why I should.

Let's call a spade a spade, in most cases it is not naivety it is laziness. You are welcome to attack me back, I've given you all the ammunition you need and deliberately so. There are no safe shortcuts in life, nobody you can trust to watch your back as much as ... you.

Running_Horse

pastmybest wrote: »

Well tell me, when I put my flat on the market last year, how I would of known it was going to be a problem if I didn't know, at that point, it was going to be a problem. I am not a mind reader. .

Maybe pick up the phone and call a few estate agents to ask their professional opinion before selling your most valuable asset?

pastmybest wrote: »

So how could I call different EAs to ask their advice as my view then was they are the experts not me and that is what I am paying them to do to advise me on the best way to market and discuss the negatives issues and if they could be overcome.
.

You are paying them to to sell your property, not advise on leasehold extensions. But if you had asked, they no doubt would have told you.

pastmybest wrote: »

My lease was extended as my last post outlines.

Problem solved then. You made a mistake, put it right, and now want to rant at strangers on the Internet. Good luck with that strategy.:D

pastmybest

keith969 wrote: »

Errm A 70+ year lease is not a short lease, and should not have any impact on a mortgage. My first flat had a 71 year lease, wasn't a problem buying it and getting a mortgage, wasn't a problem selling it a couple of years later.

Two of my neighbours flats sold with a similar term to mine. I guess they were lucky and I am not? But glad you didn't find a problem.

pastmybest

Hopejack wrote: »

OP - I don't think you have any comeback against your EA to be fair. Did they even ask you how long was left on the lease at the time of taking your flat on their books?

I also doubt I will have any come back on the EA. This is one of many many points of poor service from them and so I will let fire when the time is right to do so.

No they never asked the time left and when they did the sales details they put £xxx,xxx asking price and dibn't even mention leasehold or freehold or anything about the tenure.

pastmybest

Running_Horse wrote: »

Maybe pick up the phone and call a few estate agents to ask their professinow want to rant at strangers on the Internet. Good luck with that strategy.:D

I only rant at those who deserve to be ranted at but those that help I am extremely grateful. If you feel I rant at you don't bother to look back on this thread.

I ask a simple question and why is it some seem to want me to bare my soul in retrun for their help.

Are you firefox with a second user name?

Running_Horse

pastmybest wrote: »

Are you firefox with a second user name?

So I can add paranoia to general rudeness and an inability to take responsibility for your own actions. You're funny.

david29dpo

Lets be honest here. Most (not all) agents couldn't give a toss about leases etc, they just want you business. Even if they know what a lease is (unlikely) they are not going to tell you to get it extended and come back later.

pastmybest

david29dpo wrote: »

Lets be honest here. Most (not all) agents couldn't give a toss about leases etc, they just want you business. Even if they know what a lease is (unlikely) they are not going to tell you to get it extended and come back later.

Thank you David for confirming what I suspected.

But a shame others, on this thread, clearly feel I, as the layperson, should of been aware of it being a potential problem. I should of known all about it, I should of been better read on the issue/s and not been so stupid as to assume the professional would of guided me.

Interesting to also note that when my lease was extended I asked the EA what extra value it would have put on the asking price to which he replied £0. Not even the extra it had cost me to extend.

pastmybest

Running_Horse wrote: »

So I can add paranoia to general rudeness and an inability to take responsibility for your own actions. You're funny.

Glad I made you laugh.

You want the last word. OK I will not wind you up further:)

Richard_Webster

There is a difference between mortgageability now and the factor that puts buyers off because they realise they will have to extend the lease at some cost in order to sell.

Lenders vary in what they will accept. Most big lenders used to accept 30 yaers plus length of mortgage - so often 55 years - and a number of them still do. Bristol & West/Bank of Ireland always required 70 years. So it used to be that people could get mortgages on say 65-67 years but a sensible solicitor would warn not to go ahead without a lease extension. Now the change is that the Halifax group (including Bank of Scotland and Birmingham Midshires) has raised the limit to 70 years so more people are going to have difficulty even getting an offer.

Traditionally estate agents haven't really understood or bothered with lease length and it only becomes an issue when the lease is so short as to not be mortgageable - so agents would often simply not even ask the question. They should have done so.

In this situation as OP is a shared freeholder, can he not organise a lease extension with the other co-freeholders and offer this as part of the sales package to anyone interested in buying?