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Mortgage offer - Leasehold length incorrect??
johnt11
Posts: 4 Newbie
I am in the process of buying a share of freehold property. The flat obviously has a lease of its own but we did not enquire as to the length of the lease as we were buying freehold.
The mortgage offer has come back from nationwide with a leasehold length of 70 years. This was a bit of a shock as we had hoped for longer. we spoke to our solicitor who advised this shouldnt be a problem as we could extend on completion.
However our home buyers report has come back (arranged by nationwide) which says that the leasehold length is unknown and they have based their valuation on a 70 year lease.
Could it be possible that the mortgage offer is also based on a 70 year lease and that the lease length could actually be a lot longer than the 70 years stated in the mortgage offer? Is 70 years being listed if the true length is not yet know a common occurence.
I will be contacting the estate agent for an answer on the lease length but would like to see if anyone on here could offer a quick answer to ease my mind.
Worried first time buyer.
The mortgage offer has come back from nationwide with a leasehold length of 70 years. This was a bit of a shock as we had hoped for longer. we spoke to our solicitor who advised this shouldnt be a problem as we could extend on completion.
However our home buyers report has come back (arranged by nationwide) which says that the leasehold length is unknown and they have based their valuation on a 70 year lease.
Could it be possible that the mortgage offer is also based on a 70 year lease and that the lease length could actually be a lot longer than the 70 years stated in the mortgage offer? Is 70 years being listed if the true length is not yet know a common occurence.
I will be contacting the estate agent for an answer on the lease length but would like to see if anyone on here could offer a quick answer to ease my mind.
Worried first time buyer.
0
Comments
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Your solicitor should be able to tell you the length of the lease. Extending it may be possible but you should get the terms confirmed asap.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Panic over. It was a mistake by Nationwide. Have 113 years on the lease.0
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