leasehold, flat

bradrock

my brother is buying my flat off me in a couple of weeks, just a little bit worried bout the leasehold, there is 72 years left on it and im sure i heard that lenders are a bit dubious about less then 99. and also he earns 20k per year and is wanting to borrow 66500 with a 5% deposit does that sound feasable?

tyty

Ian_W

72yrs should be OK - I think lenders get a bit twitchy at less than term of mortgage + 30yrs though I do think it is variable between lenders.
The figures should be doable but lenders will discount the costs of any other borrowing or CC repayments he has to make. Best your bro contacts a mortgage broker to find the best deals available to suit his circs, fees free and whole of market rather than one tied to an EA or worse still a bank advisor.

bradrock

ok cheers, he has no debts at all so should ok then.

david29dpo

the length of the lease is fine at the moment, depends on how long he lives there for to as it will be a problem when he sells. after 2 years, he can extend the lease.