Lease shorter than expected

Hobbers83

So I'm in the process of buying a leasehold flat which the estate agent told me had 98 years remaining on the lease. The mortgage company (post office/BOI) approved on this basis and all was looking hunky dory. The solicitor found out last week that there is actually only 85 years left on the lease and they have written to the post office to find out if they are still happy to lend on this basis.
I've spoken to the PO but as you never actually get through to the underwriter all they can tell me is that they are looking into it. Does anyone have any experience of similar situations? Is the slightly shorter lease likely to be an issue?

Dave_Ham

Post Office/BOI do not publicly share their underwriting criteria so I afraid no-one can confirm.

My belief is that this should suffice, alternatively claim off the Estate Agents as mis-information was provided...

Good luck

Hobbers83

I would've thought 85 years would be enough but you never know I guess.

Interesting point about claiming from the estate agents - if it falls through what would I actually claim for?

The_J

Should be fine.

Dave_Ham

Any incurred costs and just put a bit up them as this is crucial to a sale and they know that and should check their information.

Good luck