HSBC and leasehold houses

ConfusedTwo

Does anyone know how many years HSBC require to be on the lease for a house (not a flat) when getting a mortgage? I've found a couple of houses I like, but both are leasehold, with 65 years left to run on 99-year leases. I've tried searching here and on HSBC's website, but couldn't find anything. Thanks!

R_P_W

i wouldn't buy a property with less than 80 years.

Have you looked into how much it will cost you to extend it?

ConfusedTwo

I'm trying to find that out via the vendors at the moment. If I could extend the lease for a couple of hundred quid it'd be fine, but I know that I wouldn't be able to do that until after living there for at least 2 years.

R_P_W

I'm no expert but a friend of mine was in the process of buying a flat with a lease of 62 years - indicative costs for the extension were £9k

Mishomeister

Can not recall exactly but the shorter the mortgage term the less years outstanding you will need

kingstreet

CML Handbook says;-

http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321

Mortgage term plus twenty-five years.

ConfusedTwo

kingstreet wrote: »

CML Handbook says;-

http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321

Mortgage term plus twenty-five years.

Thank you very much, that's perfect!