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HSBC and leasehold houses
ConfusedTwo
Posts: 18 Forumite
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!
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Comments
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i wouldn't buy a property with less than 80 years.
Have you looked into how much it will cost you to extend it?0 -
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.0
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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 £9k0
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Can not recall exactly but the shorter the mortgage term the less years outstanding you will need0
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CML Handbook says;-
http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321
Mortgage term plus twenty-five years.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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!0
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