Duchy of cornwall lease

lisajp2357

Hi :j

I have found a fab property within my mortgage capabilities but it has a duchy of cornwall lease as well and I have been told I can not get a mortgage for this.

I really don't understand - seems a bit unfair, especially as the lease is for 43 years.

Any advice?

jamie11

lisajp2357 wrote: »

Hi :j

I have found a fab property within my mortgage capabilities but it has a duchy of cornwall lease as well and I have been told I can not get a mortgage for this.

I really don't understand - seems a bit unfair, especially as the lease is for 43 years.

Any advice?

That is a very short lease, most banks would not entertain the idea of a mortgage.

Can the lease be extended? I think 99 years is about average.

lisajp2357

The lease was for 83 years in 1983, although there was a lease prior to this - the property is approx 250 years old.

I am assuming that the lease is renewed without issue

AlexMac

Speak to the freeholder- or better still, get the vendor to do so? (after reading the last few paras at
http://www.duchyofcornwall.org/managementandfinances_leases_and_freeholds.htm)

And no, I don't mean Prince Charles, Duke of Cornwall personally He has people who deal with these things!

lisajp2357

Thanks AlexMac - will try to digest the link and see!

I am assuming they are after cash buyers - do they still exist?!

hazyjo

Saw something on this the other day on Escape to the Country or something. A quick google shows this:

http://www.chagford.co.uk/fowlers/duchy-leasehold-property/duchy-leasehold-properties/

Lots of other things (generally moaning about the leases, principle, etc!) on forums.

Jx

lisajp2357

Thanks very much Hazyjo

I have spoken to mortgage advisors and they agree that unless the lease is longer there can be no mortgage agreement! Shame

Will keep hunting for that perfect place!

monty-doggy

What does full repairing lease mean?

PasturesNew

A lease of that short length is about 30 years too short for most mortgages. I suspect if it had a longer lease/no lease it'd have cost double the price.

PasturesNew

monty-doggy wrote: »

What does full repairing lease mean?

It's most often seen on, say, a shop - where you are fully responsible for repairing the fabric of the building and maintaining it, even though your lease might be short.

PasturesNew

Generally speaking, the Duchy can be quite hard and ruthless over its dealings with property and tenants etc. If the Duchy name is ever involved it's worth crawling all over the agreement and digging into what's befallen other people.

The Duchy have had some bad press regarding sleight of hand dealings and an immovable attitude.