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HELP 60 year lease left
Comments
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You'd be surprised, I am in the exact same situation as the OP and the mortgage lender didn't bat an eyelid at the "short" lease.Do you have a mortgage on the flat? I'd be surprised if the banks lent you money to buy a flat with less than 80 years left on the lease as they get twitchy (understandably!) about lending you money on an asset you might have to hand to someone else shortly after you've finished paying for it.
There is some information in this topic on absent landlords which might help?Help !!
I am looking for advise with regarding renewing/purchasing my lease which currently stands at approx. 64 years.Ever since I have purchased the property since 2002 (solicitor didn't think there was a problem) , I have been unable to contact the landlord to discuss and renew (the previous owners faced a similar scenario). I am concerned even with the assistance of my solicitor and various other parties I have been unable to locate the individual. We even visited the property address on the legal documents and the individual no longer lived there, the property had been turned into flats and current owners never heard of the individual. I am aware in the current climate that it may be difficult from prospective purchasers to obtain a mortgage for the property. I am unclear who much the renewal of the leasehold would cost.
Could you possibly advise my options/next steps , costs considering the inability to contact/locate the landlord?
Thanks in advance
https://forums.moneysavingexpert.com/discussion/48665380 -
Banks don't care unless it is less than 70 years.0
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There is a list of what different lenders accept in the CML Handbook;-Banks don't care unless it is less than 70 years.
http://www.cml.org.uk/cml/handbook/englandandwales/question-list/321I 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
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