Lied to about lease length- panic

macman

You can't assume the vendor has lied, they may simply have got it wrong, forgotten, and failed to check before instructing the EA. Since you can withdraw or modify your offer without penalty up until the day of completion, it's entirely up to you how to proceed. Since either party could have withdrawn on that basis anyway, I'm not convinced that you will get your fees refunded if you withdraw. If you still want the property, use it as a lever to negotiate.

davo75

Although mortgage lenders will lend to a leasehold at 85 years, it's close to the point when costs dramatically increase and borrowing for a mortgage becomes more difficult. I use this tool to estimate just how much. It also points out that most lenders will not lend on a lease less than 70 years so anything close to that is a risk!

bouicca21

I'm slightly confused. The lease will be extended, but surely what matters is on what terms? Will it be a statutory extension with peppercorn rent or will there be a ground rent with built in increases? Surely quite apart from being annoyed with the EA the question of what kind of lease OP is being asked to sign up to is crucial.

Richard_Webster

Two points:

1.Sellers are often confused about the length of their lease.

2. Many mortgage lenders make mortgage offers which assume that the lease has at least a certain period left - in this case they may have said 85 years. This doesn't mean that they have checked anything, only that if the lease is less than that period the solicitor has to report it and the mortgage offer may then be altered or withdrawn.

OP's solicitor should have recieved apers which show the length of lease remaining.