Help - Mortgage Offer Qry

Arthur001

Hi all,

Long story short, I have received a mortgage offer as a FTB to buy a new build flat.
I was told by the estate agency when I first placed the offer that the leasehold is for 105 years but the paperwork I received from the lender & valuation reports now states that the leasehold is is for 125 years.
My solicitors are still waiting for the contracts from the sellers solictors so cant confirm at this moment...
Should I query this with the lender or will this just cause further headaches?:(

Contemptuous

If you don't confirm it with the lender now, then I imagine your solicitors will further down the line. May as well get it sorted sooner rather than later.

Anzhelka

Sorry for being stupid and asking this here - what does the leasehold mean to you? I mean after 125 years will your children be able to owe this house or not? (we have also leasehold for 125 years) and what you have to do if you want to change from leasehold to freehold?

nkkingston

The longer the lease the better. After 125 years the land reverts to the freeholder. Technically, if your descendants wanted, they could pack up the house brick by brick and take it with them. Most people extend (though there was a thread a little while ago from someone who'd discovered their parents lease would run out in the next decade, and was very indignant he couldn't inherit it). You can buy a freehold, but it's sort of like buying the house over again, and can be quite costly.