Any Recent Leeds Building Society applicants?

stampystamp

@carlyfluck what happens when you get to 80 years??? 

hollybryan2013

stampystamp said:

They won’t be open tomorrow so will be from Monday now

I meant Monday 😂😂

carlyfluck

stampystamp said:

@carlyfluck what happens when you get to 80 years??? 

More difficult to get a mortgage/remortgage as lenders deem it a short lease. You can extend but will be charged potentially £££. It’s a very difficult area to understand and it’s really putting us off as our lease is only 86. We don’t want the added cost of extending leases etc. 

hollybryan2013

carlyfluck said:

I keep checking you you guys! Keeping everything crossed.
we've hit a potential deal breaker with ours. No one explained the lease to us and it’s only after I did some research I’ve found potentially expensive problems in the future. I’m trying to get in contact with my solicitor who seems to of fallen off the end of the earth! The estate agent says to speak to solicitor. So I’m stuck! Please please read your leases and learn to understand what it means when the lease gets close to 80 years (if you haven’t staircases to 100% by then) 

Ooh no! That’s awful! I hope you get hold of your solicitors xx

carlyfluck

https://www.coles-miller.co.uk/news/blog/leasehold-80-year-rule-marriage-value-rlb.html

this goes into more detail in regards to flats. I’m sure houses won’t be much different. But it’s just a heads up that you really look into it. 

stampystamp

I googled after I read your post! for us it doesn’t put us off too much as our lease is 125 years and we will be receiving a big lump sum at some point over the next 10 years so will either staircase to 100% outright or will be selling. But I completely understand in your situation why it’s put you off! Is there no chance you could extend the lease now??

carlyfluck

So you can’t extend the lease until you have lived there 2 years. I know i probably won’t have the money then. 

I’m going to wait and see what solicitor says but I can ask the current owners to extend but if they don’t I will have to pull out. But they will potentially come up against this with the next buyer. 

stampystamp

I think you should definitely ask the sellers. They might want to to avoid having to find another buyer due to the delays with mortgage applications! 

tweet86

I was originally told that my first assessment is due on Monday. I’m really hoping I get good news this week. Good luck to anyone else waiting 🤞

annetheman

annetheman said:

Exactly one week until my EWS1 survey is done. This is the only thing Leeds are waiting for, for the valuers to send to the underwriters. I don't know how I'm going to keep myself distracted for 7 days  

One week on from EWS1 inspection, no report, no form. Sigh. Even when the survey is done you face delays. Target date to move of 1-7th October is slipping away... That's IF Leeds' valuer even accept the form once received.