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Mortgages on leasehold properties
Shoppadolley
Posts: 62 Forumite
Hello,
We are trying to sell our flat which has an 89year lease remaining. This appears to be putting buyers off because we have been told that some mortgage companies won't mortgage under 85years. I am just trying to prepare information in regards to lease renewal for any prospective buyer as I can't see a real reason this should be a huge worry, we have priced the flat 10k lower to accomodate this and it still allows wiggle room as they can't renew until 2years after being the leaseholders.
Can any brokers advise on this? I can only find problems with leases under 80years so far.
Thanks
Lisa
We are trying to sell our flat which has an 89year lease remaining. This appears to be putting buyers off because we have been told that some mortgage companies won't mortgage under 85years. I am just trying to prepare information in regards to lease renewal for any prospective buyer as I can't see a real reason this should be a huge worry, we have priced the flat 10k lower to accomodate this and it still allows wiggle room as they can't renew until 2years after being the leaseholders.
Can any brokers advise on this? I can only find problems with leases under 80years so far.
Thanks
Lisa
0
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