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Property with Short Lease
DE_612183
Posts: 3,990 Forumite
I'm looking to possibly buy a property that has a short lease, the property is in probate at the moment.
There is 44 years left on the lease - would I be able to get a mortgage ( only looking at 16 years ), or would I have to buy and then as part of the purchase also but the leasehold of the property?
Thanks
Dave
There is 44 years left on the lease - would I be able to get a mortgage ( only looking at 16 years ), or would I have to buy and then as part of the purchase also but the leasehold of the property?
Thanks
Dave
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Comments
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Yes. Some lenders work on mortgage term + x years on top.
EG - Santander = term + 30, so min 46 unless you reduce the term.
Get broker help with this.I 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 -
Ok thanks for that.
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You need to consider that, if you want to sell it in 16 years, it'll only have 28 years left on the lease. So, it'll be cash buyers only who could purchase it then.
And to extend the lease at that point is going to cost you a lot more than it would now.No free lunch, and no free laptop
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