72 years is left on the leasehold of flat. Will the mortgage company let me buy it?
Saturday, March 12th, 2011 at
9:04 am
Quick House Sale
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Tagged with: 72 Years • Money • Mortgage Company
Filed under: flat mortgage
You won’t have any problem with 72 years remaining. You won’t be around another 99 years anyway.
You can always get a freeholder to renew the lease, but of course the ground rent will go up. But then the flat with the longer lease will be worth more. If you re-negotiate the lease - ask for 125 years this time - the flat will be then worth even more then.
70 years is about the cut off point for most lenders, you could probably get away with 72 if you don’t want to delay the purchase.