Mortgage for a leasehold property?

[Salmonofdoubt]

I think this belongs here.

I've arranged to view a property on Thursday, it's leasehold with either 100 or 160 years left to run. With that kind of length of lease will I be restricted to a smaller number of mortgage options than with a freehold property?

I know it's probably a strange time to be buying but the property meets my needs, would save me cash/time commuting and be overall cheaper than renting.

[anonymous-user]

I believe it’s under 70 years left when it can get more tricky.

[Sarnie]

Salmonofdoubt said:

I think this belongs here.

I've arranged to view a property on Thursday, it's leasehold with either 100 or 160 years left to run. With that kind of length of lease will I be restricted to a smaller number of mortgage options than with a freehold property?

I know it's probably a strange time to be buying but the property meets my needs, would save me cash/time commuting and be overall cheaper than renting.

Thats a big variance but neither would be considered short lease lengths for mortgage purposes.....

[Salmonofdoubt]

Sarnie said:

Thats a big variance but neither would be considered short lease lengths for mortgage purposes.....

Yup it seems one person thinks it's been expanded by 100 from 60, another thought it was from 60 to 100.

I'd prefer the longer one but if 100 is acceptable for mortgage purposes that's fine.

[Sir Bagalot]

JonnyJustice said:

I believe it’s under 70 years left when it can get more tricky.

Isn't it 80?

If you make an offer, my very first task before instructions from your side would be to request a copy of the lease and confirm number of years left. You'd be surprised, or maybe not, the times vendor says 100 years left when in fact it's a lot less.

[Sarnie]

Sir Bagalot said:

Isn't it 80?

If you make an offer, my very first task before instructions from your side would be to request a copy of the lease and confirm number of years left. You'd be surprised, or maybe not, the times vendor says 100 years left when in fact it's a lot less.

It varies quite dramatically from lender to lender......

[anonymous-user]

Sir Bagalot said:

JonnyJustice said:

I believe it’s under 70 years left when it can get more tricky.

Isn't it 80?

If you make an offer, my very first task before instructions from your side would be to request a copy of the lease and confirm number of years left. You'd be surprised, or maybe not, the times vendor says 100 years left when in fact it's a lot less.

IME this is what I have always been advised but as others have stated it varies from lender to lender - https://hoa.org.uk/advice/guides-for-homeowners/i-...

[Salmonofdoubt]

JonnyJustice said:

IME this is what I have always been advised but as others have stated it varies from lender to lender - https://hoa.org.uk/advice/guides-for-homeowners/i-...

Thanks that's a helpful link.

I appreciate it's not as straightforward as a freehold purchase, and will be asking lots of questions before making an offer, because the price I'm willing to pay will be dependent on a few factors.

[BobSaunders]

Run the sums on a) buying the lease c) extending the lease.