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am i likely to get a mortgage on a leasehold property with

Resolved Question:

am i likely to get a mortgage on a leasehold property with only 51 years left to run?

The property is going to auction with a guide price of £50,000.

There is an exisiting leaseholder but it has not been possible to establish the freeholder. it is understood that ground rent has not been collected for a number of year.
Submitted: 4 years ago.
Category: UK Property Law
Expert:  Thomas replied 4 years ago.

Hi,

 

Thanks for your question.

 

I'm afraid that most lenders will not usually lend on leases which have less than 60 or 70 years to run. There are some lenders (though not the generally the main ones) whose criteria is that the minimum unexpired term required is the mortgage term plus around 25-30 years it's possible depending on the length of the term of the mortgage.

 

I would certainly make inquiries prior to auction and only bid if you find a lender who is willing to lend.

 

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Kind regards,


Tom

Thomas, Lawyer
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Experience: BA (Hons), PgDip, Practising Solicitor
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