Historical Mortgage Works article
This article records The Mortgage Works’ minimum lease-term requirements in 2014. It should not be relied upon as a statement of the lender’s current policy.
For current practical discussion of short leases and future mortgageability, read Short Lease: Extend Now or Wait for Reform?
Historical minimum lease-term requirements can be researched using the Lexsure Lender Archive short-lease page.
If a short lease is now affecting a sale or remortgage, consult the When I Bought short-lease guide.
The Mortgage Works continued trend for lenders to shy away properties with short leases yesterday tightening their minimum lease term requirements.
The lender used to accept leases where there were 30 years at the end of the mortgage term. As of today they now require a minimum unexpired lease term of 55 years with 30 years remaining at the end of the mortgage term.
The Mortgage Works conveyancing panel should take note. On the upside there may be a possibility for picking up lease extension work.
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