Friday 31 January 2014

Mortgage Works Conveyancing Panel Alert - Minimum Lease Term

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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