Platform Home Loans Conveyancing Panel Alert – Minimum Lease Term

Historical Platform Home Loans article

This article records Platform Home Loans’ minimum lease-term requirements when it was published. It should not be relied upon as a statement of the lender’s current policy.

For current practical discussion of short leases, future mortgageability and whether to extend, read Short Lease: Extend Now or Wait for Reform?

Mortgage lenders are continuing to pull back from properties with short unexpired lease terms. Platform Home Loans is the latest lender to revise its CML Handbook Part 2 requirements, raising its minimum acceptable lease length at the point of application.

This shift aligns Platform Home Loans with the policies already enforced by major market peers, including Britannia and The Co-operative Bank lender handbook requirements.

Policy Breakdown: Old vs. New Requirements

Platform Home Loans has replaced its previous 50-year entry threshold with a significantly stricter standard:

Key Implications for Panel Conveyancers

• Immediate Pipeline Audits: Conveyancing solicitors on the Platform Home Loans panel must immediately review all active leasehold purchase files to ensure compliance prior to requesting mortgage drawdown or submitting a Certificate of Title.

• Valuation & Mortgage Security: Properties falling below the 70-year mark will no longer satisfy Platform’s security criteria, potentially stalling transactions where a lease extension has not been formally initiated.

• Fee Income Opportunities: While tighter criteria reduce eligibility for unextended short-lease flats, conveyancing practices have an immediate opportunity to capture statutory and informal lease extension instructions for vendors preparing to market short-lease properties.