Tuesday, 3 February 2015

Platform Home Loans Conveyancing Panel Alert - Minimum Lease Term

Mortgage companies continued the trend to shy away from properties with short leases with Platform Home Loans yesterday tightening their minimum lease term requirements.

The lender used to accept leases where there were 50 years unexpired at application and 25 years at the end of the mortgage term.. As of today they now require a minimum unexpired lease term of  70 years at application with 30 years remaining at the end of the mortgage term.

Platform Home Loans conveyancing panel lawyers should take note. On the upside there may be a possibility for picking up lease extension work.  The change brings the lender in line with Britannia and the Co-operative Bank.  

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