Yesterday Fleet Mortgages became the latest lender to change their minimum lease term requirements via the CML Handbook Part 2.
In a change that would be easy to miss here is the old and new wording:
Old wording : 75 years unexpired at the commencement of the mortgage term.
New wording : 75 years unexpired at the commencement of the mortgage term but the unexpired term of the lease should not be less than 40 years at the scheduled end of the mortgage period.
It is not clear how many firms that are on the Fleet Mortgages conveyancing panel but clearly this change will impact those firms on the panel conducting leasehold conveyancing for Fleet. Contrary to certain opinions I am not aware that the Fleet Mortgages conveyancing panel is restricted to conveyancing solicitors in Hampshire.
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