Thursday 26 November 2015

Leasehold: 85 is the new 70

Penrith Building Society became the latest lender to change their requirements concerning the unexpired term of a lease offered as security. The change to the lender’s BSA mortgage instructions took place a couple of days ago the adjustment being from 70 to 85 years as a minimum requirement.

Penrith Building Society is the 20th lender to amend their minimum lease term requirements in 2015. Nine of the 20 lenders made a change from 70 to 85 years. Four of the said Nine in 2008 accepted leases with 55 years plus remaining.

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