Tag: Lease Extension
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Are Property Lawyers Sleepwalking Into Leasehold Nightmare?
Property lawyers in England and Wales are sitting on a potential time-bomb as one and a half million leaseholders face an increased risk of their property plummeting in value, or even becoming unmortgageable. What has changed? A number of lenders have recently increased their minimum unexpired lease term requirements to 85 years. The consequences of…
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Minimum Unexpired Lease Terms : From the Fire to the Furnace
Leasehold conveyancing solicitors beware : Lenders are changing their minimum lease term requirements. For the second time in the space of a week a CML lender discarded a whole slice of the leasehold market from being mortgageable for their perspective. Furness Building Society is the latest lender to tighten their minimum lease term requirements.…
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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…
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Bridging Lender Creates Conveyancing Panel for London Lease Extensions
Bridging packager Voltaire has just released a lease extension product for properties in London requiring a loan at a minimum of half a million pounds. The unique offering is part of a joint venture whereby the borrower is obliged to use the experts on the lender’s surveyor and conveyancing panel. In an interview with online…
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Lease Extension Reform Debated in House of Lords
Peers took part in a second reading debate on the Leasehold Reform (Amendment) Bill. This private members’ bill, was introduced to the House of Commons by Conservative MP Philip Hollobone. The bill received cross-party support. The bill amends the Leasehold Reform, Housing and Urban Development Act 1993 in relation to the permitted signatories of notices.…
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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…
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Checklist for Registering a Lease Extension
Has the lease been drafted using prescribed clauses when required (See Land Registry Practice Guide 64)? Have you obtained up-to-date official copies of the title the lease is out of to confirm what incumbrances, if any, have to be accounted for e.g, restrictions etc? Is the Form FR1 completed for a first registration or AP1?…