Tag: leasehold conveyancing
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Fleet Ships New Leasehold Conveyancing Requirements
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…
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Minimum Unexpired Lease Terms : From the Fire to the Furnace
Conveyancing solicitors must note that mortgage lenders are tightening criteria for short leases, with Furness Building Society now requiring a minimum unexpired lease of 85 years. This change affects many properties previously considered mortgageable and creates opportunities for solicitors to assist with lease extensions as buyers adapt to revised lending standards.
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Conveyancers to take note of study into residential property management
The Office of Fair Trading (OFT) has recently announced its intention to conduct a market study into residential property management services for leasehold homes in England and Wales. In time the findings may have implications for leasehold conveyancing. The OFT is particularly interested in Whether leasehold owners feel that they have sufficient involvement in decisions…