Short Lease
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Leeds Follow Other Lenders Giving Short Leases a Wider Berth
The article discusses a 2015 change in Leeds Building Society’s minimum lease-term requirements, now requiring 85 years remaining from the start of the mortgage instead of the previous mortgage term plus 40 years. Conveyancers should be aware of this trend in lending practices, particularly for clients with short leasehold flats.
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Leasehold: 85 is the new 70
Historical short-lease article This article records mortgage-lender attitudes to minimum lease terms in 2015. It should not be relied upon as a statement of current lender requirements. For current practical discussion of the decision facing an owner with a shortening lease, read Short Lease: Extend Now or Wait for Reform? Historic mortgage-lender requirements can be…