Much depends on the mortgage lender. Some draw the line at 75 years remaining on the lease, others may be OK with anything over 70 years. Below 60 years and it’s difficult to get a mortgage at all. The only solution is to extend the lease.
Protection through extension
When a lease hits the 80-year mark, five percent of its value can be lost. There are a number of ways you can extend your lease and protect your investment. Although we’re happy to advise both homeowner and purchaser, the onus is on the seller as you need to have owned the property for at least two years before you can apply for an extension to the lease.
Act now, save later
Acting sooner can save you money. To find out the various ways in which you can extend your lease, please contact us today.