When purchasing a leasehold property, it is worth checking how many years are left on the lease. At the end of the lease term, the property reverts back to the freeholder.
The length of the lease can have a big impact on the value of the property. We require there to be at least 85 years left at the start of the mortgage, with a minimum of 50 years at the end of the mortgage term.
If the lease does not meet these requirements, the lease may need to be extended. If you are purchasing a property, you will need to discuss this with the seller and ensure the term will be extended before the purchase completes.
In order to extend the lease yourself, you need to have owned the property for at least 2 years. It is worth factoring in the additional time and cost a lease extension will incur. It may be worth speaking to a solicitor about the legal process.