I’ve found a brilliant flat to buy – but it’s only a 60-year lease

? Have you got a mortgage-related question you need answering? Email in and we’ll get one of our experts to reply. Nick Mendes, mortgage technical manager atI have found a flat I really want to buy and is within my price range, but it’s a leasehold flat. Given everything that’s in the news at the momentI’m nervous about buying it.

Securing a mortgage for a leasehold property involves processes similar to those for freehold properties, including eligibility checks and assessments of the borrower’s ability to make repayments. However, the duration of the lease significantly impacts lenders’ decisions. The shorter the lease, the more reluctant a lender is to approve a mortgage.

Properties with very short leases, such as ten years, are often not eligible for mortgage financing, though properties with at least 60 years on the lease are usually acceptable to major lenders. In instances of a shorter-term lease prospective buyers may be able to ask the seller to extend the lease term before they sell the property. This should make it much easier for you to get a mortgage and increase its value.

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