Do I qualify?
To be a qualifying leaseholder you must have owned a long lease for the past 2 years. Please note that you become the owner on the date that property is registered at the Land Registry. It may take couple of weeks since the completion
A long lease is, mainly, a lease which had an original term of over 21 years when it was originally granted. How long is left on the lease is not relevant. It is how long the lease was for when it was first granted that matters.
Who do I need?
For a successful application, we recommend that you appoint a valuer and a solicitor. As well as being able to offer general advice, their roles include the following.
- Providing the ‘best and worst’ case valuation, so they can tell you the possible outcome of the negotiations.
- Advising you on how much to offer in the notice.
- Responding to the notice the landlord sends in response to your notice (the landlord’s counter-notice).
- Negotiating and settling the price and other terms of the lease, including representing you at the tribunal
- Preparing information for your application.
- Serving the notice on the competent landlord and giving any other landlords copies of the notice.
- Responding to the landlord’s requests for information to support your claim.
- Dealing with the legal process involved in buying the new lease
Lenders’ requirements (please note the criteria can and may change, contact Alexander Associates Mortgages for more detail)
ALL SUBJECT TO SATISFACTORY VALUATION
- Santander – minimum 30 years lease for mortgages on capital and interest or 50 years where any part of the loan is on interest only
- HSBC – 30 years lease remaining after completion of term of the mortgage
- Halifax – minimum of 70 years remaining on the lease at application. Shorter lease terms are only accepted on certain central London estates and subject to specific criteria
- Leeds Building Society – must have 85 years at the start of the mortgage
- NatWest – must have 30 years left on the lease at the end of the term
- Nationwide – minimum unexpired lease of 55 years is required at application with a minimum unexpired lease term of 30 years after mortgage term ends
- Coventry –must be at least 70 years lease remaining at completion
Sources (Santander, HSBC, Halifax, Leeds Building Society; NatWest Bank; Nationwide; Coventry)
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Partner Practice is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The title ‘Partner Practice’ is the marketing term used to describe St. James’s Place representatives