The general consensus is that mortgage companies won't lend to buy properties that have less than 60 years on the lease. Your view and experience please.
2007-03-05 01:12:06 · 5 answers · asked by Keef 1 in Business & Finance ➔ Renting & Real Estate
I think you may be right, but just contact the leaseholder and ask about extending the lease term in conjunction with the purchase
2007-03-05 01:15:32 · answer #1 · answered by OriginalBubble 6 · 0⤊ 0⤋
If you are leasing for a business I think it's 5 or 6 years. If you are leasing to buy a home I think the minimum is 10 or 15 years.
2007-03-05 09:42:27 · answer #2 · answered by golden rider 6 · 0⤊ 0⤋
I would think they'd be fine with any lease that extends longer than their loan could. But I've never had to deal with a leasehold property directly before either. Not so many of those in my neck of the woods in Midwestern US.
2007-03-05 13:42:00 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
35-40 years left on the lease can be done, but getting a lease extension on the property makes more sense.
2007-03-05 09:17:11 · answer #4 · answered by Del Piero 10 7 · 0⤊ 0⤋
For the Halifax, it's 30 years from the end of the mortgage
http://uk.propertyfinder.com/2/pf/da/tiscali/guides/selling/shortLeasehold.do
Other lenders are probably similar
2007-03-05 09:17:41 · answer #5 · answered by gvih2g2 5 · 0⤊ 0⤋