| Property | One-bedroom flat with 72 years remaining on the lease |
|---|---|
| Location | Bow, East London |
| Client | Landlord with six mortgaged properties buying a seventh |
| Product | Portfolio landlords |
The challenge
The lease had 72 years left, which many lenders consider too short. The landlord also met the portfolio landlord definition, so the full portfolio needed underwriting.
What we did
We targeted lenders that accept leases of this length, provided enough term remains at the end of the mortgage. The client's solicitor served the statutory lease extension notice at completion so the extension could follow. We supplied the full portfolio schedule and business plan upfront.
The outcome
The purchase completed, and the lease extension is under way to protect the flat's value.
Portfolio landlord mortgagesFinance for landlords with four or more mortgaged properties, including refinancing and portfolio growth.
Learn moreImportant: Most buy-to-let mortgages are not regulated by the FCA. Your property may be repossessed if you do not keep up repayments, and a receiver of rent may be appointed.