UK PROPERTY QUESTIONS

Remortgaging a leasehold flat in the UK depends heavily on the lease length at the date of the application. Most buy-to-let lenders require a minimum of 70 years remaining on the lease. Some set the bar higher at 80 or 85 years. A handful of specialist lenders will consider 60 to 70 years but at worse rates. Critically, many lenders also require a minimum number of years remaining at the end of the mortgage term. A typical 25-year BTL mortgage applied for with 90 years remaining finishes with 65 years remaining, which some lenders will not accept on the grounds that the security weakens over time. Options when you own a short-lease flat: 1. **Extend the lease first**: Under the Leasehold Reform (Housing and Urban Development) Act 1993 you have a statutory right to extend by 90 years plus reset ground rent to a peppercorn. Cost depends on years remaining, flat value, and ground rent. For a typical flat with 70 years remaining, budget £8,000 to £14,000 including legal fees. 2. **Refinance with a specialist lender**: A handful accept under 70 years. Rates are typically 0.5 to 1 percentage points higher. 3. **Sell**: Short-lease flats sell at a discount. Expect 15 to 30 percent below long-lease comparables. 4. **Wait**: Not recommended. Lease extension gets more expensive every year below 80 years as marriage value increases. BuildLink flags lease length on every property analysed and estimates extension cost where applicable.