In the last couple of days Bank of Ireland have updated their legal requirements to conveyancing lawyers via the CML Lenders Handbook in relation to a minimum number of terms remaining on leasehold properties.
Bank of Ireland have changed their minimum term requirement from 70 years to 65 years. This appears to be one further step in a trend amongst the banks changing their risk profile and tightening their requirements to conveyancing lawyers. The likelihood is that the pattern of lender’s stricter requirements relating to years left in the Lease is likely to result in a greater push towards Lease extensions.
Proactive sellers and property lawyer s should now be checking leasehold Home Information Packs will be advising sellers with less than 75 years to remain under their Lease to start the ball rolling as far as Lease extensions are concerned.
Should you have any questions relating to Lease extensions and banks’ minimum requirements concerning the number of years remaining on your Lease, please do not hesitate to contact our Lease Extension Team here at Fridaysmove and I am sure they will be happy to address any questions or concerns you may well have concerning Lease extensions.