Originally Posted by
pilotmike
And there I was thinking that most mortgages were longer term, 10 - 30 or so years!
https://www.cml.org.uk/consumers/iss...-short-leases/
Lenders will normally require leases to extend for at least 40 years beyond the end of the mortgage, as a minimum, because the value of the property will become lower as the remaining period of a lease gets shorter.
So you've got to wonder how much longer banks will continue to give 25-30 year mortgages on seaside properties (leasehold or freehold) because 30+40=70 which takes us to 2089.
This issue occurred to me after I had to help someone extend a 70 years lease. The extension cost about £16,000. Negotiating with Poseidon would be a lot harder.