Change Date : 21/10/2013
Association: UK Finance
Jurisdiction: England and Wales
Index: v.2013 No.920


Policy changes relevant to
Santander Solicitor Panel

5.14.1- What minimum unexpired lease term does the lender accept? In individual cases our instructions may specifically approve a short lease term. In all other cases our minimum unexpired lease term is 55 years unexpired from completion subject to at least 30 years remaining at the end of the mortgage term. However,if the unexpired term from completion is between 55-70 years and
(a) this is not mentioned in any valuation report provided to you or
(b) no valuation report is provided

then you should advise us and not proceed further until we have confirmed whether this is acceptable to us.
In individual cases our instructions may specifically approve a short lease term. In all other cases our minimum unexpired lease term is 55 years unexpired from completion subject to at least 30 years remaining at the end of the mortgage term. However,if the unexpired term from completion is between 55-70 years and
(a) this is not mentioned in any valuation report provided to you or
(b) no valuation report is provided

then you should advise us and not proceed further until we have confirmed whether this is acceptable to us.
We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.