CML information on lease terms in new build leasehold properties
The Council of Mortgage Lenders (CML) has released information regarding lease terms for new build leasehold properties. This looks at issues both of the value of the property and the borrower’s ability to pay the mortgage.
They state that this information 'may be helpful for professional advisers, such as conveyancers and residential mortgage valuers, as well as those who are selling or buying new build leasehold properties.'
They specifically state that it does not override, or form part of, CML member’s lending policies or guidance to valuers or conveyancers. Nor does it take precedence over relevant clauses of the CML Lenders’ Handbook, such as s 5.14.1 and 5.14.9.
Read the new build leasehold properties document