10:02 AM, 19th August 2022, About 2 years ago 4
Morning All, I have a remortgage renewal and the lender wants to take a ‘soft charge’ on the freehold of the building which houses 6 flats.
They say because I am the director of the management company and the long lease holder this becomes necessary.
Interestingly they go on to say that a share from the long lease on the flat being remortgaged to the freehold will suffice.
This seems preferable to me as it doesn’t seem to impact on any other of the flats when I come to mortgage any of them.
Does anyone know the mechanics of putting a clause in the long lease to satisfy the lender?
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