From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

In light of recent media focus on onerous leasehold terms for new build leasehold properties in England and Wales, we have developed a document which provides information on the issues relevant for lenders and their advisers concerning lease terms for such properties in England and Wales, which may have a particular implication for the value of the property and for affordability of the mortgage loan.

The document 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.

Please note that this document is for information only. It does not form part of, or override any member’s lending policies or guidance to their professional advisers such as valuers or conveyancers. Nor does it take precedence over relevant clauses of the Lenders’ Handbook, such as s 5.14.1 and 5.14.9.

The document does not address all lease terms. It is the responsibility of the legal adviser to advise the lender client on the lease, in accordance with the UK Finance Mortgage Lenders’ Handbook, and any special instructions.

It remains the responsibility of the prospective purchaser to undertake their own investigations into the property they wish to purchase.