Jump to content
House Price Crash Forum
Sign in to follow this  
bumpy

Getting A Mortgage On A Freehold Flat

Recommended Posts

x2 if anything should make it easier.

Thats strange. I was told that Building Socs prefer leasehold flats where the legal status of land ownership and maintenance is much clearer. Perhaps I am listening to the wrong people.

Share this post


Link to post
Share on other sites

dont worry, they can lend on the whole block and 6 times joint income.

Its called buy with a friend, even if the friend doesnt know. copyrights to schapps and co

Share this post


Link to post
Share on other sites

Thats strange. I was told that Building Socs prefer leasehold flats where the legal status of land ownership and maintenance is much clearer. Perhaps I am listening to the wrong people.

It seems that may well be the case.

Assuming it is a 'share of the freehold' arrangement, the occupiers of the 8 flats will own the freehold jointly and grant themselves a lease. Should be a more straightforward situation than pure leasehold.

Share this post


Link to post
Share on other sites

Thats strange. I was told that Building Socs prefer leasehold flats where the legal status of land ownership and maintenance is much clearer. Perhaps I am listening to the wrong people.

Yeah, but they could be the people here.

With share of freehold is NOT the same as Freehold and it is unlikely the EA is going to **** up the difference.

If you have been told that the flat really is freehold then you can ignore all of the comments about "properties with share of freehold.

tim

Share this post


Link to post
Share on other sites

There very few freehold flats. I've never seen one in all the years of looking. In most cases you buy a lease, and then have the option to buy a share of the freehold (or it may come with the purchase). If you own all of the freehold then you'll be required to organise buildings insurance and arrange for the maintenance of the roof, exterior, communial areas, and gardens. This is what I understand it to be. Check with your conveyancer.

Share this post


Link to post
Share on other sites

I have been told there may be issues getting a mortgage on a freehold flat (1 of 8 in a block).

What exactly are the problems?

Lots of info on Google.

From what I've heard before, problem is that who pays for what re maintenance/communal areas is maybe not clearly defined (or not clearly enough) and even when it is some owners simply won't or can't pay. So larger bills - maybe very large - fall on those who can or will.

Out of 8 flats I would think there's a fair chance of one or two awkward ones. Current state of 'communals' would be some sort of guide - well cared for, scruffy? But legal advice and checking all paperwork with a microscope surely essential.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 331 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.