Estate Agent is keeping me waiting

russ21282

jenner wrote: »

its not mortgagable, its a flying freehold.
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A flying freehold doesn't necessarily mean it's not mortgageable. I have had 2 houses now which have been flying freehold and had mortgages on both.

Could it depend on the lender? Worth a few phone calls to find out.

puddy

yes, i am resigned to the fact that this may not happen. they dont want to accept what we can pay, so thats that. i'll wait until im told tomorrow probably but we have already decided that as soon as we're told that, we will arrange viewings on more properties to find someting but will let the EA know that until an offer is accpeted on something else, our offer still stands if the vendors change their minds.

it annoys me though, because whilst i was selling my flat, i did what my EA told me to do, if he told me to drop the price, i dropped the price. he told me to take the offer i got and i took it. i may not have liked the situation, but i accept it. i just wish other sellers would do this too.

yes, ive just been reading a bit about flying freeholds, it may be possible, i'll phone my lender tomorrow to see what they say

A_Nice_Englishman

jenner wrote: »

then, just got in and got an alert from right move, the original cottage that we fell in love with has just come back on the market,,,,woopee i thought, so i rang the EA to find out why and whehter we can see it again and he said its fallen through because its not mortgagable, its a flying freehold.
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I suspect the right mortgage broker will find a lender who could help you. Certainly worth a try isn't it?

(edit) Or you could find out for yourself by looking at the Council of Mortgage Lenders Handbook

Doozergirl

Sorry for being right.

And please, do follow up on the original house because properties with a flying freehold are mortgageable. It's worth getting hold of the HIP and looking over the title plan and then paying the 3 quid to see what the extent of it is next door as well. It's an issue if it's a large proportion of the house but you can usually purchase indemnity policies to keep a mortgage lender happy, in fact even it were a really bad issue, it can be fixed with a bit more in legal fees and co-operation from the neighbours (in their interests if they ever want to sell). It's worth speaking to a mortgage broker to make sure you're heading for the right lenders too.

There's a solution to every problem - hopefully this house comes cheaper now and you can fight your way through the issues A bit of persistance is usually involved in getting a bargain - if you can get a property no-one else wants and fix the problem.

SavingSteve

Flying freehold?! Just Googled it...wow, learn something new everyday!

A_Nice_Englishman

Interesting to note that the estate agent for the cottage seems to know less about flying freeholds and getting mortgages on them than us lot. I would be furious if I was the owner of the cottage and lost a sale because of his ignorance.

It's good news for jenner though.... he/she may well be able to get it cheaper than it was before

puddy

yes, im going to do a bit of digging tomorrow, i have a feeling that it is the cellar which is under the property which is now owned by the neighbours. when the property was originally built it was one building, it is now 3 cottages. when we viewed it th first time, i wondered about that, i couldnt work out how you could have a cellar under someone elses property, now i know!

the estate agent said its not mortgagable in this climate. i didnt argue, because at the time, i had no idea what a flying freehold was! now i know, im going to do some investigation (if we dont get the 2nd cottage we like, as it has more parking and a garden)

puddy

estate agent is being really nice to me now. our full and final offer is 155 and we have arranged to see some other properties in the expectation that we wont get it. apparently the vendor is holding out for 168 minimum or they will take it off the market

puddy

A_Nice_Englishman wrote: »

Interesting to note that the estate agent for the cottage seems to know less about flying freeholds and getting mortgages on them than us lot. I would be furious if I was the owner of the cottage and lost a sale because of his ignorance.

It's good news for jenner though.... he/she may well be able to get it cheaper than it was before

well i just spoke to the estate agent about it again, he said that the advice about this had come from the builder's solicitor (builder was buying the property) and said to the builder did you know its a flying freehold and we wont get a mortgage on it, so the builder pulled out.

estate agent says it needs 20k of work on it, felt he was trying to put me off it, wonder why?

puddy

well re: flying freehold,,, my lender doesnt lend on them and seeing as i am tied in with redemption fees of 5k, its not worth persuing it.