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bit of a strange one!
only1-mike
Posts: 19 Forumite
Ive seen a flat well maisonette about 2 miles from where i live which is on the market quite cheap. i have just rang up for a viewing and the agent said its a bit of a strange situation that as the block is not managed by anyone that i will not be able to get a morgage, this isnt that much a problem but it could be when i come to sell . any problems ideas would be apprecitated good or bad
thanks in advance
thanks in advance
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Comments
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when you say block, do you mean the upstairs and downstairs maisonettes?
I came across this situation before where the bottom one owns the freehold and the top one pays ground rent.
Lenders don't like lending on freehold flatas/maisonettes, but, if this is the case, there are ways to sort out the freehold, so both properties are leasehold.
Tass0 -
they look like little house but with to front door one goin upstairs and one for downstairs the houses can not be more that 10 years old and could see in a couple of years it could work out a bargain but there again it could go the other way ?0
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not having a maintenance company won't affect the lender's decision. You do need to check the freehold status though.
I own a maisonette which has no maintenance company, but it is leasehold. The freeholder just collects ground rent and the maintenance is done between the lessees.0 -
Estate agent doing a bang up job for their client then!0
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This sounds like absolute rubblish to me... I bought a flat (leasehold) which had no managing agent. Shortly afterwards the freehold changed hands. The new freeholder oversaw the cleaning, maintenance etc and did a great job. Is the EA pitching for the management contract or is he trying to get the flat cheap for himself?ISO0
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The first property I ever owned was such a maisonette & I owned the ground floor one. The maintenance was shared 50/50 with the upstairs maisonette for things like new roof ect, but upkeep of our own external parts such as windows was responsibility of each individual maisonette.
It shouldn't be a problem to get a mortgage on as long as the lease identifies which is shared responsibility & which is individual.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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