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Coach House advice
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charlie2014
Posts: 4 Newbie
I am in the process of buying a coach house and have read a few threads on here, some positive, some negative. Looking for advice from owners of coach houses ideally; any trouble insuring, finding mortgages etc/ problems on resale. I will own the freehold and two car ports beneath will be leased to owners of neighbouring properties.
Any advice would be greatly appreciated!
Any advice would be greatly appreciated!
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Comments
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... which suggests that any of your property which extends over those carports would be subject to a flying freehold and of great interest to many mortgage lenders.charlie2014 wrote: »I will own the freehold and two car ports beneath will be leased to owners of neighbouring properties...
Check this out with solicitor and selected lender prior to making a commitment to purchase.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Just having a read on this and it appears that as the carports will be leasehold, the flying freehold doesn't apply.
If the carports were freehold, the property above would be subject to flying freehold if not leasehold itself.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Owned one a few years back. No issues with obtaining finance . Nor the lease. Neither of my neighbours actually kept their cars in the garages. Just them for storage. So there was no disturbance.
I converted my garage into a kitchen\diner. Then relaid out the upstairs layout. Sold it very quickly to a young professional couple looking for the first step onto the ladder.0 -
Father Ted: Now concentrate this time, Dougal. These
(he points to some plastic cows on the table) are very small; those (pointing at some cows out of the window) are far away...
:D:D0 -
kingstreet wrote: »Just having a read on this and it appears that as the carports will be leasehold, the flying freehold doesn't apply.
If the carports were freehold, the property above would be subject to flying freehold if not leasehold itself.
Yes that's what I understand. As I would own the freehold to the carports wouldn't be the same problems for lenders as with flying freehold as I would have access to the carports in the event that they needed repair etc. Thanks for help!0 -
Thrugelmir wrote: »Owned one a few years back. No issues with obtaining finance . Nor the lease. Neither of my neighbours actually kept their cars in the garages. Just them for storage. So there was no disturbance.
I converted my garage into a kitchen\diner. Then relaid out the upstairs layout. Sold it very quickly to a young professional couple looking for the first step onto the ladder.
Ah fantastic. That's reassuring! Did you have problem with building insurance at all?0 -
It's legally OK but nearby house owners tend to resent the fact that their garages are leasehold and can be reluctant to pay for any required actual maintenance work and insurance of the building containing the coach house and garages.
You end up becoming a landlord, which isn't what everyone wants.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
In that case can you refuse to allow them to use the garages if they wont contribute to maintenance and insurance fees?0
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charlie2014 wrote: »Ah fantastic. That's reassuring! Did you have problem with building insurance at all?
None at all. Coach houses are of solid construction. With the "floor" being made of concrete. Something you would normally only find in upmarket houses. So the risk of serious damage is very low.0
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