Mortgage on Flat where bedrooms separated by common landing

goodwithsaving

avoid it. sounds like a terrible idea!

G_M

As you can see from the responses so far, potential buyers for re-sale will be limited.

If the layout does not worry you, then proceed, but bear in mind the re-sale difficulties when you negotiate the price.

No idea if the mortgage will be a problem - post on the mortgage board here?

unfazed

Thanks, just created a new thread on the mortgage board.

emg

I lived in a rented flat like this and would never entertain the layout again. I was continually locking myself out of the bedroom or rest of flat in my pyjamas and remembering to carry keys all the time was a complete pain. Also the utilities were all on the wrong meters and in hindsight it was a dodgy landlord exploiting naive students and avoiding having to register what was basically a Hmo.

Does the current owner have a mortgage for just that flat? Might be a good question to start with.

Hoploz

This wouldn't happen to be in Hastings, by any chance? It sounds exactly like a place across the road from me!

fashionvictim

Does this separate bedroom 2 have a window? Does sound like a 1 bed with storage ?! If you are after a 1 bed and can get the price down to that then buy it.

Would a valuation for a mortgage be able include the other room if across a landing outside the flat?

AdrianC

unfazed wrote: »

It's a really nice flat

No, it isn't. It's a one-bed flat with a second bedroom that you have to leave the flat and walk through a common area to get to.

boliston

I'd imagine there would be a separate council tax to pay although being effectively a studio it would be band A

unfazed

The second bedroom does have a window....

The current owner was a cash buyer, no idea about previous owners...

No reply over on the mortgage board, where is a mortgage expert when you need one, would be nice to get some professional advice just confirm that I should walk away....

davidmcn

boliston wrote: »

I'd imagine there would be a separate council tax to pay although being effectively a studio it would be band A

It's not likely to be a separate dwelling for council tax purposes, any more than your garden shed would merely because you had added a toilet to it.

unfazed wrote: »

No reply over on the mortgage board, where is a mortgage expert when you need one, would be nice to get some professional advice just confirm that I should walk away....

Well, some of us are professionals and have given you advice on this thread. It's not likely to be valued as a 2 bed flat, it's going to send many buyers running for the hills, and as I said above, I'd have concerns about the planning/building regulations compliance side of things (would be useful to have some idea of the history of the building - does it look like a purpose-built block of flats? Or a badly-converted house of bedsits? What size is the annexed bedroom?).