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HELP!! Commonhold flat purchase...should I ?
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breadcrumbqueen
Posts: 3 Newbie
Fell in love with a ground floor 1 bed flat within a Georgian property. I have 75% cash so was looking for a mortgage for the rest but have found banks rather jittery and some out right refuse to even consider an application. I can actually scrape together 100% cash to complete my purchase but am wondering whether this would be foolish if a resale would be difficult later on.
Anyone got any words of wisdom?
Anyone got any words of wisdom?
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Comments
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Just had to Google that! Sounds like a good idea which never took off, shame.
Is it definitely the Commonhold bit which is putting off the mortgage co?
Just thinking that sometimes they are not keen on lending such a low % or so I've read on here before.0 -
Strange that. In most countries commonhold is the way to go. IMHO it is our ridiculous depreciating leasehold system that is flawed0
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breadcrumbqueen wrote: »Fell in love with a ground floor 1 bed flat within a Georgian property. I have 75% cash so was looking for a mortgage for the rest but have found banks rather jittery and some out right refuse to even consider an application. I can actually scrape together 100% cash to complete my purchase but am wondering whether this would be foolish if a resale would be difficult later on.
Anyone got any words of wisdom?
Nothing wrong with Commonhold.
Governments should have done more to push it indeed MPs still have meetings to discus improving leasehold and commonhold is often mentioned as a viable alternative but there does not seem to be much is the way of political will to do anything about it..
The list below are the mortgage lenders who will lend or not but as it is a rare beast at present, the person you make the initial enquiry to probably wont know.
https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1842/
Interestingly there is also a petition to promote commonhold but with very little interest
https://petition.parliament.uk/petitions/117980"The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."
Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)0
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