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Flying freeholds - How much of a problem
Newbiejono
Posts: 61 Forumite
house I am buying has a flying freehold. bedroom that overhangs, approx 8 percent.
Do mortgage companies often say no to this ? I am trying with natwest. I read that some mortgages will not accept an indemnity insurance policy.
can anyone shed any light of possible problems etc
Do mortgage companies often say no to this ? I am trying with natwest. I read that some mortgages will not accept an indemnity insurance policy.
can anyone shed any light of possible problems etc
0
Comments
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anyone got any advice0
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Some won't lend, some will.
Sometimes it depends on the overall percentage of the property affected.
It's the same for most things in the mortgage market. There is no standard approach. Mortgage lenders are not a unified body acting by a single code.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 -
is there anyway of finding out before I apply ? I was hoping natwest0
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CML Handbook 5.7.1I 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
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5.7.1If any part of the property comprises or is affected by a flying freehold or the property is a freehold flat, check part 2 to see if we will accept it as security.
where do I find part 2 ?0 -
is says .. Yes. Where it is possible to enforce positive covenants (e.g. a written agreement is in place to ensure maintenance, repair and insurance of the building and common parts are shared equitably amongst all residents). The maximum Loan to Value is restricted to 90%.
its not very clear if it will accept an indemnity insurance policy or not!0 -
anyone else had any experience0
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