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Can't make a decision re flat buying

Can somebody please enlighten me as to the risks involved in buying a freehold flat? I do not know enough about the pitfalls and am scared of making a big mistake.

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Freehold flats are usually to be avoided.Most lenders won't look at them. Leasehold flats with at least 80 years remaining on the lease are quite acceptable.
    Trying to keep it simple...;)
  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    Editor wrote:
    Freehold flats are usually to be avoided.Most lenders won't look at them. Leasehold flats with at least 80 years remaining on the lease are quite acceptable.


    why is that?

    Does that also include flats with a share of the freehold? Surely freehold flats are more valuable? Or am I completely ignorant on this point?

    Genuine question.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Share of freehold is different and it means having a lease - so it is regarded as a leasehold property
    I am a Mortgage Adviser
    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.
  • herbiesjp wrote:
    Share of freehold is different and it means having a lease - so it is regarded as a leasehold property


    What is meant by a share of freehold? Flat we are hoping to buy is 1 of 3. Do they all have to be freehold and if so does this mean we are buying a share of freehold? We have been told that flat below owns freehold lease of flat we are interested in, which is to run indefinitely. Confused!!
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