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Can't make a decision re flat buying
Unsure_2
Posts: 2 Newbie
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.
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Comments
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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...
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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.0 -
Share of freehold is different and it means having a lease - so it is regarded as a leasehold propertyI am a Mortgage AdviserYou 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.0
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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!!0
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