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Freehold apartment
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Accou3
Posts: 15 Forumite
What are the risks of buying a freehold apartment compared to leasehold?
Does the freehold apartment cost more to run and maintain?
Does the freehold apartment cost more to run and maintain?
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What are the risks of buying a freehold apartment compared to leasehold?
Does the freehold apartment cost more to run and maintain?
Are you sure it's Freehold? That would be very unusual, it would present lots of problems, and it would be unmortgageable.
Or do you mean that the EA is describing it as "share of freehold" or "shared freehold" or something similar?
Edit to add:
Or do you perhaps mean that it's a leasehold apartment being sold, together with the freehold of the whole building?
Or a freehold building, which includes a vacant possession of an apartment within the building?0 -
Or are you buying in Scotland where the majority of flats are freehold / share of freehold?Mortgage started 2020, aiming to clear 31/12/2029.0
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Yes, despite the accents, Edinburgh is in Scotland. Where pretty much all residential property is freehold. So there's nothing notable about these particular flats being freehold.0
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You just need to see if their are any factor charges each month / year with the flats or whether it's pay for repairs between all the owners as repairs are required.
Don't forget it's offers over in Scotland (usually) and some are priced low to tempt a bidding war or due to high interest in the properties they go to sealed bids.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Newbuild or anything vaguely new like those flats will invariably be factored.MovingForwards wrote: »You just need to see if their are any factor charges each month / year with the flats or whether it's pay for repairs between all the owners as repairs are required.0 -
Your son has decided on Edinburgh rather than Cambridge ?Never pay on an estimated bill. Always read and understand your bill0
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