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Problem with buying a share of freehold flat
zakizzy25
Posts: 37 Forumite
Hi new here so I don’t really know if I am posting on the right board
but here goes
I have a lifetime mortgage and I want to move and downsize I have got my mortgage offer and everything was going according to plan but unfortunately now my mortgage lender which is nationwide is asking for a charge to be put on leasehold of my new property which I fully understand
but the big problem I have now is they also want a second charge against the shared freehold
which how do I get that? When the freehold isn’t mine its a house conversion and it’s me and the owner downstairs
my mortgage advisor at Nationwide who done my application told me at the time that having a share of the freehold was not a problem
my solicitor is saying he’s not heard of this before I think that this is all going to fall through as how could this be overcome? If at all
i really don’t know anything about this but I thought that the 1st charge on the leasehold would be sufficient hopefully someone will be able to tell me if this can be overcome?
but here goes
I have a lifetime mortgage and I want to move and downsize I have got my mortgage offer and everything was going according to plan but unfortunately now my mortgage lender which is nationwide is asking for a charge to be put on leasehold of my new property which I fully understand
but the big problem I have now is they also want a second charge against the shared freehold
which how do I get that? When the freehold isn’t mine its a house conversion and it’s me and the owner downstairs
my mortgage advisor at Nationwide who done my application told me at the time that having a share of the freehold was not a problem
my solicitor is saying he’s not heard of this before I think that this is all going to fall through as how could this be overcome? If at all
i really don’t know anything about this but I thought that the 1st charge on the leasehold would be sufficient hopefully someone will be able to tell me if this can be overcome?
0
Comments
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You are posting in the wrong section but it's something that your solicitor needs to challenge with nationwide. I've never come across this and it's not part of the UK finance requirements. Perhaps politely ask your solicitor why they think this is the case and possibly ask for a second opinion. Very politely though, no lawyer will be happy to be told the mortgage advisor says....0
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Hi what section should I post this?
uk finance requirements where can I find that information please?0 -
You need to post in the mortgage & endownments board.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
https://lendershandbook.ukfinance.org.uk/lenders-handbook/
But it's designed for lawyers.0
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