Freehold flat bridge construction?

by Readers Question

5 months ago

Freehold flat bridge construction?

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Freehold flat bridge construction?

I am considering buying a freehold flat and would like some advice please. The flat is purpose built and is approx 7 years old.

It is essentially a bridge construction adjoining a 2 story leasehold building one side and a freehold house the other. It is constructed at first floor height and has no property above, below is roadway access to a block of garages.

There is a communal fee payable for upkeep of communal areas. I have read that I may struggle to sell in the future as is is freehold, but most of the issue seem to be related to having properties above or below which this one does not.

Is this still a risk?

Jon

Comments

Neil Patterson

5 months ago

Hi Jon,

Anything that is of unusual construction or alien to standard lenders criteria such as a freehold flat will limit demand.

Therefore it will pose more of a risk in term of value as reduced demand normally limits what a property can sell for compared to a more standard type where a mortgage is easy to obtain.

What you need to consider is the business case for the property and does that outweigh the negative aspects.

Rob Crawford

5 months ago

Fantastic, all those risks/issues to really negotiate a price that is cheap for a property this size! The seller is likely to be struggling to sell this - I would go in with a ridiculously low offer, explain your reasons then forget about it - you never know in a couple of weeks you may get a phone call that accepts your offer. In the mean time start looking elsewhere. As well as the points already mentioned keep in mind that all surfaces are exposed to cold air, so heating bills will be above average. Also, how many times have you seen damage caused by an oversized vehicle trying to get under this type of property!


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