Converted flats
- a self contained flat that has been converted out of part of a larger property.
freehold flats
- a flat which has the freehold of the land on which it is built. Such properties are notoriously difficult to get a mortgage on because, if they do not benefit from some sort of legal contract from the owner of any supporting or adjacent property, major difficulties can be experienced in the event of anything affecting them structurally (e.g. subsidence.) This should not be confused with a situation when one or more leaseholders in a block of flats acquires the freehold interest in the property and it is sold with the benefit of a share in the freehold. In this situation the individual leases on the flats should still be left in place in order to provide the necessary legal agreements, however the leaseholders may grant themselves extensions on the lease as they wish.
flat over shop
- residential dwelling situated above retail premises. Lenders are likely to take a similar approach to flats above any form of commercial premises. Some lenders will not lend on this type of security as it is seen as having limited appeal to prospective purchasers and may therefore have a lower value compared to an otherwise similar property in a wholly residential block. Any property that is located above commercial property is found generally to take longer to resell than properties which do not have any commercial element. A flat above a take-away restaurant is going to be more difficult to arrange a loan on than a flat above a book shop.
Pupose built flat
- flat designed and build as such; a self contained residential unit contained within a larger structure containing several self contained units or flats all sharing a common entrance.
Studio flat
- flat comprising a single habitable room, plus bathroom and possibly separate kitchen. Many lenders will not lend on these properties as they are considered more difficult to resell.
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