converted flat
- a self contained flat that has been converted out of part of a larger property.
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.
maisonette
- property comprising more than one separate dwelling; used to describe a flat which extends over more than one floor or a flat which, despite there being other units in the building, has its own entrance at street level.
purpose 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.
standard property
- a detached, semi-detached or terraced house or bungalow.
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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