 | |
Home
Properties For Sale
Contact Us
Property Management
Surveys / Valuations
Career Opportunities
A-Z of Moving
Selling Tips
The Legal Process
Mortgage Calculator
Stamp Duty Calculator
Removals & Storage
Listed Buildings
Links
Site Map
|
|
Flats
A flat means that two or more individual homes are part of a single building.
They may have been purpose-built, in which case they should be highly mortgagable,
or converted from a large building – in which case you will need to take
special advice about the mortgage potential. Upkeep of the common parts of the
building – for example – the hallway, staircases, etc. is usually
the joint responsibility of all the occupiers and maybe handled by a firm of management
agents.
Technically a maisonette is a flat which has its own independent
outside door and no internal areas which are shared responsibility. A common misconception
is to think of a maisonette as a flat on two floors. This is incorrect, one can
have a one-floor maisonette, and a flat (or an apartment) on two or more floors.
In both cases there will be certain external maintenance agreements shared with
other nearby owners, various easements and covenants, but your solicitor will
explain the implications of these.
Flats are usually leasehold.
Various attempts have been made to achieve ‘freehold’
flats and there are a few around however we suggest you talk to your solicitor
about these at the outset –as some schemes work better than others. In due
course leasehold law will be modernised – and replaced by ‘commonhold’
which is sometimes called strata title. That said, a soundly drawn long-term lease
need be no more trouble than a freehold.
Incidentally an apartment is an
expression which can mean either a flat or a maisonette. A one-bedroom flat will
have a separate bedroom and living room while a bed-sitter will only have a single
dual-purpose room.
|
|
