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Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7602
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi, I am looking to get a mortgage on a ground floor flat.

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Hi, I am looking to get a mortgage on a ground floor flat. It is part of a building of 6 flats. The freehold is owned by someone who does not live in the building. Each flat has a lease on it and the flat I am looking to purchase had125 years from 25/12/2007. There is currently NO management company in place for the building, however the Title Register for the lease says the following:

"4 (17.10.2008) The Conveyance dated 23 March 1978 referred to in the Charges Register contains the following provision:-

"It is hereby agreed and declared as follows that is to say:-

(a) the walls and fences separating the premises hereby conveyed from the adjoining properties of the Vendor situated respectively on the northerly and easterly sides thereof (and all eaves gutters sewers drains and downspouts used in common) are and shall be party walls fences and structures and shall be maintained and repaired by the respective adjoining owners in equal shares and proportions."

Could you please tell me if I am likely to be able to get a mortgage on this property with this arrangement in place? Thanks

Thanks for your patience.

Absolutely, you will be able to get a mortgage. The passage you have highlighted simply means that the boundaries referred to therein are party walls. This means that maintenance/works on them are governed by the party wall act.

Essentially it means that they are jointly maintainable in terms of costs between the owners of your side and the owners of the other side.

Nothing onerous at all.

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Kind regards,

Customer: replied 4 years ago.
Hi, thanks for your reply. My main concern though was that I would not be able to get a mortgage on the property because there is no management company in place. I was asking if the excerpt from the title register for the leasehold would be sufficient in place of this? Sorry for the confusion!

Yes, there is no requirement that there is a management company in place. Provided there is an identified owner of the freehold this shoudl be sufficient.

Please remember to rate my answer.

Kind regards,

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