Hi all,
I have an approval in principle from a lender (chelsea BS), which apparently does not lend on studio flats.
The property I've made an offer on is larger than most 1 bedroom flats (~600 sqf) but there is only a sliding door to separate the (small) bedroom (which has a walk in wardrobe) from the living room. My estate agent advertises this as a 1 bedroom flat, however another agent advertising another flat in the same building with the same layout has it as a studio flat, and the bedroom is marked as 'sleeping area' in the floorplan.
Does anyone know how lenders would normally interpret this? Would they see it as a studio flat as the bedroom is not fully separate and therefore not lend or is it more about the size of the property?
I know i should ask them directly but I can start looking for another lender before Monday if the consensus is that they'd see it a studio...
thanks!
many thanks
I have an approval in principle from a lender (chelsea BS), which apparently does not lend on studio flats.
The property I've made an offer on is larger than most 1 bedroom flats (~600 sqf) but there is only a sliding door to separate the (small) bedroom (which has a walk in wardrobe) from the living room. My estate agent advertises this as a 1 bedroom flat, however another agent advertising another flat in the same building with the same layout has it as a studio flat, and the bedroom is marked as 'sleeping area' in the floorplan.
Does anyone know how lenders would normally interpret this? Would they see it as a studio flat as the bedroom is not fully separate and therefore not lend or is it more about the size of the property?
I know i should ask them directly but I can start looking for another lender before Monday if the consensus is that they'd see it a studio...
thanks!
many thanks