Hello,
Trying to get a mortgage from Britannia for purchase of a traditional tenement flat in Edinburgh. I've previously had a Britannia mortgage for an Edinburgh flat, although it was a warehouse conversion rather than an older tenement.
The person I spoke to in their call centre was adamant that the property had to have a management company in place and a certain number of years left on the lease. Despite me explaining multiple times that the leasehold tenure was not common in older Scottish properties, they would not budge.
The home report survey ticks the box 'Absolute Ownership', with the only other option being 'Leasehold'. I'm having a bit of trouble understanding what I should explain to them on this. I'm aware that the Feudal system was abolished in 2000 and of the Tenement Act 2004, but this doesn't explain what the 'official' tenure should be of the property.
I had the same discussion with them a few years ago with a previous property, but the person I spoke to then seemed to be a bit more clued up. Has anyone had experience of this with Britannia or another non-Scotland-based lender?
I'm obviously going to ask my solicitor about this, just wondering what other experiences people have had.
Cheers
Trying to get a mortgage from Britannia for purchase of a traditional tenement flat in Edinburgh. I've previously had a Britannia mortgage for an Edinburgh flat, although it was a warehouse conversion rather than an older tenement.
The person I spoke to in their call centre was adamant that the property had to have a management company in place and a certain number of years left on the lease. Despite me explaining multiple times that the leasehold tenure was not common in older Scottish properties, they would not budge.
The home report survey ticks the box 'Absolute Ownership', with the only other option being 'Leasehold'. I'm having a bit of trouble understanding what I should explain to them on this. I'm aware that the Feudal system was abolished in 2000 and of the Tenement Act 2004, but this doesn't explain what the 'official' tenure should be of the property.
I had the same discussion with them a few years ago with a previous property, but the person I spoke to then seemed to be a bit more clued up. Has anyone had experience of this with Britannia or another non-Scotland-based lender?
I'm obviously going to ask my solicitor about this, just wondering what other experiences people have had.
Cheers