You can find out the type of tenure of a property from the estate agents, the vendor or the advert for the property.
The types of tenure we accept are:
- Freehold: owning the property outright, including the land it’s built on
- Share of freehold: when the freehold is split between a number of flat owners within the property
- Leasehold: owning the property but not the land, for the length of the lease agreement with the freeholder. Leasehold properties must have an unexpired lease of at least 90 years at the end of the mortgage term.
The types of tenure we do NOT accept are:
- Commonhold: a type of freehold ownership where everyone in a building or block of flats comes together to form a company, known as a Commonhold Association, which then owns the freehold of the building.
- Flying freehold: freehold which overhangs or underlies another freehold (e.g. a room situated above a shared passageway in a semi-detached house).
- Freehold Flats: a freehold flat is a flat which has not had a lease created.