Selling a Tyneside / Crisscross Lease Flat
Your top questions when selling a Tyneside / Crisscross lease flat
✅ What type of home is a Tyneside/crisscross lease flat?
A Tyneside or crisscross lease flat is a property that’s usually two storeys and it has been divided into separate upstairs and downstairs leasehold flats. There are separate entrance doors for both flats, rather than a shared access point. The leaseholder of one flat will be the token freeholder of the other flat, and vice versa, hence the name crisscross.
✅ Are Tyneside/crisscross lease flats found throughout the UK?
They are mostly located in the Tyneside region along the River Tyne, as they were constructed to provide housing needs for workers as a result of industrial growth in the area. The vast majority of these properties were constructed between 1860 and 1918 in this region, although there are a handful of similar crisscross home arrangements elsewhere in the UK.
✅ What are the benefits of owning a Tyneside/crisscross lease flats?
One of the major advantages of being the leasehold owner of this type of flat is that the annual ground rent that you’ll pay to the freehold owner – the leasehold owner of the other flat – will be just a peppercorn or token amount. You’ll also share responsibilities for keeping the property in decent condition, which can ensure that you both meet your various obligations.
✅ Are there any drawbacks with selling a Tyneside/crisscross lease flat?
Yes, it can be difficult for prospective buyers to get approved for a mortgage to purchase this type of property because of their unique legal status. If a buyer will rely on a loan to pay for the cost of purchasing your home, this will make selling to them impossible. Another drawback can be buyers’ concerns about being able to enforce the other flat owner’s various duties.
✅ What is the quickest method to find a buyer for a Tyneside/crisscross lease flat?
The speediest way to sell this or any other type of flat or house is often getting in touch with LDN Properties or another quick home buying companies, because their typical timeline for purchasing a property is a few short weeks. Selling via an auction, estate agent or on your own, by contrast, can all take at least several months and often more than an entire year.
✅ Will I have to pay fees to sell my Tyneside/crisscross lease flat?
Not if you sell the flat without any third party help, or you sell it to a zero-fee legitimate quick home buying company like LDN Properties. But if you decide to sell your home through an auction or using the services of an estate agent, you will have to pay them commission and this will add to your expenses because the fee will be subtracted from the eventual sale proceeds.
✅ How can I find out whether a quick home buying company is legitimate?
You can ask individual companies if they are registered with a third party organisation known as The Property Ombudsman (TPO), which writes rules to guard owners against scams in the quick buying industry, and all member companies must follow these regulations. Do not sell your home to a company that can’t prove it belongs to TPO, as it might be fraudulent.
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