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The Mortgage Route A to Z
Converted flat

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter C

Converted flat

A self contained flat that has been converted out of part of a larger property building or dwelling.

Commonly these types of flats are created from Victorian properties due to their size and resulting ease of turning them into multi highly desirable dwellings.

In their unconverted state they can be too expensive to sell and run but in smaller portions they are often more manageable and can usually attain higher resale values than the sum of their parts.

Unlike purpose built flats converted flats come with some things that you should be aware of:-

It is important to check the suitability of a converted flat for example who is responsible for the communal areas who has access to the back and the front gardens and who is responsible for maintaining the building.

You should ensure that the property has been set up on a long lease and there is suitable contingency for repairs and the building is insured.

FSA declaration and important text about mortgage advice