When is a 5 year old flat a new build property?

Posted on 16 July 2008 by Ray Boulger

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Answer. If you are thinking its when the description is being written by an over zealous estate agent you would be wrong. That would in any case contravene the Property Misdescriptions Act 1991.

However, mortgage lenders aren’t subject to this Act (except when selling a repossessed property) and from 18 July First National’s definition of new build flats will include properties that are up to 5 years old. From the same day they will reduce the maximum Loan to Value they will offer on such properties to 80%.

Category: House and home, Mortgages, Property market

 

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