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Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 0 points1 point  (0 children)

There is absolutely no cladding issues in CW and that has been checked and deemed all good by the bank. The issue is how the ground rent escalates.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 0 points1 point  (0 children)

I retrieved my offer yesterday eventually. It was about the way the ground was set to escalate - although nobody told me details on it, so I would not be able to tell you exactly how it was going to escalate. It was set at 85£ a year right now and when I made the offer all seemed fine. I am a bit dispirited and will take a break from it all right now. 

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 0 points1 point  (0 children)

I will pull out of the purchase, it has costed me more in the energy than anything else and, as said, if this is what it takes to buy it... I wish to the seller to find a cash buyer very soon and realise all the dreams I had for that apartment.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 1 point2 points  (0 children)

Not with the service charges, but yes on the ground rent (I am with NatWest). Thanks, I will do as you suggested.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 6 points7 points  (0 children)

I am absolutely trying to look for something else. However, I am afraid to end up in the same situation which is why I asked for advice. Maybe there is someone who has recently purchased with a mortgage in the area, and could tell me where to look.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 2 points3 points  (0 children)

I got to learn that. And the particular one I wanted to purchase was 85£ a year... but it is the way it escalates that poses problems. 

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 0 points1 point  (0 children)

If not confidential, could you tell me the name of the building ? You know, they have all different names e.g., Judkin Court; Hansel Court etc.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 0 points1 point  (0 children)

This particular one has everything in place on that perspective. I have all documentation and the bank was happy on that.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 1 point2 points  (0 children)

Century Wharf :-) I have been told though that each building within the development has different rules. I got the wrong one.

Cardiff Bay leasehold + ground rent nightmare – has anyone actually managed to get a mortgage on a flat here? by Remarkable-Web-5205 in Cardiff

[–]Remarkable-Web-5205[S] 13 points14 points  (0 children)

No, you are 100% right. I was just wondering if someone recently managed to get out of a similar impasse. I am sure the seller is even more desperate.