What was the situation?
A chain buyer in Battersea had found a property that suited him perfectly: a leasehold flat that also came with the freehold of the building. For many buyers, this kind of arrangement is an attractive proposition, offering greater control over the building and avoiding the uncertainties that can accompany a standard leasehold. However, a freehold flat purchase of this type sits in an unusual corner of the property market, and the client quickly discovered that not every lender is willing to accept it as suitable security. Having approached several lenders directly and spent considerable time working through each application, he was turned away on each occasion — not because of his personal finances, but because of the nature of the property itself.
What was the challenge?
The client came to Oakstead Finance through a solicitor firm with whom the brokerage works closely. By the time contact was made, a significant amount of time had already passed since his offer had been accepted, and the vendor and the wider chain were growing impatient. The pressure to exchange was mounting, and the client needed a workable solution quickly.
The property itself presented the primary obstacle. A flat that carries the freehold of its building is a niche security type, and the pool of lenders willing to consider it is considerably smaller than most buyers would expect. Each rejection from a high street lender had cost the client time he could not afford to lose. Added to this, issues arose during the survey that required additional documentation — specifically, a damp report and a gas safety certificate — before the lender could proceed. There was also a long-standing discrepancy in the client’s identification documents that needed to be carefully addressed before the application could advance.
What did Oakstead Finance do?
After an initial call to understand the full picture, the Oakstead Finance team identified a high street lender with an appetite for freehold flat purchases of this kind — a lender the client had not previously approached. The case was prepared and submitted promptly, with the time pressure firmly in mind.
Once underway, Oakstead Finance took an active role in coordinating between the lender and the surveyor to facilitate the production of the required damp report and gas safety certificate. Rather than leaving the client to manage those conversations himself at an already stressful point in the process, the broker team handled the liaison directly, keeping things moving without unnecessary delays.
In parallel, the team worked through the identification discrepancy — a mismatch that had existed for some time across the client’s documents. This required a methodical approach to satisfy the lender’s compliance requirements, and Oakstead Finance guided the client through exactly what was needed and why, ensuring nothing was left unresolved that could cause a last-minute problem.
What was the outcome?
A formal mortgage offer was issued at 75% loan-to-value on the £476,100 property, with a loan of £354,000, allowing the buyer to secure his new London home. The offer came through in just over a month from the date the application was submitted — a result that would not have been possible had the client continued approaching lenders without specialist broker support.
The case is a clear illustration of why property type matters as much as personal finances when it comes to mortgage applications. A freehold flat purchase requires a lender that understands the security and has the criteria to match. Without that knowledge, buyers can lose weeks — or in a pressured chain, lose the property entirely. In this instance, the client arrived with time running out and left with a mortgage offer in hand.
