Flying freehold mortgages – what are they and how do they work?
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What is a flying mortgage freehold?
English law uses the term “flying freehold” mortgage to refer to a portion of a freehold property that overhangs or is under another adjoining property.
One owner doesn’t own the structure that supports their freehold. For example, a room above a garage, shared passageway or balcony that extends over neighbouring property would be considered a freehold or adjoining property.
What are the things to look for when purchasing a flying freehold property?
Verifying that the flying freehold property (or any other type) you are purchasing has been appropriately established is essential. No matter how the property is registered at the Land Registry for the overhanging or underlying properties, the flying freehold must have been included in the title deeds.
You must have appropriate covenants to inspect and repair a neighbour’s property. These covenants must also prohibit your neighbour from altering their property in a way that could affect the structure’s structural integrity, which underlies or overhangs.
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Can I get a mortgage for a property with a flying freehold?
Most lenders will accept your application if you want a mortgage for a flying property. A mortgage for a flying property will be considered a type of covenant mortgage.
This is subject to the area of freehold covering a specific amount of space. Most lenders will not allow more than 20% of the property’s gross floor area. However, some lenders will allow as much as 25%, while others will only allow 10%.
What are the potential problems when you apply for a flying-freehold mortgage?
Lenders may have different approaches and attitudes towards flying freeholds. Most lenders will accept an application for this type of property depending on how much flying freehold is included in the total area.
Lenders may also be hesitant to lend money to help ensure that all covenants and documentation are correct.
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Are lenders likely to insist that the borrower has freehold indemnity coverage?
Most lenders will ask for it. It is possible to fly freehold indemnity insurance from specialist insurers. It usually costs less than a few hundred Pounds.
Indemnity insurance covers legal defects and financial compensation. This will be discussed in detail by your conveyancing solicitor.
While most lenders will request this insurance to approve a mortgage, others may not. However, they might refuse to consider flying freehold properties even though indemnity insurance is available.
Is it possible to buy a freehold flying flat?
A flat or an apartment is not considered a flying freehold. Many flats, apartments, and maisonettes can be sold as leasehold properties because the owners don’t own the land. There are some freehold flats, but they can be more challenging to get mortgages on.
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What mortgage lenders would be open to flying freehold properties?
Lenders will consider mortgages for flying-freehold properties according to the amount of flying-freehold elements that cover the floor area.
Finding a flying mortgage with no restrictions can be difficult. Expertise in this area is hard to find.
It is crucial to work with a broker who can handle all aspects of the market, such as ours. They’re experts in flying-freehold mortgages, and they arrange them every single day. This means they can best give you tailored advice and even introduce you to the best freehold lender for you.
Why you should talk to a mortgage broker who understands the complexities involved in flying freehold properties
Online Mortgage Advisor can provide you with a top-quality service tailored to your needs. We also have access to the most skilled flying freehold brokers.
- You have access to every freehold lender available
- Establish excellent relationships with flying-free lenders
- Are OMA-accredited advisors proficient in flying freehold?
- You have completed the 12-module LIBF-accredited training course
This channel is the best because…
- We can provide bespoke advice to fly freehold mortgages from the whole team of market brokers that we work with
- They will introduce you to the right lender for you.
- These can help you save time and avoid multiple inquiries from lenders. This can have a negative effect on your credit rating.
- The risk of getting unfavourable mortgage rates, bad advice or being turned down by the wrong lender is high.
Talk to a mortgage expert who is flying freehold
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