In This Article
Introduction
Flying freehold properties can present unique challenges when it comes to securing a mortgage. If you’re considering purchasing a flying freehold property, it’s important to understand what a flying freehold is, the challenges you may face when trying to get a mortgage for one, and the steps you can take to increase your chances of getting approved.
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What is a Flying Freehold Property?
A flying freehold property is a property that extends over or under a neighbouring property, without any physical connection between the two properties. For example, if a building has a room that extends over the neighbouring property, that room would be considered a flying freehold.
Flying freehold properties can be challenging to sell and finance, as they can present unique legal and practical issues. The lack of physical connection between the two properties can make maintenance and repair more complicated, and can also cause disputes between neighbours.
Understanding the Challenges of Getting a Mortgage for a Flying Freehold
If you’re interested in purchasing a flying freehold property, it’s important to understand the challenges you may face when trying to secure a mortgage. Some lenders may be hesitant to lend on flying freehold properties due to the legal and practical issues they present.
One challenge you may face is finding a lender that is willing to lend on a flying freehold property. Some lenders may have strict criteria for lending on properties with flying freeholds, and may require additional legal documentation or a larger deposit.
Another challenge is that flying freehold properties may be valued lower than other properties due to the legal and practical issues they present. This can make it more challenging to secure a mortgage, as lenders may be hesitant to lend on properties that are not valued as highly.
Factors that Affect Your Ability to Get a Mortgage for a Flying Freehold Property
Several factors can impact your ability to get a mortgage for a flying freehold property. These include the location of the property, the size of the flying freehold, and the age of the property.
The location of the property can be a significant factor in whether or not you’re able to get a mortgage for a flying freehold property. Properties in highly sought-after areas may be easier to get a mortgage for, as they are likely to hold their value well over time.
The size of the flying freehold can also play a role in whether or not you’re able to get a mortgage for a property. If the flying freehold is small and does not significantly impact the property’s value, it may be easier to get a mortgage for.
The age of the property can also be a factor in whether or not you’re able to get a mortgage for a flying freehold property. Properties that are relatively new may be easier to get a mortgage for, as they are likely to be in better condition and require less maintenance.
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Finding a Lender for Your Flying Freehold Mortgage
When it comes to finding a lender for your flying freehold mortgage, it’s important to do your research and shop around. Some lenders may have more experience with flying freehold properties than others, so it’s important to find a lender that is knowledgeable and experienced in this area.
You may also want to consider working with a mortgage broker who has experience with flying freehold properties. A mortgage broker can help you navigate the process of finding a lender and securing a mortgage, and can help you find the best deal for your unique situation. They will know which lenders to approach based on your situation and the property itself.
Steps to Take Before Applying for a Mortgage for a Flying Freehold Property
When you apply for a mortgage for a flying freehold property, there are several steps you can take to increase your chances of getting approved. These include:
- Work with a solicitor who has experience with flying freehold properties. They can help you navigate the legal issues that can arise when purchasing a flying freehold property.
- Get a property survey done. This can help identify any potential issues with the property, such as structural or maintenance issues, which may impact its value and your ability to secure a mortgage.
- Save up for a larger deposit. Some lenders may require a larger deposit for flying freehold properties, so it’s important to be prepared and have enough funds saved up. This is not always the case though and an experienced mortgage adviser will be able to tell you what you need to put down.
- Improve your credit score. A good credit score can increase your chances of getting approved for a mortgage, so it’s important to pay off any outstanding debts and maintain a good credit history. Again, take professional financial advice.
The Importance of Working with Professionals When Purchasing a Flying Freehold Property
Purchasing a flying freehold property can be a complex and challenging process, so it’s important to work with professionals who have experience in this area. This includes solicitors, surveyors, and mortgage brokers who have experience with flying freehold properties.
Working with professionals can help ensure that you have a good understanding of the legal and practical issues that come with purchasing a flying freehold property. They can also help you navigate the mortgage process and find the best deal for your unique situation.
Pros and Cons of Owning a Flying Freehold Property
Owning a flying freehold property comes with both pros and cons. Some pros include:
- Unique and interesting architecture: Flying freehold properties can be architecturally interesting and unique, which can make them a desirable choice for some buyers.
- Potentially lower purchase price: Flying freehold properties may be valued lower than other properties due to the legal and practical issues they present, which can make them a more affordable option.
However, there are also some cons to owning a flying freehold property, including:
- Potential legal issues: Flying freehold properties can present unique legal issues, such as maintenance and repair disputes with neighbours, which can be time-consuming and costly to resolve.
- Limited market: Flying freehold properties are less common than other types of properties, which can make them more difficult to sell and limit your potential market if you decide to sell in the future.
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Tips for Successfully Navigating the Flying Freehold Mortgage Process
Navigating the flying freehold mortgage process can be challenging, but there are some tips you can follow to increase your chances of success. These include:
- Work with professionals who have experience with flying freehold properties.
- Do your research and shop around for lenders who have experience with flying freehold properties.
- Save up for a larger deposit.
- Be prepared to provide additional documentation, such as legal paperwork and property surveys.
In conclusion, while securing a mortgage for a flying freehold property can be challenging, it’s not impossible. By working with professionals, doing your research, and considering alternative mortgage options, you can increase your chances of successfully navigating the flying freehold mortgage process and owning the property of your dreams. Professional advice is strongly recommended.
They are experienced, which can boost your chances of being approved.
