Understanding Flying Freehold and Its Impact on Property Financing
When it comes to purchasing a property, it's crucial to be aware of potential complexities that may arise. One such factor is the presence of a flying freehold.
In this blog post, we will explore what a flying freehold is and how it can affect the mortgage process. At Mortgage321, we understand the intricacies of these situations and offer expert advice to guide you through the process.
What is a flying freehold?
A flying freehold refers to a situation where a part of a property extends over or under another property. This commonly occurs in buildings where flats or apartments are stacked on top of each other or connected in a unique way. In such cases, one property owner may have a portion of their property physically attached to or above another property, creating a flying freehold.
Impact on mortgage financing
Flying freeholds can introduce complexities when it comes to mortgage financing. Lenders may view properties with flying freeholds as higher risk due to potential legal and maintenance issues. This can result in certain lenders being reluctant to provide mortgages for such properties or offering less favorable terms.
Expert advice from Mortgage321
At Mortgage321, we specialise in assisting clients navigate through complex mortgage scenarios, including flying freeholds. Our experienced mortgage advisors can provide tailored advice and guide you in finding suitable lenders who are open to financing properties with flying freeholds. We have established relationships with a network of lenders who understand these unique situations and can offer competitive mortgage options.
When you choose Mortgage321, we will assess your individual circumstances, taking into account factors such as the size of the flying freehold and the legal implications associated with it. We will then match you with lenders who have experience in financing properties with flying freeholds, ensuring you receive competitive mortgage options tailored to your needs.
Why choose Mortgage321?
With our in-depth knowledge and expertise, we can provide you with the guidance and support needed to secure a mortgage for a property with a flying freehold. We understand the importance of finding the right lender who can offer suitable terms and ensure a smooth mortgage process.
Take the next step If you are considering purchasing a property with a flying freehold, don't navigate the process alone.
Contact Mortgage321 today for expert advice and let us assist you in finding the right mortgage solution. Our team is dedicated to helping you achieve your property ownership goals, regardless of the complexities involved.