Our Mortgage Service for Leasehold Property
Getting a mortgage if you have a leasehold on the house or flat you are looking to buy or remortgage can bring with it a range of complexities when arranging mortgage finance. Our mortgage service offers:
- Whole of market service - we work with most UK lenders who will consider leasehold properties
- Access to exclusive mortgage deals not available on high street
- Specialist lenders who will lend on flats above shops and on high rise apartments
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous credit issues
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of innovative finance solutions
To investigate your mortgage options if you are a looking to buy a leasehold flat or house call our specialist mortgage team on 0117 313 7780 or fill in our callback request form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
Many flats and maisonettes in England and Wales are sold under a ‘leasehold’ basis, as well as houses on Shared Ownership Schemes. This essentially means that the leaseholder owns the property for a fixed period of time, but not the land upon which it stands, which belongs to the freeholder.
Leasehold ownership effectively means you own the right to occupy the property temporarily, leases can run for decades or centuries.
If you are looking to secure a mortgage to purchase property on a leasehold then you may find it difficult to get a mortgage for a lease that is for less than 70 years. Lenders also tend to require the lease to run for at least 25-30 years beyond the end of the mortgage term. This would mean for example; for a 25 year mortgage the lease would need to have at least 50-55 years remaining upon it. It is therefore vital to check the length of a lease before considering purchase.
With flats and apartments it may be possible to pay to extend the duration of a lease using a ‘section 42 notice’ if this has been successfully lodged it is possible to extend the lease by 90s. It may also possible to negotiate informally with the freeholder to extend a lease.
Differences between leasehold and freehold property
Generally speaking with a freehold property, the freeholder owns the building as well as the land it is built on and any other included land such as a private garden.
As with a leasehold agreement you basically own just the property for the period of the lease, leaseholders may need to pay maintenance fees and service charges each year as well as an annual ground rent fee, they may also need to get permission from the freeholder to make certain changes to the property.
Whether looking for to purchase a leasehold or freehold property using a mortgage a borrower may benefit from using the services of an impendent mortgage adviser, an adviser who offers a whole of market service can use their knowledge of the industry to search across a selection of mortgages from different lenders on the behalf of their clients, in addition to being able to provide them with impartial advice.
You can fill in the online contact form on this page to request a call back from a Fair Mortgages adviser, alternatively you can call directly on: 0117 313 7780