What are leasehold
and freeholds ?
Freeholds
With
Freehold you own the property in perpetuity (until you wish to sell).
Most houses are owned on a freehold basis. You can do what you like
to a freehold property, subject to planning permission or local controls
like conservation area rules.
Mortgage lenders prefer freehold properties, because they are straightforward
to deal with.
Leaseholds
Leasehold
status applies to around 11 per cent of all UK properties, almost
all of them are flats in blocks, converted houses or above shops
and offices.
You can ‘own’
a leasehold flat but what belongs to you is the right to live in the
property for a number of years, as noted in the lease. A third-party
freeholder owns the building and the ground it stands on and is responsible
for looking after communal areas. You must pay regular ground rent and
maintenance charges, plus larger occasional fees for big repairs like
roof replacement, for example.
The value of a
leasehold property varies depending on the length of the lease (can
be as long as 999 years, but more often only 100 years or less).
You must pay the freeholder to extend your lease if the time left
on it gets to a point that makes it difficult to sell (generally
around 60 years or less). If you want to buy a leasehold property
with less than 60 years left, you may need a specialist lender.
Mortgage.gb.net introduces to Park Row Associates Ltd and other strategic (independent) advice partners. Park Row Associates Ltd are a national independent financial advice company who are authorised and regulated by the Financial Services Authority. Mortgage.gb, as part of the Internet Mortgage Services group of websites, believe very strongly that the, "Best Advice is Independent Advice". We are very careful to ensure that all our partner advice companies are, and remain to be, independent and retain whole of market access to ensure that you can obtain (through our service) the most appropriate mortgage to meet your needs. For information on our partner advice companies, please click
here.
Our
other strategic partners have been selected to compliment our association
with Park Row. It will be clear to you which of our partners will
deal with your request at the earliest possible stage
The aim of this service is to introduce people like yourself to an independent mortgage adviser, who can either advise and recommend a specific mortgage deal for you (based on your needs / circumstances) or can offer detailed information on suitable products to help you select the most appropriate mortgage deal available to meet your needs.
The
key to our service is independence. The adviser that you will be introduced to will be fully independent, and as such will review the whole UK mortgage
market to give you the best advice and access to some exclusive deals.
You are under no obligation to proceed.
You
will be instantly notified by e-mail of any additional information
required, using an easy to complete mortgage questionnaire form.
All information will be contained on a secure server, and will remain
confidential between you and your adviser.
We like people to remain in control, so the preferred methods of contact are both phone and e-mail. It can be arranged that an adviser can come to see you in person at your request, but find that most clients prefer to work remotely.
Once
the adviser has obtained the information they require to find you
the most appropriate deal, he / she will source from the entire UK
market using in-house regularly updated mortgage sourcing software.
He / she can e-mail or post recommended product illustrations for
you to look over (or may be available to provide a face-to-face advice
appointment with you).
We
believe the Best Advice is 'Independent' Advice!
Your
home may be repossessed if you do not keep up repayments on your mortgage.
"A
fee may be payable for mortgage advice, depending on your circumstances,
of up to 1% of the loan amount."
