Flying freeholds and creeping freeholds equity release plans

• Release tax-free money from your house
• No need to make regular monthly payments
• Use the money to pay off credit cards and loans
• Stay living in your own house for as long as you like
• 4.3%

How much money can I release?

You can get 60% of your property’s valuation. For example, if your house is worth £290000, you can release £174000.

Customer Reviews

Mrs M from Birmingham

With no broker and no lender fees, I got an interest-only retirement mortgage, which I pay monthly from my private pension. The money released went to my daughter for her wedding and a deposit for her next house. She wanted a family, and her flat was too small.

David P

With my power of attorney, I got an equity release on my father’s house to pay for disability provisions, including a lift and a new kitchen.

William from London

My lawyer told me my inheritance tax bill would be around £250,000. I got a lifetime mortgage to give money to my son and daughter so they could buy bigger homes, and we bought a house in the south of France for us all to use as a holiday home.

Mrs Shaw from Lancaster

I had an interest-only mortgage with Birmingham Midshires. The mortgage had reached the end of its term, and they wanted the £127000 back I still owed them. My lifetime mortgage saved me from losing my home, and the rate was close to what I paid before.

Non-Standard Property Home Index

Mrs Daly from Glasgow

My daughter lives in the States and does not have health insurance. My £30,000 lifetime mortgage paid the medical bills for her son’s birth and a year’s rent in advance for a new flat for the baby.

Sandra from Manchester

I got an equity release to give my daughter money to buy a house. Without the money I borrowed, her buying a home would have been impossible.

Mr Williamson from Chiswick

My son is a chef in a care home. He is not well paid, and his bank would not lend him the money to buy a flat. My equity release enabled him to put a substantial deposit down, so his mortgage was very small. My equity release interest rate was close to the interest rate offered by his bank.

Mrs G from Leeds

My daughter is a single mother, and I got a £120,000-lifetime mortgage to buy her a flat outright as she has had a succession of poorly maintained rental flats not suitable for her child.

Ms T from Hammersmith

My husband recently died, leaving me with a mortgage I could not afford to pay. The lifetime mortgage allowed me to pay off the mortgage and have enough money left over for a new bathroom, kitchen, and roof repair.

Understanding Flying Freehold and Creeping Freehold

Unique terms such as flying freehold and creeping freehold often arise in property ownership, particularly when properties overlap in unconventional ways. These terms are essential for buyers and sellers to understand, especially when dealing with non-standard properties that may impact property boundaries or ownership rights.

What is a Flying Freehold?

A flying freehold is a property section extending over or under another property without touching the ground. A classic example is an overhanging room or balcony. This can create challenges for property owners regarding mortgages and maintenance responsibilities and complicate sales in cases where buyers need specialised services, such as those interested in buying a flat above a shop or similar overlapping properties.

Creeping Freehold Explained

Creeping freehold, on the other hand, occurs when two properties encroach upon each other horizontally rather than vertically. This is common in shared walls or boundary areas where property lines blur. For example, single skin brick wall properties may encounter creeping freehold issues, especially when boundaries are not clearly delineated between buildings.

Challenges and Considerations with Flying and Creeping Freeholds

Both flying and creeping freeholds can complicate legal ownership and resale processes. For instance, if you’re looking at selling a BISF home quickly, understanding the nuances of property boundaries is crucial. Additionally, properties with unusual features like houses near electrical pylons may also come with unique challenges related to boundaries and legal rights.

Financing Freehold Properties with Overlaps

Flying and creeping freeholds can sometimes pose challenges for securing financing, as lenders may view these as riskier. Properties with these features might require specialised buyer services, like those interested in timber frame properties or buyers looking for quick BISF house sales, where unconventional structures may already be a consideration.

Whether dealing with a flying freehold that extends over a neighbouring property or a creeping freehold with shared boundaries, it’s essential to understand the legal and financial implications. Professional guidance can help navigate these unique ownership situations, ensuring smooth transactions and protecting property rights for unconventional properties, from short lease flats to shared ownership properties without EWS1 forms.

Wealthy business owners who could benefit from equity release tax planning

• Non-life reinsurance Erith
• Manufacture of other non-metallic mineral products n e c Lynton & Lynmouth
• Hospital activities Buxton
• Manufacture of other furniture Broughton

Tough-to-mortgage property variants can include properties with legal agreements such as Overage, Clawback, Option, Pre-emption, or any onerous Restrictive Covenant, properties without a kitchen or bathroom, some properties with sitting tenants or regulated tenancies, thatched buildings, and concrete panel houses.

Does Tipton & Coseley Building Society have positive reviews for equity release?

Yes, Tipton & Coseley Building Society reviews are tip-top for equity release.

Equity Release LTV Percentages

• 60% monthly payment lifetime mortgage Zurich
• 25% LTV lump sum lifetime mortgages Equifinance
• 45% LTV lumpsum lifetime mortgages United Trust Bank

What are Tipton & Coseley Building Society interest rates for equity release?

Tipton & Coseley Building Society interest rates for equity release are 1.82% MER.

Downsides of Equity Release Schemes

A monthly payment lifetime mortgage can reduce your estate value and impact your ability to claim entitlements. You may need to pay an advisor’s fee, and with some schemes, you could have higher rates to pay.

Tough-to-finance home variants include properties with outbuildings used for everyday domestic purposes (garage, workshop, stables, barn, etc.), properties with grounds over five acres, properties with more than one annexe or self-contained part of the property, properties where there is a self-contained part of the property or annexe, i.e., basement flat, etc., and properties with mobile phone masts that are within influencing distance of the house.

Difficult-to-finance property variants include pre-fabricated reinforced concrete (PRC), timber-framed properties built between 1920 and 1965, studio flats located within the M25, coach houses, i.e., freehold properties with garages beneath, and privately developed flats in blocks of three or four storeys without a lift.

Equity Release Mortgage Under 55

Hard-to-finance property variants include properties in poor condition, age-restricted properties, right–to–buy properties in England, Wales, and Northern Ireland, leasehold properties (with the exception of flats and maisonettes), and properties with single-skin brickwork.

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• Flying Freehold

Understanding Equity Release, Lifetime Mortgages, and the Intricacies of Flying Freeholds

What is Equity Release and Lifetime Mortgages?

Equity release is a financial product that allows homeowners, typically aged 55 and over, to unlock some of the wealth tied up in their property without moving out. One of the most popular forms of equity release in the UK is the lifetime mortgage. With a lifetime mortgage, a homeowner borrows a portion of their home’s value. Interest accumulates on the loan amount, but nothing usually has to be paid back until the homeowner dies or goes into long-term care.

Delving Deeper: The Concept of Flying Freeholds

What is a Flying Freehold?

A flying freehold arises when a part of a freehold property extends over or under another freehold property or land. This can lead to complications because a part of one’s property is built on someone else’s land. It’s a term that can sometimes unsettle prospective property buyers, but understanding it can make property purchasing smoother. The concept might sound complex, but some common flying freehold examples include a bedroom in one property extending over a shared passageway or a garage of another.

Key Characteristics of Flying Freeholds

1. Deed of Covenant Freehold and Flying Freehold Land Registry: The deed of covenant freehold is a legal document that can sometimes be used in flying freeholds to set out rights and responsibilities between parties. Meanwhile, the flying freehold land registry will typically register the extent of the flying freehold, giving a clearer picture of property boundaries.
2. Flying Leasehold Vs. Flying Freehold: It’s crucial not to confuse flying freeholds with flying leaseholds. While a flying freehold involves a freehold property overlapping another, a flying leasehold consists of a leasehold property suspended above ground level with no ground floor or subsoil beneath it.
3. Creeping Freehold and Floating Freehold: These are less common terms but are somewhat related. A creeping freehold often refers to rights that evolve over time, potentially expanding the extent of a freehold. In contrast, a floating freehold can sometimes describe a property without any ground beneath it, similar in concept to a flying leasehold.

Navigating the Complications of Flying Freeholds in Equity Release

The Mortgage Implications

Flying freehold mortgage considerations are crucial. Some mortgage lenders might be wary of lending on a property with a significant flying freehold due to potential legal complications. This hesitancy can have implications for those considering equity release, as the amount of equity that can be released might be affected by the nature of the property’s title.

Insurance and Indemnities

Obtaining flying freehold insurance or flying freehold indemnity insurance can be essential for homeowners with a flying freehold. The question of how much flying freehold indemnity insurance is often raised, but the cost can vary based on the property’s value and the perceived risks associated with the flying freehold. Indemnity insurance for flying freeholds is designed to protect against potential legal complications or loss of value arising from the flying freehold.

Common Queries about Flying Freeholds

Who Owns the Land Under a Flying Freehold?

One of the most common questions is who owns the land under a flying freehold. In most cases, the land beneath the flying freehold remains owned by the original freeholder. However, the owner of the flying freehold usually has rights associated with the use and access of that portion of their property.

Should I Buy a House with a Flying Freehold?

Potential buyers’ answers to whether they should buy a house with a flying freehold depend on individual circumstances. While flying freeholds can introduce some complexities, many issues can be resolved through legal channels, insurance, or deed of mutual covenant UK arrangements, ensuring that all parties understand their rights and responsibilities.

Wrapping Up the Complexities

Understanding the relationship between equity release, lifetime mortgages, and the intricacies of flying freeholds is vital for informed property decision-making in the UK. With adequate knowledge, homeowners and potential buyers can confidently navigate the property market, ensuring they make decisions that suit their financial and living needs. Knowledge empowers homeowners in the ever-evolving UK property landscape, whether it’s grasping the flying freehold definition, understanding what a deed of covenant freehold entails, or deciphering the meaning of the flying freehold.

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The 1st and 2nd charge lender will want to know if the property is a Freehold terraced house or a Leasehold flat with share of freehold and if the resident is an Owner Occupier.

Does Tipton & Coseley Building Society do Equity Releases?

Yes, Tipton & Coseley Building Society Equity Release is 2.14% APRC.

Some of the most common LTV ratios of Virgin Money mortgages for over 50-year-olds, Zurich later life mortgages for over 60s, Leeds Building Society lifetime mortgages for over 55s, Principality Building Society interest-only lifetime mortgages for over 70s, West Bromwich Building Society interest-only lifetime mortgages for people over 60, and Progressive Building Society interest-only lifetime mortgages for over 60s are 45%, 55%, and 70%.

Equity Release percentages of your current property value

The more elderly you are and the sicker you are, the more tax-free money you can release.

Equity Release Providers

• Key Solutions
• New Life
• Legal and General
• New Life

Common retirement loan offerings are TSB retirement interest-only mortgages, Barclays over-60 lifetime mortgages, NatWest mortgages for over-50s, L&G mortgages for 60s, and Nationwide Building Society mortgages for 60 plus.

Do Tipton & Coseley Building Society do Pensioner Mortgages?

Yes, Tipton & Coseley Building Society Pensioner Mortgages are 2.07% MER.

Towns where Lifetime Mortgages are routine

• Cramlington
• Cromer
• Royston
• Portland
• Didcot
• Hunstanton
• Kenilworth
• Bolton
• Kidderminster
• Cannock
• Eye
• Pontefract

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• NatWest Equity Release Plans
• More to Life Tailored Choice Plan
• Royal Bank of Scotland Lifetime Mortgage
• Age Partnership Equity Release Plans
• Aviva Equity Release Plans
• More to life Flexi Choice Drawdown Lite Plan
• L&G Legal & General Flexible Plus Lifetime Mortgage
• Lloyds Bank Lifetime Mortgage
• TSB Equity Release Schemes
• Hodge Equity Release Schemes
• L&G Legal & General Premier Flexible Lifetime Mortgage
• Liverpool Victoria LV Equity Release Plans
• TSB Equity Release Schemes
• Age Partnership Lifetime Mortgage
• More to Life Capital Choice Plan
• Stonehaven Equity Release Plan
• NatWest Equity Release

Aviva Equity Release

Does Tipton & Coseley Building Society offer Retirement Mortgages?

Yes, Tipton & Coseley Building Society Retirement Mortgages are 2.13% APRC.

Pure Retirement

Popular loan-to-value percentages of LVE interest-only lifetime mortgages for people over 60, More to Life mortgages for 60 plus pensioners, OneFamily later life interest-only mortgages over 75, YBS help to buy for over 60s, Metro Bank equity release plans for people over 60 and SunLife lifetime mortgages for over 55s are 45%, 55% and 70%.

LV Retirement Mortgages

Just Lifetime Mortgages

Do Tipton & Coseley Building Society do Equity Release Under 55?

Yes, Tipton & Coseley Building Society Equity Release Under 55 is 2.05% APRC.

The typical LTV percentages of Lloyds Bank interest-only lifetime mortgages for people over 70, Barclays Bank interest-only mortgages for people over 70, Halifax pensioner mortgages over 55, Legal & General lifetime mortgages for over 55s, RBS equity release schemes for over 55s, and Nationwide BS mortgages for people over 50 are 45%, 60%, and 65%.

It is common to encounter people seeking out interest-only lifetime mortgages, lumpsum lifetime mortgages or interest-only lifetime mortgages, however, Key Retirement like Royal London Equity Release are keen to see evidence of your personal situation in the form of pension statements.

Question: We have seen a mews house we would like to buy, but one of the rooms is in a funny situation. Part of the hall on the first floor is over the neighbour’s bathroom.

Answer: Freehold properties are normally divided vertically to not overhang or overlap.

Where there is an overlap, this is known as a flying freehold.

Does Tipton & Coseley Building Society offer Lifetime Mortgages?

Yes, Tipton & Coseley Building Society do lifetime mortgages at 2% MER. Tipton & Coseley Building Society Lifetime Mortgages have a loan to value (ltv) of 70%.