What is Flying Freehold?
Basically, a flying freehold property is a property that covers part of an area which is part of another freehold property. A flying freehold occurs when part of a freehold property overhangs part of a different freehold property or land and it is usually formed when a property is split into two or more freeholds. Examples of a flying freehold property include a room situated above a shared passageway in a semi-detached house, a balcony which extends over a neighbouring property or when the first floor accommodation forms part of another freehold.
Conveyancing on a Flying Freehold Property
Conveyancing on a flying freehold property involves a number of essential steps in order to complete the purchase transaction. If you’re planning on purchasing/selling a property with a flying freehold you will require the service of a Conveyancing Solicitor who has experience in Flying freehold property because legal issues such as rights of access to maintain and repair, costs of repairs and major renovation must be considered and provided for when purchasing a flying freehold property. We have experienced Conveyancing Solicitors who are specialised in conducting the necessary search, checking that the deeds to the property contain all of the necessary responsibilities and obligations to ensure that adequate protection is in place for such properties, registering property with the Land Registry, carrying out identity checks and advising you accordingly.
Implication of purchasing a Flying Freehold Property
When selling or purchasing a flying freehold it is important to be aware of the implication such as:
1. When you purchase a freehold interest in a property you purchase the property and land outright.
2. Lenders are reluctant to accept a flying freehold as security for a mortgage as it is subject to a risk that the neighbouring property may fail to maintain and repair its property which could damage or prejudice the structure on which the flying freehold rests
3. Reliance on the owner of the neighbouring land to maintain the neighbouring property so that the flying freehold property is not damaged.
We can resolve these issues either by converting the freehold interests into leasehold, deeds of mutual easements and covenants, indemnity insurance or getting a permit to access the neighbouring Land.
If you are experiencing any of the above issues, Please call us on 0207 183 0084 or email us on firstname.lastname@example.org for further insight into our services, advise on buying a house and to ask us about any reservations or queries that you may have; we are always happy to assist.