Are you in the process of buying a property and have heard the term ‘flying freehold’ used? What does this mean to you and should you go ahead and buy the property or not?
Let us take a more detailed look into what flying freehold means and what, if anything, you should do.
Flying Freehold Meaning
Put simply, flying freehold means that the property that you are buying has a part of the property built over land which does not form part of the boundary of the property that you are buying.
A part of the property, usually on the first or second floor, sticks out over land which is owned by a neighbour.
This is the flying freehold part of the property that you are considering buying.
Examples Of Flying Freehold
Examples of flying freehold will include:
- A room above a passage way, drive or garage of a neighbour
- A balcony hanging over someone else’s land
- A cellar which goes beneath a neighbour’s property fully or partially
- Maisonettes or houses when a part of the property is over or beneath another freehold property
Problems With Flying Freeholds
The most common problems relate to maintenance works to the part of the property which is they flying freehold.
If the owner of the property which your flying freehold sits over or beneath refuses to give you access to carry out works, it can be a costly and timely process to obtain an order to enforce them to do so.
Flying Freehold Mortgage
It can be more difficult to obtain a mortgage for a property that has a flying freehold for part of it, for fear of the problems mentioned above.
This makes sense from a mortgage company’s perspective, as they secure the money they lend against the property with the flying freehold.
If you are unable to maintain that part of your property because your neighbour will not provide you with access, this could reduce the value of your property meaning that the mortgager company may not receive all of the money lent back in the event of a repossession.
However, this is rarely a major problem, so there are many mortgage companies who will provide mortgages to properties with flying freeholds, albeit maybe with certain conditions attached to them.
One of the conditions may relate to flying freehold indemnity insurance.
Flying Freehold Indemnity Insurance
This type of insurance policy is a policy that covers you for any additional losses and expenses if you struggle to obtain access to maintain the flying freehold.
Should I Buy A House With A Flying Freehold?
We have given you some of the potential problems with buying a flying freehold, but by and large most properties with flying freeholds do not cause any problems at all.
The best thing to do if you are considering buying a property with flying freehold is to speak with a specialist property solicitor as soon as possible.