Flying Freehold

charlies_mum

I am considering buying a property which needs renovation. I want to renovate and resell, but the property has a flying freehold as one bedroom is above next doors' kitchen. Has anyone had experience of selling a property with this problem - I don't want to purchase, renovate and then not be able to sell.

Thanks,

Doozergirl

Erm, well I have accepted an offer on a property with a small area of flying freehold (part of next door's bedroom over the entrance hall), so we'll see how it goes! TBH, not one viewer appeared to notice and I wasn't really going to bring it up in conversation. Not to be evasive, as it will emerge in conveyancing, but so that when it does come up they'll appreciate that it is barely notable.

I don't know how large an area you're talking about, but if people really didn't want attached neighbours, surely they'd be looking at a detached house? Have you checked to see if this is common in the street, it may almost be expected?

Every property has something that people don't like as you can't please everyone, but that is why properties cost different amounts. I think you need to be sure that the property has other benefits that will outweigh the flying freehold, like good kerb appeal (more a traditional looking front elevation, than a few pansies!), original features, good size rooms, an interior (eventually) that will appeal to as many people as possible. I don't mean that you must have all of these things, just enough to tip the scale.

TheDink

Flying freehold put me off to start with, but we ended up buying a place with about 10 square metres of flying freehold (including part of the bathroom). The vendors had to take out an indemnity policy (which wasn't expensive), so if there are problems, we are covered.

I think it depends on where you are in the country - there seem to be more flying freeholds in some areas, particularly where properties are old and have been extended over the years.

It may put some buyers off, but not all, and I don't think it's as much of a problem as it used to be. E.g. we had no problem getting a mortgage.

distilled

Flying freehold is not a major problem so don't worry. Your sol may have to do a bit more work which will increase your legal fees a tad, apart from that its a doddle. Good luck with the investment

charlies_mum

Thanks for the advice, I have put in an offer, but so have 5 other people. I didn't know it was so difficult to buy property ! Thanks,

Doozergirl

People like to know you've done your homework...put your offer in writing and give reasons why they should sell to you - ie. cash/finance in place and give contact details for your bank manager (let them know to expect a call) and solicitor. Let them know when you intend to exchange/complete (ie. quickly!)

Your offer will probably be subject to survey, but try to detail what you already know is wrong with the building so that they know your offer already accounts for those problems. (If it's not subject to survey, this may swing things in your favour, but it's obviously a huge risk).

westernpromise

charlies_mum wrote:

I am considering buying a property which needs renovation. I want to renovate and resell, but the property has a flying freehold as one bedroom is above next doors' kitchen. Has anyone had experience of selling a property with this problem - I don't want to purchase, renovate and then not be able to sell.

Thanks,

If you buy any upstairs flat, isn't that technically a flying freehold? If so, it doesn't seem to worry the 30% or so of people who live in a flat...

distilled

A flying freehold is completely different to an upstairs flat. Most flats are leasehold anyway regardless what floor they're on.

Woods8

Certainly flying freehold are not generally a problem. As mentioned before your Solicitor/Conveyancer should get the Vendors' solicitor/conveyancer to obtain an Indemnity Insurance Quote (nothing out the ordinary - and not usually expensive). Again as mentioned before this will then cover you - once you sell on.

NEWBIE_SHOPPAHOLIC

Thanks for all of that interesting info, spookily this morning the people that are buying a house I have for sale have a suspected flying freehold on their terraced house, we were due to complete tommorrow and they have now had to apply to the land registry to see if flying freehold applies. I had never even heard of it b4 and it is on my fave website today!

Do most of you think the indemnity insurance is cheapish?

Do you think my sale is likely to be safe with the purchasers flying issue?

[Deleted User]

Indemnity insurance depends on the price of the house. When I sold my old house for £140K the indemnity insurance cost me £120. I am now buying a house for £450K and my Vendor has arranged an indemnity insurance for £180. I hope that helps.
I am sure you'll sell your property no problem. Good luck!