Flying Freehold

wuls

Under 25% no problem except Barclays. Even over is minimal problem as RBS, nationwide, Lloyds and Santander take advice from the valuer (which is to say 5% above a chip shop in Yorkshire is worse than 30% above a passageway in a Chelsea Mews)

No rate difference.

sevens100

wuls wrote: »

Under 25% no problem except Barclays. Even over is minimal problem as RBS, nationwide, Lloyds and Santander take advice from the valuer (which is to say 5% above a chip shop in Yorkshire is worse than 30% above a passageway in a Chelsea Mews)

No rate difference.

Thanks thats very helpful

LucyJones1978

I feel that I’m in some serious trouble and I hope that somebody will kindly offer me some advice.
It’s been three months since my offer to purchase a house was accepted and I was just informed that there is a flying freehold element in that house. I’m a first time buyer and I lack experience. Because of that I feel that my estate agent took advantage of me. He didn’t tell me that this property could have an element of flying freehold even though he must have suspected it. I would like to know if it is estate agent’s responsibility to share this kind of information with a buyer?

I also wonder about another thing. It took my solicitor three months to establish that there is an element of a flying freehold in the house I’m buying. The plan of the house isn’t clear and the vendors claim they weren’t aware that there was flying freehold issue. Only after looking at the plan of the neighbouring house it was concluded that the passage between the houses belongs to both houses and that the bedroom located over the passage (which is going to be my property) is going to be a flying freehold. Somebody in the earlier posts used term “sloppy conveyancing” and I’m afraid that I can be a victim of such sloppiness. Is there something I can do to make sure that conveyancing is done correctly? Ninety percent of that passage is level with my driveway so I don’t really understand how it is possible that the passage belongs to both houses.

Thank you very much for all advice you can offer. I’m really tired of it all (waiting and piling up problems), what was supposed to be a quick transaction (no chain) turned into a nightmare. Today my agent informed me that the vendors are holding up the process because they want me to pay half of the indemnity insurance!!