Is a flying freehold bad?

dllive

I've seen this house that I like on rightmove.co.uk, but there's an 'Agents note' that reads "We have been notified there is a 3m of flying freehold on this property.". Is this a bad thing? Does it make it harder to sell or more expensive to insure? Has anyone any experience of a flying freehold and any possible problems this may cause (I presume if their bath overflows and water drips through the ceiling then this would be covered on their home insurance?).

jamsponge

We have a house with flying freehold. We have a passage way between us and our neighbor but our house goes over the passage. It dosnt make it harder to sell but we had an agreement drawn up that allowed us access so there was no arguments.

pararct

No its pretty standard stuff. Simply means part of your property is above another's. Or vice versa of course

Your solicitor should check all is well and agreements are in place regarding access or maintenance.

Richard_Webster

You either :

a) have to have a scheme of mutual covenants which means that whenever either house is sold a fresh deed of covenant as to maintenance and repair of the flying part (and the creeping part under it) has to be entered into. (This means that there has to be something that prevents a transfer of either property taking place unless a deed of covenant is entered into between the respective property owners). or

b) have to provide a one-off flying freehold indemnity policy (costing £200+).

The first option deals with it legally but means that whenever you want to sell you are beholden to the other property owner to sign a deed of covenant and they may not be prepare to do this. Also in most cases there is no obligation to do this anyway so you can't even say that the neighbour has to sign the document. (Having an obligation to do something and actually doing it are not the same.)

In practice an indemnity policy is the easier option but Santander has just changed the rules so they will not accept flying freeholds for mortgages without a scheme of mutual covenants and will not accept an indemnity policy At the moment as far as I know they are the only major lender to require this, but it is slightly worrying for anyone with a flying freehold because when they come to sell:

i) the buyer might actually be getting a Santander mortgage in which case they will have to go to the neighbours and ask them to agree to set up a scheme of mutual covenants and the likely reaction is to say they never had a problem when they bought and why should they get involved in a lot of legal palaver; or

ii) the buyer's solicitor may warn his client that Santander have altered their policy recently and other lenders might follow suit, leaving the buyer stuck when he comes to sell, even if the scheme of mutual covenants is not required at the moment.

23rdspiral

we've got a flying freehold, in both directions! (both ours and neighbours house have 'L' shaped upstairs.) so when moving in we got our solicitor to make it water tight on whose liabilitiy is where, and then change the deeds to show the flying freehold - which it didtnt before.

a few years back the neighbours watertank burst and waterdamaged our living room cieling. all sorted on his insurance no problem. good luck!

dllive

Thanks. Some very useful info there. I was expecting a lot of negative comments on here. Everyone Ive spoken to (friends and family) have said that flying freeholds are bad news. I dont make many decisions without coming on these forums first! Thanks.