flying freehold

jqy

Hi, my first time at this....
Can anybody advice? we have fallen in love with a unique property which is well within our budget, PROBLEM? it's a flying freehold!
Does anyone know more about flying freeholds
1 will we have problems getting a mortgage
2 will it be a problem when it comes to selling it on?
please help? all info will be greatly appreciated - Cheers!

trafalgar_2

A flying freehold is formed when part of a freehold property overhangs a different freehold property or land.


It can cause problems but not necessarily impossible ones....some lenders will not take on flying freehold properties unless all the covenants are sorted out,so it depends on the paper work and you really need to seek advice on this.

It basically all has to do with who is responsible for repairs maintenance etc of the bit that is shared/joined.
hope that helps

jqy

Thanks trafalgar,
I am already braising myself with the amout of advice we will have to get, we realised this might not be one of those straight forward ones - it will be worth it- (she says)

Lemoncurd

I don't know the details but my husbands sister bought a flying freehold property six months ago. We didn't hear of them having any problems getting a mortgage or with legal issues or anything, I think the whole purchase went through quite quickly.

theGrinch

you will be buying at a discount and you will be selling at a discount. if you are happy to do so then problem solved

dougk_2

Some lenders will not lend at all on properties with Flying freeholds. It appears that lenders are getting more fussy rather than less when speaking to the estate agents. I have experienced this and is one of the reasons we ended up pulling out on a house purchase. That said their are insurances you can take out against future problems (solictor will be able to advise) and they are cheap. It is often the case that you get the seller to take out this cover for you (its a one off payment).

You may experience more problems selling than a house which has no flying freeholds as its just an added issue as you have found out!

Elliott_Woods

Speak to your Solicitor/Conveyancer and yes they can ask the Vendors' solicitors to take out an Indemnity Policy to cover the flying freehold. Generally speaking these Policies are not expensive and can be obtained from some like Norwich Union, for example. This is not unusual and is quite common.

Then in a few years time if you decide to sell the property you will have the Policy which will cover the situation and you should therefore have no problems on any sale.