Flying Freehold woes

Adewyatt

I'm at a bit of a loose end and turning to the money saving forum for some advise.I bought my first property just over a year ago.Due to personal circumstances I am selling up.I have had 2 respective buyers pull out due to them unable to get a mortgage because the propertyy is 100% Flying freehold (a term I have just found out about in the last 7 days).I have a mortgage with the Halifax who do not lend on 100% flying freehold,and having logged a complaint I have discovered this was never advised and the surveyor did not put this on his valuation.Presumably the solicitor has missed this as well.Im now stuck with a property I can only sell to a cash buyer,and sat twiddling my thumbs waiting for the outcome of the complaint (which could be 2 months!).Has anyone else been in the same situation that can give me advice and possible outcomes?

rtho782

The solicitor probably didn't see the property. Halifax definitely didn't. The surveyor should perhaps have mentioned it but there isn't really a requirement on him drawing your attention to it - there is nothing structurally wrong.

What do you want to happen? Halifax to increase your APR to that of whatever niche lender you would have had to go to to get a mortgage?

What exactly is the layout of the property? Does someone else have a cellar underneath it or something?

TrickyDicky101

To whom have you complained? The mortgage lender is not to blame here - they lent you money but didn't advise you on the purchase. Equally, this is a legal title issue - how would a surveyor (who surveys the physical property) know anything about the registry title?

Your solicitor at the time of purchase is more likely at fault - have you contacted them? Is this situation obvious from the title registry?

What is the situation on the ground - is it a house with cellars owned by someone else?

kingstreet

100% flying freehold? I'm not sure that's even possible.

Flying freehold applies where some of the uptairs of a freehold property is built over someone else's freehold ground floor.

Wouldn't it best be termed a freehold flat if none of it is in contact with the ground? There's definitely no lease? Looked on the Land Registry?

tori.k

You can get a mortgage on them it's pretty common in a lot of cottage type or conversion builds.
We are currently looking into one the bathroom is part under the stairs of the neighboring property, I'm more concerned over the roof then the neighbours eavesdropping on my daily ablutions, for every buyer that is put off by the flying freehold there be another that it won't bother, same with lenders.

TrickyDicky101

kingstreet wrote: »

100% flying freehold? I'm not sure that's even possible.

Flying freehold applies where some of the uptairs of a freehold property is built over someone else's freehold ground floor.

Wouldn't it best be termed a freehold flat if none of it is in contact with the ground? There's definitely no lease? Looked on the Land Registry?

I can see 100% FF has come up on the forum at least once before where the cellars running the length of the house were actually owned by a neighboring property:

https://forums.moneysavingexpert.com/discussion/277880

kingstreet

Cellar.

Makes sense, really.

Adewyatt

Thank you all for your reply.I have a 3 story house,below is a 2 story house.In the past the house was a 5 story likely an upstairs downstairs set up,and has then been converted into 2 properties.interesting that the comment 'how was the surveypr to know?' the 2 story house with a garden is a pretty big give away,and this has come about as a result of another surveyor advising the lender that the property is 100% flying freehold when we have sold the property which has then meant the buyer has had to pull out.When I purchased the property I used a surveyor appointed by the Halifax.The property is unchanged so I can't understand why this could have been an oversight. I have not complained to anyone however I have advised my lender who have confirmed they would not lend on this type of property and are looking into how this has come about.

lewishardwick

Surely that would be two leasehold properties with a freehold?

G_M

Your terminolgy s not very precise.

There is a 5 storey building and you own the top 3 storeys yes? How is this Title held? Is your registered title freehold? Check here.

I'm surprised that at the ttime you purchased this you did not enquire further - almost any purchase of a part of building in England/Wales is leasehold.

davidmcn

Adewyatt wrote: »

interesting that the comment 'how was the surveypr to know?' the 2 story house with a garden is a pretty big give away

That gives away nothing about how the title is set up. This is for the solicitor to check out.