Buying a property with a flying freehold can be a unique and rewarding experience, but it also comes with its own set of challenges and considerations. Understanding what a flying freehold is and the potential legal and practical implications can help you make an informed decision. Here’s a comprehensive guide to buying a property with a flying freehold.
What is a Flying Freehold?
A flying freehold occurs when part of a freehold property overhangs or lies beneath another freehold property. This can happen in various scenarios, such as balconies extending over a neighbour’s property, basements or cellars that go under another property, or upper-level bedrooms extending over a shared archway. Essentially, it means that part of the property is not supported by the land it sits on but by another property.
Legal Considerations
- Positive Covenants: One of the main legal issues with flying freeholds is the enforcement of positive covenants. These are obligations that require the property owner to do something, such as maintaining a shared wall or roof. Since flying freeholds often lack a clear legal framework for enforcing these covenants, disputes can arise over who is responsible for maintenance and repair costs.
- Access Rights: If repairs or maintenance are needed on the part of the property that overhangs or lies beneath another property, access rights can become a significant issue. You may need to negotiate access with the neighbouring property owner, which can sometimes lead to disputes.
- Mortgage Considerations: Some mortgage lenders may be cautious about lending on properties with flying freeholds due to the potential legal complexities. It’s essential to check with your lender early in the process to ensure they are willing to provide a mortgage on such a property.
- Flying Freehold Indemnity Insurance: To mitigate the risks associated with flying freeholds, you can consider purchasing flying freehold indemnity insurance. This insurance can provide financial protection in case of disputes or legal issues arising from the flying freehold.
Practical Considerations
- Maintenance and Repairs: Owning a property with a flying freehold means you may need to coordinate maintenance and repairs with the neighbouring property owner. This can involve additional time and effort to ensure that both properties are adequately maintained.
- Property Value: While flying freeholds can add a unique charm to a property, they can also affect its market value. Potential buyers may be wary of the legal complexities and maintenance responsibilities, which could impact the property’s resale value.
- Survey and Inspection: When buying a property with a flying freehold, it’s crucial to have a thorough survey and inspection conducted. This will help identify any potential issues with the property and provide a clear understanding of its condition.
Steps to Take When Buying a Property with a Flying Freehold
- Consult a Solicitor: Engage a solicitor experienced in dealing with flying freeholds. They can review the legal documents, advise on potential issues, and help negotiate any necessary agreements with the neighbouring property owner.
- Conduct a Detailed Survey: Arrange for a detailed survey of the property to assess its condition and identify any potential maintenance issues. This will help you plan for future expenses and ensure that the property is in good condition.
- Negotiate Access Rights: If the property requires access to the neighbouring property for maintenance or repairs, negotiate access rights with the neighbouring property owner. This can help prevent disputes and ensure that necessary work can be carried out smoothly.
- Check Mortgage Lender’s Policy: Speak to your mortgage lender to understand their policy on lending for properties with flying freeholds. Ensure that they are willing to provide a mortgage and that you are aware of any additional requirements or conditions.
- Consider Indemnity Insurance: Evaluate the need for flying freehold indemnity insurance to protect against potential legal issues and disputes. This insurance can provide peace of mind and financial protection.
Conclusion
Buying a property with a flying freehold can be a unique and rewarding experience, but it requires careful consideration and planning. By understanding the legal and practical implications, consulting with professionals, and conducting thorough inspections, you can make an informed decision and ensure a smooth purchase process.
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