When you’re buying a property, there’s a lot to consider and learn about, especially if it’s your first time. There are many terms used in the property buying landscape that can be confusing, but you need to learn about them and ensure that you make an informed choice to ensure that you don’t make a potentially expensive mistake.
One term that’s common in the UK property market is the flying freehold. Flying freeholds are contracts that apply when part of a freehold property overhangs a piece of land that belongs to a neighbouring property. This issue is commonly found in older properties, as many newer homes were leasehold. However, with the government outlawing leasehold new build houses, it could become more prevalent.
For novice professionals who’ve not encountered a flying freehold before, or new home buyers, we’re created this guide explaining everything you need to know about this little-known term.
Many Properties Can Have Flying Freeholds
For the most part, flying freeholds are used on older properties, particularly terraces that are connected. Some common scenarios where a flying freehold might be in place include:
- A terraced house that hangs over an alleyway
- A maisonette that is accessed through someone else’s land
- A home with a basement goes under next door’s property
Any of these situations and others could mean that a property has a flying freehold, and your estate agent or seller should inform you.
Solicitors Can Check The Contracts
Flying freeholds will usually give you rights of access to land over which your property hangs and other benefits without giving you complete ownership of the land. Your property conveyancer can check the contracts and make sure that you own all the land around the flying freehold. When buying a property with a flying freehold, work with experienced conveyancing solicitors, like the team at Wilford Smith. You can then make sure that you’re confident with what you need to know before you make your purchase.
Flying Freeholds Might Affect Your Mortgage
Getting a mortgage is a key step for any homebuyer. The good news is that flying freeholds shouldn’t have too much of an effect on your ability to get home financing. Most property buyers won’t have an issue, but if you’re using a specific type of mortgage product or a small lender, then you might find yourself facing issues. Thankfully, if you’re working with a mortgage broker, they can talk to you about your options and find ones that will work. In most cases, a flying freehold indemnity policy will be purchased as a one-off payment by the seller to cover any issues that might arise.
Summing Up: Flying Freeholds Aren’t Usually Anything To Worry About
Generally speaking, flying freeholds aren’t a major issue and won’t have a significant effect on your house purchase. Still, it’s important that you understand them and know what you’re getting into before you sign on the dotted line. This guide should give you a rough idea of what to expect from a flying freehold, but every house purchase is different. So, you should talk to your conveyancer, estate agent and other property professionals, then conduct your own research. There are many resources for first-time buyers and those who are looking to find out more about buying homes in the UK. You’ll then be able to feel confident before you buy your new property and can start transforming it into the perfect space to meet your needs.
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