When it comes to purchasing a house, there are various factors to consider. One such consideration is whether to buy a house with a flying freehold.
Buying a house with a flying freehold has its advantages, such as unique architectural features and potentially lower purchase prices. However, there are drawbacks to consider, including limited control over shared areas, restrictions on modifications, difficulty in obtaining financing, and potential resale limitations.
In this article, we will explore the concept of a flying freehold, discuss the pros and cons associated with it, highlight the factors to consider before making a decision, and emphasize the importance of seeking professional advice.
What is a Flying Freehold?
A flying freehold refers to a situation where part of a property extends over or under a neighboring property. This means that a section of the property, such as a room or balcony, is situated above or below the ground level of the adjoining property. Essentially, it involves a shared space that exists between two properties.
Pros and Cons of Buying a House with Flying Freehold
When considering buying a house with a flying freehold, it’s important to weigh the pros and cons to make an informed decision. Here are some potential advantages and disadvantages:
Pros
- Unique architectural features: Flying freeholds are often found in older properties or those with distinctive architectural designs. This can give the house a unique and charming character, making it stand out from more conventional properties.
- Potentially lower purchase price: Properties with flying freeholds may be priced lower than comparable houses without this feature. If you’re looking for a more affordable option or are willing to invest in renovating and maintaining the property, this could be advantageous.
- Increased privacy: Since flying freeholds typically involve a portion of the property overlapping with another property, it may offer more privacy compared to houses in more densely populated areas. This could be appealing if you value solitude and a sense of seclusion.
Read Also: Pros and Cons of Buying a House Without a Realtor
Cons
- Limited control over shared areas: With a flying freehold, you may not have complete control over the part of your property that overlaps with another building. This can make maintenance and repairs more complicated, as you’ll need to coordinate with the other property owner(s) to address shared issues.
- Potential restrictions on modifications: If alterations or renovations to the flying freehold section of the property are desired, you may need the consent of the neighboring property owner(s). This could limit your flexibility in making changes to your home and add complexity to the process.
- Difficulty in obtaining financing: Some lenders may have stricter lending criteria or be more hesitant to provide financing for properties with flying freeholds. This can limit your options when it comes to obtaining a mortgage, potentially making it more challenging to secure the necessary financing.
- Resale considerations: When selling a property with a flying freehold, it might appeal to a narrower pool of potential buyers due to the associated complexities and potential limitations. This could potentially affect the resale value and increase the time it takes to sell the property.
Factors to Consider before Buying a House with Flying Freehold
Before making a decision, it is crucial to thoroughly assess the factors involved in owning a house with a flying freehold.
Legal and Financial Implications
Due to the unique nature of flying freeholds, legal complexities can arise. It is crucial to seek legal advice from a solicitor experienced in property law to ensure a clear understanding of the rights and obligations associated with this type of ownership.
Additionally, it is essential to consider the financial implications, such as potential costs for resolving disputes or maintaining the shared space.
Maintenance and Repair Responsibilities
When owning a house with a flying freehold, it is important to understand the maintenance and repair responsibilities associated with the shared space.
Clear agreements and arrangements need to be in place to determine who is responsible for maintaining and repairing the area, as well as any associated costs.
Insurance Considerations
Obtaining suitable insurance coverage for a house with a flying freehold can be challenging. It is crucial to discuss this aspect with insurance providers to ensure adequate coverage for both the individual property and the shared space.
Seeking Professional Advice
Given the complexities involved, it is highly advisable to seek professional advice before purchasing a property with a flying freehold.
Consulting with a solicitor who specializes in property law can provide valuable insights and help navigate any legal intricacies associated with this type of property ownership. Their expertise will ensure that you make an informed decision and understand the potential risks and benefits.
FAQs
Are there any benefits to buying a house with a flying freehold?
Yes, owning a house with a flying freehold can provide unique and unconventional spaces, as well as additional room for expansion.
Are flying freehold properties difficult to sell?
Selling flying freehold properties can be more challenging compared to conventional properties due to their unique nature and potential limitations. The buyer pool may be narrower, and it may take longer to find interested buyers who are willing to navigate the complexities associated with flying freeholds.
Who is the rightful landowner under a flying freehold?
The land under a flying freehold is typically owned by the owner of the property that is directly below the flying freehold section. The owner of the neighboring property, whose structure overlaps with the flying freehold, does not have ownership rights to that portion of the land.
Conclusion
Deciding whether to buy a house with a flying freehold requires careful consideration of the pros and cons, as well as the legal, financial, and maintenance aspects involved.
While unique and spacious properties can be appealing, it is essential to assess the potential challenges and seek professional advice to make an informed decision. By understanding the implications and seeking guidance, you can determine whether a house with a flying freehold is the right choice for you.