Even if you have a little bit of knowledge when it comes to property you could be forgiven for being slightly unfamiliar with the term ‘flying freehold’. Although it may sound like something mysterious a flying freehold is actually a part of a property that hangs over an area which belongs to another property.
When you have total ownership of a property and its land this is known as a freehold. Even though you may be able to claim that you completely own the property, if there is a flying freehold it is necessary to be clear on the details. It is true that in some cases the presence of a flying freehold has led to the breakdown of a property purchase because the prospective buyer was refused the money needed from their lender.
As a flying freehold is something of a grey area from a legal standpoint issues can arise when repairs are needed for example. Indemnity insurance can cover you and satisfy lenders in many cases. Most lenders are looking for the assurance that the flying freehold only affects part of the other property and that rights related to entry, support and shelter are enforceable.