Leasehold v Freehold.
The biggest difference is whether you own your home or you have a landlord, on a freehold property you own your home, with a leasehold property you will have a..link
Flying Freehold
When it comes to property law, terms like “freehold” and “leasehold” are commonly understood. However, there’s another intriguing concept that occasionally surfaces: the flying freehold. Let’s unravel this architectural quirk and explore its implications.
What Is a Flying Freehold?
Imagine a property that extends over or under a neighboring property. That’s precisely what a flying freehold is.
Contrary to its name, the property doesn’t need to be suspended mid-air. Instead, part of it either overhangs or lies beneath another person’s property.
Flying freeholds can arise in various scenarios:
- Semi-detached or terraced houses: When the dividing line between adjacent properties isn’t straight down the middle.
- Balconies that extend over a neighbor’s property.
- Basements or cellars that go underneath neighboring properties.
- Rooms above shared passageways directly beneath.
- Maisonettes or houses where part of the property is situated under or over another freehold property.
Why Does It Matter?
- Many homeowners live with flying freeholds in blissful ignorance until they decide to sell or remortgage their property.
- Conveyancing solicitors approach flying freeholds with caution due to potential legal complexities.
- The primary concern is the lack of positive covenant enforcement between freeholders. Renovation works can become contentious if both parties don’t agree on necessary repairs.
- While the Law Commission has expressed a desire to simplify covenant legislation, no significant changes have occurred yet.
Navigating the Skies of Property Law:
If you encounter a flying freehold during a property transaction, don’t panic. It doesn’t necessarily mean the deal will crash and burn.
Seek legal advice to ensure a smooth process.
Remember that flying freeholds are often found in older, densely built areas where buildings intertwine.
In summary, while flying freeholds may seem like an architectural oddity, they can have real-world implications. Understanding them ensures a smoother journey through the intricate landscape of property ownership.
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