Flying freehold

[kerfuffle]

Just a quickie - I'm thinking of buying a place with a flying freehold. The part concerned is on the ground floor, which is a bit simpler legally (so I've been told), but I've heard that it's tricky to get a mortgage and insurance on a property with such a freehold. Can anyone shed any light on this?

[V8 Archie]

Doesn't make sense to me. I've always understood that flying freehold was where you have freehold on the property but that some of it is supported by a building on land owned by someone else.

Mortgages can be a bit of a problem I've heard - mainly because if the supporting property falls down, so does yours.

[Rude-boy]

kerfuffle said:

Just a quickie - I'm thinking of buying a place with a flying freehold. The part concerned is on the ground floor, which is a bit simpler legally (so I've been told), but I've heard that it's tricky to get a mortgage and insurance on a property with such a freehold. Can anyone shed any light on this?

I can give you the full on chapter and verse if you want but not at the mo as about to leave to see clients then off to London for the w'end.

Bottom line is that it isn't a problem with 90% of lenders but there are lots of things for your solicitor to look out for.

look here [url]www.cml.org.uk/servlet/dycon/zt-cml/cml/live/en/cml/pdf_pub_handbook_ew_Part1EW06-05-05.pdf[/url]

section 5.5 for what the lenders have to say about it.

[Rude-boy]

V8 Archie said:

Doesn't make sense to me. I've always understood that flying freehold was where you have freehold on the property but that some of it is supported by a building on land owned by someone else. Mortgages can be a bit of a problem I've heard - mainly because if the supporting property falls down, so does yours.

This is actually called a creeping freehold as it 'creeps' under the other property. It is just as much trouble as if next door don't fix the roof you get wet too!

It's a PITA but not the end of the world. Having said that i wouldn't go for a property with a significant one, although couldn't care less about one which is the size of a wardrobe in overlap.

[hustlebabe]

An absolute star. Don't ever leave the forum

[kerfuffle]

Indeed - thank you rude-boy.

It's not a huge area - it's a sort of grotto carved out of next door's basement or foundations.

I love the house but am trying to keep my sensible head on and find out about this.

[hustlebabe]

Sounds a bit curious. Basement, foundations...? Good survey methinks maybe..??? Any more details

[kerfuffle]

It looks pretty sturdy - it's basically carved out of rock. Though I suppose there is an entire house resting above it...

[hustlebabe]

Can't judge a book by it's cover on this one cos you are talking serious money. Carved out of rock...?? Where is it...? Fasinating

[kerfuffle]

It's in Guildford and is a converted stables or dairy or something. I like it because it's a bit different with lots of levels. Not everyone's cup of tea perhaps, but it's a real 'pad'.

[hustlebabe]

Sounds cool. Suggest a thorough survey and even a geologist for the underground rock face

All sorts of potential buzz through my brain on that one