Things to consider before selling a house with a flying freehold
Published by Property Saviour
The UK's No.1 Fast House Sale Company
November 29, 2019 - Read time: 3 minutes
Selling a house with a flying freehold can be tough, but there are solutions which mean you don’t have to lose out. Read our ultimate guide to flying freeholds 2020.
What is a flying freehold?
If you’re told your property has a flying freehold, it means it lies over, or under, a part of another freehold property.
To simplify, you’re living room could be beneath one of next door’s bedrooms, or part of your house might sit over your neighbour’s garage. With a flying freehold, loft space or a shared alleyway could also cause the issue.
If this is the case, you’re likely to be told by an estate agent the value of your property may decrease, or it’s unlikely to sell – which can cause you to panic.
What’s the problem with selling a house with a flying freehold?
There are a number of problems which can arise when your home has a flying freehold. This is because neither you or the owners of the neighbouring property are legally obliged to maintain your property or carry out repairs. As a result, any failure to maintain one property can impact the other.
If your neighbour had a leaking roof, this would put your property at risk – yet the neighbour is under no obligation to repair it as your house has a flying freehold.
Can you see how this can be problematic and put potential buyers off?
It can also cause huge disputes, if one property owner refuses access to their part of the property in order to repair or assess damage. Potential buyers don’t want to deal with the drama, especially when their home is at risk.
A potential buyer’s conveyancing solicitor will also want to know whether there are access rights to your neighbour’s part of the flying freehold, to be sure that future repairs won’t be hampered. If there aren’t access rights, they are likely to tell the seller to look elsewhere.
We know this isn’t great news, but thankfully, at Property Saviour, we have years of experience of dealing with sellers who own properties with flying freeholds. We can take the weight off your mind, and unlike estate agents, will offer you a fair price for your home, because we care.
Flying freehold mortgage issues
To make things worse, many mortgage lenders simply refuse to lend against a property with a flying freehold. This makes your property even less likely to sell through an estate agent, even if they put it on the market. It will not only cost you money in estate agent fees, but you could be waiting years before you get a buyer, which isn’t ideal if you want a quick sale.
What’s the solution to selling a property with a flying freehold?
Before you give up, we suggest giving our experts a call. As it’s unlikely you’ll be successful selling your flying freelance home via an estate agent, you’ll need to explore your alternative options.
At Property Saviour, we buy any home regardless if it has a flying freehold. We don’t buy on behalf of investors, and we offer an honest price, because we want you to get the best value for your home.
We won’t charge you any hefty fees – we’ll even pay the legal fees. Why? Because we know you’ve been through the mill with your property and we want to help you out where we can.
You can give us a call and let us guide you through our house buying process, or alternatively you can visit our website and find out more about the service we offer.