Some people think that once the money exchanges, the purchase of the property is complete. However, there are other things to consider, such as ownership mode. It might be surprising to discover that there are two standard modes: freehold and leasehold.
The former means that you own the entire property—the structure and the land. On the other hand, a leasehold means that you have the legal right to stay in a property for a finite period.
This article will further explain flying freehold. Although you will still need a property purchase solicitor throughout the transaction, the knowledge that you will acquire by reading this article will help you get the best deal.
What Is Flying Freehold?
The best example of a flying freehold is a structure with a terrace. A portion of your home falls over or under another land. This situation often occurs in old estates that have been divided into small properties.
This phenomenon can be tricky because everyone assumes that everything above and below a freehold property belongs to the homeowner. It means that the homeowner should not encroach on another person's property. If you do, then you are trespassing.
An excellent example of this scenario is the bedroom. You might want to expand your bedroom. However, the wall that supports your bedroom is shared with the neighbour. Unless the neighbour agrees, a property purchase solicitor would not advise you to make any changes. If you do not ask for his consent, your neighbour may take action against you.
If you live in an old property, you will likely have a share house. Your share of the property will be undivided. It means that you share a wall with your neighbour. Even if you are not aware, you can encroach on another person's land and even destroy the property.
Even if you have a flying freehold, you can still make specific changes to your home. For example, you can build an extension. You can do it as long as your project will not encroach on another person's land. However, you must secure the consent of your neighbour and a solicitor.
What Is the Difference Between Freehold and Flying Freehold?
As mentioned earlier, it is clear that there is a difference between freehold and flying freehold. The freehold of a property signifies that you are its sole owner. The land and structure fall under the same category. On the other hand, flying freehold implies that the property owner does not own a portion of the building.
If the floor of your home is sinking next to your neighbour's property, it means that it is not your fault. It may be your neighbour's fault. It would help if you didn't do anything until you asked a solicitor.
If you do, your neighbour may file a suit against you. In this case, the court will hold you responsible for the damage you caused and can be very expensive; you may lose a considerable amount of money. That is why you need to consult a solicitor before doing anything.
What Is Creeping Freehold?
Creeping freehold is another term used to explain the same concept as flying freehold. Creeping freehold means that the freehold of a particular estate extends to the boundaries of another person's land. The owner of that land can examine any extension you build. If you encroach on his land, you could be sued.
You might be unfamiliar with encroaching on other people's land. If you buy a property and believe it has a stable freehold, you might need to engage a property purchase solicitor. A solicitor will examine the sale documents and advise you whether the freehold is stable. If the freehold is not stable, you will need to do something to make it sound.
What Is the Legal Implication of Flying Freehold?
The implication of flying freehold can be tricky. It is so because the freehold of any property is defined in its title. The title is a document that describes the ownership of a property. It indicates the original owner and its current owner.
The title also describes the property's boundaries, and limits are the areas restricted by the title. These areas include the structures and the land. If you have a property with a flying freehold, you must check if you have a concrete title to mention the boundaries' extent.
It will help you know where your property ends and where your neighbour's begins. If your property has an undivided freehold, you share a portion of your home with your neighbour. You might not know that you are trespassing on his land.
If you are, you can face a barrage of legal problems. It is because your neighbour can sue you for trespassing. A property purchase solicitor will help you avoid these issues.
Is This a Problem?
As mentioned earlier, not all property owners have an idea about flying freehold. This concept is new, and not many people know about it. The issue, therefore, is that if most of the homeowners in a particular estate are unaware of this concept, they will develop the area without knowing that they are encroaching on other people's land.
If you build a structure on your property, you do not know if you are encroaching on another person's land. Even if you do not work, your neighbour will still accuse you of infringing on his property.
If you discover that your property has a flying freehold, do not panic. It does not mean that you suddenly lose your property. The problem occurs when you want to make some changes. This action is not advisable because you do not have the right to do anything that might damage the property.
For the best results, you must contact a property purchase solicitor. A lawyer will examine the freehold and give you a clear picture of your options. He will tell you whether the freehold is suitable for your plans. If so, he will suggest how you can make the freehold stable.
A solicitor can also verify if you have an undivided freehold. If you do, you must be careful. It would help if you did not make any changes because your neighbour can sue you.
Conclusion
Flying freehold is a phenomenon that affects a lot of people. It even affects homeowners in their daily lives. However, it is good to know that there is a way to deal with this phenomenon.
If you have a flying freehold, you can still make specific changes to your home. For example, you can build an extension. You can do it as long as your project will not encroach on another person's land. However, you must secure the consent of your neighbour and a solicitor.
If you are about to purchase a property, it would be prudent to ask a property purchase solicitor for assistance and advice. It is also important that you know how to calculate conveyancing fees. In that case, you do not have to worry because at Conveyance Calculator, you can easily calculate conveyancing fees and compare quotes. Give us a call now!
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