Selling a Flying Freehold House
If you are trying to sell a flying freehold house, you may face extra hurdles with trying to attract a buyer.
Your top questions when selling a flying freehold house
✅ What does it mean to have a flying freehold house?
A freehold house is one where the owner outright legally possesses the property and the land on which it was constructed, compared to a leasehold home where someone owns it for a set number of years and pays a freehold a yearly ground rent. A flying freehold means any part of the property that extends over a neighbouring house or land in any way.
✅ What are some examples of flying freehold properties?
There are many different types of houses that could be considered flying freeholds, and they include properties where a balcony hangs over a neighbour’s land; where part of the home covers a shared right of access with someone living below; where your living room or another part of your house is underneath another property, and several other situations.
✅ Are there any difficulties with selling a flying freehold house?
You could find that there are some additional challenges involved with trying to attract a buyer to your flying freehold house compared to a more conventional property. That’s because prospective buyers might worry about legal issues involved with the upkeep of both properties, along with concerns over how to resolve disputes that might happen, and other issues.
✅ Will a buyer be able to get a mortgage to purchase my flying freehold house?
Not always, because some mortgage lenders will worry that it’ll be hard for them to resell the property in the future due to the legal issues associated with this type of property. Mortgage providers have the ability to try repossessing homes and selling them in the event that the borrower, meaning the buyer of your property, defaults on their home loan repayments.
✅ Should I get an indemnity insurance policy for my flying freehold property?
One option that you could consider for addressing potential buyers’ concerns about your flying freehold house is purchasing an indemnity insurance policy that you could transfer to the new owner, and that would pay for any legal expenses and other costs that might arise from the property’s unique status. But it’s not necessary to get such a policy before selling.
✅ What is the swiftest option for selling a flying freehold house?
A speedy method for selling almost any type of house that has a flying freehold is reaching out to LDN Properties or another quick home buyer, as they have the ability to finalise the purchase of almost any property within a handful of weeks. If you sell on your own, via an estate agent, or using an auctioneer, then it could take many months or even an entire year.
✅ What amount will I pay in fees for the sale of a flying freehold home?
If you decide to sell your property using the services of either an auctioneer or an estate agent, then you will have to pay them their commission, which will be subtracted straight away from the final sale. But you can avoid having to pay any fees if you either sell to a zero-commission quick home buyer such as LDN Properties, or you sell the property without any third party help.
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