Other Products: Overseas Property | Mortgages | Currency | Pensions | Home Insurance | Landlords Insurance | Travel Insurance |

Register  Login  My Profile  Log Out
Reply Forward Subscribe
 
icormack

 

Posts: 2
Joined: 24/1/2008
 

Buying a flying freehold

 
Hello,

I have a property with a flying freehold. The house is one half of an original building which was split into two, resulting in the flying freehold. Part of a 1st floor bedroom is over part of the neighbour's ground floor.

The neighbour is willing to sell the part of their house under the bedroom, but I'm not sure how to put a value on the purchase.

I'm inclined to base the value on square meterage or volume however, I'm not sure whether to use the value of my property or the neighbour's property as a starting point. Also whether to use just the 'building' value and take out any other valuation factors, such as gardens, access etc.

Does anyone have any thoughts, thanks in advance.
  Report Abuse |  Date 24/1/2008 7:19:52 PM
Reply Forward Subscribe
 
Richard Webster

 

Posts: 22
Joined: 25/8/2006
 

RE: Buying a flying freehold

 (in reply to icormack) 
Are they going to move a wall downstairs then so that the bit you are going to buy is somehow physically included within your property? This seems a lot of trouble if it can be avoided!

If the area in question is only a small part of a room then generally this can be dealt with on a sale by providing a flying freehold indemnity policy. This is a one-off and for a property of value £200K-£250K one leading provider will do one for £180. Your solicitor can sort this out for you when you sell.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients
  Report Abuse |  Date 28/1/2008 7:01:15 PM
Reply Forward Subscribe
 
icormack

 

Posts: 2
Joined: 24/1/2008
 

RE: Buying a flying freehold

 (in reply to icormack) 
Thanks for your reply, Richard.

Yes a new party wall would need building below the existing 1st floor party wall. I'm a builder by trade and part of the deal would be for me to build the wall, sort out electrics, and make good.

Obtaining the neighbour's property under the flying freehold will allow us to double the size of our kitchen (and possibly create a small utility room with a cloakroom off it). Once I have a better idea of the cost of purchase I can decide if it adds enough value to our property to make it worth while. Although, this is offset by the 'value' of making our property more saleable by losing the ff. We're looking to sell in the near future.

Indemnity insurance is already in place. The policy was taken out by the previous owners when we bought the property.

Do you have any thoughts on how to value the purchase?

Thanks.
  Report Abuse |  Date 29/1/2008 2:06:18 PM
Reply Forward Subscribe
 
Richard Webster

 

Posts: 22
Joined: 25/8/2006
 

RE: Buying a flying freehold

 (in reply to icormack) 
Can't really think of how it would be valued. The increase in value for your house by having a bigger kitchen or the loss in value of next door? This is only going to be marginal unless your kitchen is so small as to actually seriously detract from the present value of your house.

I think if I was the neighbour I would only agree if the sum wa large enough to make it worth my while in terms of hassle and disturbance while the work is being done and loss of space in the future. This could be few thousand I would guess, unless the property is in central London or Sandbanks or somewhere with prices that might be telephone numbers. What is your house worth? What's your neighbour's house worth?

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.


< Message edited by Richard Webster -- 11/2/2008 2:16:30 PM >
  Report Abuse |  Date 11/2/2008 2:16:06 PM
Page:   [1]
Forum Software powered by ASP Playground Advanced Edition 2.1
Copyright © 2000 - 2003 ASPPlayground.NET

0.266