flying freehold

[binkyscamp]

We have a leasehold flat and have the opportunity of buying the freehold reversionary title.However our flat is connected to another with a communal staircase(for the 2 flats)and the properties are above a row of garages(not owned by either property)I understand that this is (or will become)a flying freehold.Can anyone advise please.We dont know whether to go ahead or not.
Thanks
Binkyscamp

Flying freeholds have a very bad reputation because you do not have control over the whole building on top of or below your own property. If you mean that the garages are a completely different freehold title to the flats, in your case, this would mean that if the owner of the garages decided never to carry out maintenance on them and they started to fall down, affecting your flat, it would be very difficult to persuade him/her to carry out repairs. I don't know how the current freeholder approaches this but I would question whether it would be worth buying the freehold in this case. Did you inherit/pay cash for your flat as a lot of banks won't lend against them?

Just seen this - I'm no expert, but we have a flying freehold on our stairs (property used to be one house, split into 2, we have the stairs and the attic, next door has underneath the stairs and the cellar). There is an indemnity policy taken out by the owner in the 1980s which passes with the property to cover any legal issues with the flying freehold. Might be possible to get an insurance policy like this for your situation?

my sister had a flying freehold and it caused some problems getting a mortgage (got one in the end but some lenders wont touch them and this was pre-credit crunch). i think you need to talk to a conveyancing solicitor....