What is freehold property ownership?
When you purchase a freehold property, you own the building and the land it sits on. This is the most straightforward type of ownership, giving you complete control and responsibility for maintenance and any changes you wish to make.
Freehold properties are owned indefinitely, until you choose to sell. The Land Registry records will name you as the ‘freeholder’, and usually with ‘title absolute’ (also known as ‘fee simple’).
As the property is entirely yours, it’s also entirely your responsibility. This means that you, as the owner, are accountable for maintaining the building and interiors yourself and therefore have the right to make the changes you want (subject to appropriate planning permissions). As such, it’s recommended you take out buildings and contents insurance – in fact, your mortgage lender will likely require it.
What is a flying freehold?
A flying freehold is when part of the property you own extends over land that you don’t own. This could include:
A room above a shared passageway
A balcony over someone else’s land
Or even a basement vault.
You own the space itself but not the land beneath or around it.
Flying freeholds don’t have to be complicated, but your conveyancing solicitor should be aware of it. It’s important to check:
Most mortgage lenders are happy to accept flying freeholds as long as they only make up a small part of the property. However, it is not unusual for a lender to request more information on this before deciding whether to lend.
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