 property has a portion of the building that goes above or over a neighbouring property. Think, for example, about properties in a terrace with a passage to give access to the rear. There will often be a room above that passage. The area above the passage is a flying freehold because it is 'owned' in the freehold fashion but doesn't actually 'touch' the ground.
Commonhold - Commonhold is the newest way of owning property, a type of tenure that was only introduced in the last decade and applies to flats or apartment blocks. It's estimated that fewer than 50 blocks of flats across England and Wales are commonhold properties. Commonhold ownership means the freeholders each own a share of the land beneath the building. Also known as a shared freehold.
Enfranchisement - in exceptional circumstances, the leaseholders can collectively purchase the freehold from the freeholder. If 50% of the leaseholders agree, the leasehold can be enfranchised.
You are probably thinking, "How does this affect me?" When buying a new property, you need to know precisely what you are buying.
Is there are leasehold agreement that you'll need to adhere to?
Are there ongoing fees that you will need to pay for the duration of the ownership of the property?
Your mortgage lender will want to know what they're lending on. They'll be especially interested in leaseholds and the lease agreement, particularly the remaining years. The years left on a lease must far exceed the mortgage term.
Buying a property is great, but there's a lot to consider.
This is why we employ a solicitor to handle the legal process. Their job is to ensure that the property you buy will not negatively affect you in the future.
You, of course, need to know if there are any lease conditions or payments you'll need to consider throughout your ownership. Also, if you sell in the future, you will want to know that you can and that a sale will not be hindered by the tenure of the property.
If you have questions about tenure and ownership of property, get in touch with our experts today.