A flying freehold agreement is a legal term used to refer to a situation where one property is built partially over another property. This type of property arrangement can often be found in areas that have a limited amount of space for development, such as in urban environments or historic areas. The name “flying” is used because the building appears to be floating above the ground.
If you are considering buying or selling a property that has a flying freehold agreement attached to it, it is important to understand the legal implications of such an arrangement. In most cases, a flying freehold agreement will require both parties to agree on the terms and conditions of the arrangement before any construction work can begin.
One of the main advantages of a flying freehold agreement is that it allows property owners to maximize the use of limited space. However, it is important to note that such an arrangement can also create potential complications. For instance, if one party decides to sell their property, it could impact the value of the other party`s property.
In order to avoid these complications, it is important to work with a qualified legal professional who can guide you through the process of establishing a flying freehold agreement. This should include a thorough review of all legal documents, as well as a detailed understanding of the local zoning laws and regulations.
If you are considering a flying freehold agreement, it is important to understand the potential risks and benefits. While it can be a great way to maximize space and create unique property arrangements, it is also important to be aware of the legal and financial implications that can arise from such a situation.
In conclusion, the flying freehold agreement is a unique and complex legal concept that requires careful consideration and planning. Working with a qualified legal professional can help ensure that all parties involved understand the terms and conditions of this type of property arrangement, and that all legal and financial risks are properly addressed.