Having read about the potential pitfalls of completing a Property Information Questionnaire in the press such as the Daily Telegraph and Daily Mail, Mr K visited Fridaysmove website and completed our online assisted PIQ. Mr K took advantage of the fact that Fridays’ PIQ is the only online PIQ that both provides protection in the answers given but also provides further details of clarification on the form itself.
Once the PIQ was completed one of our specialist conveyancing lawyers reviewed the contents of the PIQ and noted a reference to property being a flying freehold. One of our team of conveyancing lawyers phoned Mr Kay and asked if he had taken any legal advice as to the extent to which the property having a flying freehold could affect the marketability of the property. He advised us that he had purchased the property 15 years ago but his neighbour (who was affected by the flying freehold) had mentioned to him that he had a very difficult time in purchasing the property and that his neighbour’s lawyers had recommended that Mr Kay be approached to see whether or not the flying freehold situation could be resolved by various legal documents. Mr Kay said that he was worried about incurring expensive legal costs and, bearing in mind that he had not experienced any problems with the previous neighbours, he did not see the need to do anything.
We suggested that Mr Kay make some investigations over the internet and have a look at the general consensus that a flying freehold was a legal problem that many buyers should steer clear of. We went through the legal issues with Mr Kay and advised him that for £500 we would make contact with his neighbour’s lawyers and finalise a Deed of Cross Covenant and deal with the Land Registry formalities. We recommended this because it was felt that it would dramatically enhance the chances of a successful sale once he did find a buyer for the property.
The alternative would have been to put any new buyer in touch with his neighbour’s lawyers if indeed a buyer was concerned about the flying freehold situation and was not prepared to proceed by way of flying freehold indemnity insurance. Ultimately, we presented all the facts to Mr Kay and asked him what action he wanted to take.
Suffice to say that Mr Kay was delighted with the comprehensive advice concerning the problem of the flying freehold and now that he was armed with all the legal facts he wanted to take a proactive approach to the problem and maximise his chances of selling his property. Fridaysmove immediately put in motion the process of drafting the appropriate Deeds and registering the same at the Land Registry. Fortunately Mr Kay was mortgage free so there was no lender to hold up the formalities. The registration formalities were completed within four weeks of highlighting the flying freehold issue and five days before Mr Kay received a satisfactory offer on his property. Mr Kay had no hesitation in instructing Fridaysmove to deal with the conveyancing of his sale.