FLYING FREEHOLD

Flying Freehold describes a method of transfer of property in the Island which generally relates to the sales of Apartments.

The building is owned by an Association which has been created by the Registration at the Public Registry of a Declaration of Co-Ownership which contains details of

•  the boundaries of the property;
• any clauses detailing the rights and obligations of the Association
• the title - as with Freehold property.

Attached to the Declaration is a Schedule which details:

• the regulations governing the use of the building;
• a definition of each of the units in the building, i.e. the flat you are buying.
• the common areas and proportionate costs;
• and the appointment of an Association Representative, effectively the Agent of the Association
• Any other details concerning the Declaration.

The Declaration becomes effective upon the first sale of a unit in the building and stays effective until such as time as all the units are again owned by one party.

Your lawyer will check the Declaration of Co-ownership and provide you with advice on the contents.  He will generally contact the Association Representative to find out the costs and management of the association and to read the Association minutes. 

In addition your lawyer will undertake a title check to the Association Property and also to the individual apartment or unit that you are purchasing.

Once all the checks are complete and the transaction is ready to proceed the transfer of a flying freehold unit is made by a contract of sale of the relevant "share" or "Lot" before the Royal Court.