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Our house is on a flying freehold. She currently owns random bits of it, such as the surface of our balcony, the stairs up to it, and a passageway to the communal front door. If I were to buy the courtyard I could transfer these parts to my title, making my freehold much simpler. I could also potentially replace the current informal maintenance contribution setup with a management company.
Why is it of value to you? It's not entirely clear from your description - I've probably missed the obvious tho :)