General Chat

Thank you Kucinta

Even if it's a relatively new flat, still check out the remaining length of the lease.

It might start off at something like, 999 years, but if it starts out at 99 yrs, say, you might have issues further down the line when it comes to selling.

it can be hard to get mortgages if the lease has less than 70 yrs to run.

If the lease has less than 80 yrs to run then it costs proportionately more to extend the lease than it would have done a few years previously, because something called the 'marriage value' kicks in.

See url below for explanation:

http://www.moneysavingexpert.com/mortgages/extend-your-lease

Check the terms of the lease if you might want to keep pets for instance - not always allowed .

Thank you.

well done your daughter Shirley.

Have a look at the Gov.UK Site

https://www.gov.uk/leasehold-property/overview

Grandaughter has a leasehold flat in Chatham /when she bought it the maintenance fees were roughly £500 plus pounds a year'

The maintenance company then started hiking up the fees on the supposition of work they anticipated doing even though they hadnt contracted out the work .Folks were exepected to pay the fee and wait till the year end for the statement of work and any under or overs

It got ridiculous because not all the blocks had the work done each year that they were being charged for .

Last yaer some 7 years later the company wanted £2800 plus from each flat

They challenged it .Granddaughter being in banking and finance and being one of the challengers have ousted the company and appointed a new maintenance company and she is one of the reps on that company to keep an eye on what is proposed and the costs

this year the maintenance has been set at £1100 per flat.

It can be a big con the maintenance charge

The flat is only 10 years old so should have a fair time to run. But I will tell her that. there is dedicated parking space.

thanks for the advice much appreciated.

Agree with Andysmum about checking length of lease.

Also check if there is a ground rent and/or maintenance charge. The ground rent is often a nominal sum but the maintenance charge can be a lot, depending on what sort of flat it is. Check what any charge covers, e.g. upkeep of stairways, gardens etc.

Determine parking arrangements - does owner have his own space or is it communal?

Check on access to garden, if there is one.

My first 2 properties were leasehold flats and I didn't have any major problems.

I would say the most important thing is how long the lease has left to run. It should be long enough to be worth selling some time in the future.

My M-I-L bought a posh flat in London and later discovered the lease only had 5 years left on it. It was impossible to sell and renewing it was extortionate!

Second - check out the person who owns the freehold for the block.

We don't have leasehold in Scotland, which makes buying a flat much easier.

Anyone bought a leasehold flat? what are the pitfalls/questions to ask before buying. (not for me for someone else.)