These Are the 5 Must Ask Questions When Buying a Flat
There’s a lot to take in when buying a new property so we’ve highlighted 5 of the must ask questions that will help you make a decision.
Don’t jump into the unknown without knowing the answers to these questions!
How Long Is the Lease?
The majority of leases are about 99 to 125 years long and the longer the lease, the better. If the lease is 75 years or lower then it’s a bit of a problem.
Why is a problem? More than likely it will cause issues when trying to secure a mortgage. It will also cause problems when selling the property as the price will take a hit from the short lease.
Generally you should be looking for 80+ years on the lease.
How Much Will You Be Paying Annually in Ground Rent?
Ground rent is money you’ll be paying to the freeholder (the owner of the land where your property sits). This is due annually and is normally around £50.
The figure is set by the freeholder and can be any figure they like so be aware that anything above £200 annually could cause you issues when selling the property in the future.
Bad Soundproofing and Noisy Neighbours
Noise pollution is more of a problem with older apartments as modern blocks are required to have a higher standard of sound proofing for building regulations.
It can be one of the main reasons that sellers have difficult selling their property.
Noisy neighbours also rank as one of the main turn offs when looking for a new property, so make enquiries about it and visit at different times of day.
If It's Leasehold Find out Who the Managing Agents Are!
Don’t ever commit to buying a flat before finding out the reputation of the managing agent. You don’t want to be paying thousands per year in service charge and not get value for money.
Luckily it’s easy to find out. Just pop the managing agents name into Google and see what shows up in the search results.
Council Tax and Utility Bills
It might not seem like much in comparison to the money you will spend on the house but these reoccurring expenses will add up quickly!
Try and find out from the seller what these are like each month as you’ll be paying these monthly on top of your monthly mortgage payments.
Posted on in Buying