Looking into buying ex-local authority flat in London

Redtop

Hi All, Some advice appreciated. I'm looking to buy an ex-local authority flat in a low-rise block in London and I'm a first-time buyer.

I've read online that it is a good idea to find out whether there are any scheduled works on the building - in line with the decent homes initiative councils are putting in new windows, roofs etc. Does anyone know how I can find out whether works are scheduled on a block? Is the information in the public domain?

Secondly, I've also read online that mortgages lenders are more likely to lend on a flat in a housing block which have higher rates of privately owned flats. Is it possible to find out the percentage of privately owned flats in a block?

Thanks very much indeed.

BitterAndTwisted

It's not only a good idea it's absolutely vital that you ensure you know what works are planned: some private owners have been known to have been slapped with bills of tens of thousands of pounds. I believe that when you enquire the local authority are obliged to tell you what the plans are and the projected budget for the next five years.

Redtop

I thought I'd bump as I posted this quite late last night - any other advice would be much appreciated. Thanks in advance.

diable

Is there any reason as why you want to buy this flat as there must be better options available to you out there or are you getting it at a discount?

Redtop

I'm buying by myself and as a first time buyer with a 10% deposit, ex-locals fit with my budget. Ex-local does seem a good way to go as I can get a better location, closer to the tube, for the money I've got.

Fire_Fox

Is this a leasehold flat? If so your solicitor will formally ask the council about planned works, service charges etc. as part of the conveyancing. If you want to know informally just e-mail or ring them up and ask. Do you have enough money set aside for your share of the funding for any improvement works? This often runs into thousands.

This is the best site to find out more about leasehold properties and service charges:
http://www.lease-advice.org/publications/documents/document.asp?item=14