Leasehold property advice please

Auntie_Marge

Hello Everyone,

I hope you are having a good day!

I am looking to buy a leasehold flat and getting a bit scared at all the pitfalls of service charges and huge bills for repairs that people have mentioned. Do you think its safer to go for a flat in a small property (ie 2 flats in a house) than an ex council flat in a bigger block? Or is this a daft conclusion?

Thanks for your time,

Marge

Chinkle

The ground rent/service charge should be known up front, so you can compare, you should also ask about the sinking fund, how arrangements for major repairs are organised and if they are aware of any upcoming works.

Other than this it's difficult to know in the long run which may cost more.

Better still try to find something with share of freehold so you have a say in managing major repairs.

Auntie_Marge

Thank you very much for your advice, I couldn't find the Thank you button by the way.

Paul_the_Painter

Thanks button only appears if you are logged in, and you will be logged out automatically if you have been inactive for more than 30 mins or so

Damaged

A few things to watch or look out for
1. Of course check the length of the lease, anything under 80 years and you'll be looking at 8k plus to re new it, plus you have to wait two years after purchase before you can do this.
2. The flat I live in is managed by a management company with owners of other flats part of the board of directors who manage the block. Basically this gives us a say in what goes on and no major shocks.
3. Get a copy of the accounts and survey histories, as these will tell you what has happened and what is likely to happen.

Good luck, leasing does suck and I will never do it again