Do i need a survey on a flat?

Pink8767

Hi,

I have had an offer accepted on a flat. Do I need a survey? I mean, if I was buying a house I would get a survey, but how does that work on a flat? Any advice would be appreciated.:)

The top floor flat is in a purpose-built block (and was built in the 1970s I think). The seller, who I know and trust, informs me that the roof was replaced in the last five years. Also about five years ago, several thousand pounds was spent modernising the interior and converting it from a studio apartment. As part of this, I understand that the electrics were re-wired.

Between five and ten years ago, there was a problem with subsidence, but this was underpinned and there has been no recurrence. In the last year or two, the ground floor flat had problems with damp but I understand that this was rectified. Going forward, re-pointing work will be carried out and will be paid for by the existing freeholders.

The seller is unaware of any surveys being carried out in recent years. I understand that one of the freeholders, also a builder, advises the management agent when work needs to be done. Recently, he advised the agent that re-pointing work needs doing.

nomoneytoday

The bank won't lend a mortgage without at least a basic survey. Whether you want a better "upgrade" is down to you

hazyjo

Check the bank will lend on it if it's suffered from subsidence that recently, and that it's insurable.

I would definitely get a homebuyer's report, especially after it's had so much work done on it. Make sure bigger problems haven't been covered up. I presume they have certificates, etc for the electrical work carried out.

When you say 'freeholders', do you mean 'leaseholders'?

Jx

cwcw

I only bothered with the minimum valuation survey done by the lender when I bought a flat of a similar age in a purpose built block. With a flat my feeling was the building itself was not my concern, it was the freeholder's problem. However, as said, with the known problems your block has faced, maybe it would be prudent to have one.

NB. To the last post: freeholder = building/grounds owner
leaseholder = flat owner

Pink8767

Thanks for the replies so far. A relative has offered to give me a loan so i don't anticipate needing a mortgage. Also, a share of the freehold is included in the price, so i would be contributing to service charges and insurance for the block.

cwcw

Pink8767 wrote: »

Thanks for the replies so far. A relative has offered to give me a loan so i don't anticipate needing a mortgage. Also, a share of the freehold is included in the price, so i would be contributing to service charges and insurance for the block.

You would still be as a leaseholder too. In fact, as a freeholder, you'd probably charge yourself as a leaseholder for your proportion of the service charge and insurance, on paper.