FTB leasehold flat questions

livw89

Hi everyone I am new to this so please forgive me if these questions have been asked before.

I am a FTB and have a mortgage in principle ready.

I went to view a 2 bed flat last week and it was perfect. I rang the following day to arrange a second viewing and it is now under offer... devastated!

So today I have just viewed another 4 flats and none compare size or value wise.

I am now seriously tempted to make an offer on the original flat but is there any procedure to 'gazumping'?

I still need a second viewing but am being kicked out of my rented place in 2 months so need to crack on.

Also do flats require a structural or RICS Homebuyer Survey?

Thanks everyone

katejo

livw89 wrote: »

Hi everyone I am new to this so please forgive me if these questions have been asked before.

I am a FTB and have a mortgage in principle ready.

I went to view a 2 bed flat last week and it was perfect. I rang the following day to arrange a second viewing and it is now under offer... devastated!

So today I have just viewed another 4 flats and none compare size or value wise.

I am now seriously tempted to make an offer on the original flat but is there any procedure to 'gazumping'?

I still need a second viewing but am being kicked out of my rented place in 2 months so need to crack on.

Also do flats require a structural or RICS Homebuyer Survey?

Thanks everyone

A few points to consider:

Who told you that it was under offer? The estate agent? You might want to contact the owner yourself. Agents may be trying to get a higher offer from you.

Always get at least a homebuyer survey. How old is the building?

Do you know how many years there are on the lease? Or is it commonhold? You can't judge whether the asking price is reasonable if you don't know this. Personally I would not buy a leasehold property with under 85-90 years.

livw89

The Estate Agent has told me it is under offer. I may write to the vendor but not sure it will get me very far!

I think it was built 15-20 years ago.

There are 137 years of 140 remaining so plenty of time to negotiate a lease extension.

katejo

livw89 wrote: »

The Estate Agent has told me it is under offer. I may write to the vendor but not sure it will get me very far!

I think it was built 15-20 years ago.

There are 137 years of 140 remaining so plenty of time to negotiate a lease extension.

OK so no problems with the lease. Do you live near the property? You could put a note through the door to express interest and provide an email/phone number.
Have you met the current owners and asked questions about maintenance charges, the neighbours (particularly above or below the flat) and the freeholder? My freeholder was a pain in the backside, either a crook or thick and was one of the reasons that I eventually sold up.
It may be that the sale has proceeded too far for it to be worth you wasting your money but there is no harm in asking.

Fire_Fox

Don't expect completion on a leasehold property to be finalised in two months, queries to the freeholder can eat up many weeks. If you do try for that hassle your conveyancer and the estate agent twice a week. Have a conveyancer who has been recommended to you as being quick off the mark on standby now. Make an offer directly to the vendors, include your MIP, conveyancer's contact details and timescale so they know you are in a proceedable position.

Leaseman_2

And be ready to get your RICS HomeBuyers report booked asap! Vendors like it when a survey is booked as that shows commitment.