What to do when buying a flat

Simby

This is a great thread

I would add check the sinking fund, as no sink fund could mean large bills later on

valmavraw

My house is subject to a 999 year lease with a small ground rent.  I am entitled by law to buy the ground rent.  If I do will the property become freehold?

colyerdave4

I'm in the process of trying to buy a 1 bedroom flat, by the modern auction method. I made an offer on the telephone, to the agents, which was accepted. However, it's now been taken over by the auction company, who say I have to pay £6000 non refundable fee, in order for the property to be taken off the market. Unfortunately, I can't guarantee that my own completion date wil occur within the 52 day period, due to the delays that will occur over the Christmas and New Year, as I've only instructed solicitors a week ago, to sell my property at the agreed price.
Is it OK for me to pull out of the purchase arrangement, as I haven't paid the fee or signed anything and so far haven't even found a solicitor willing to take on the conveyancing. There's a clause on the 'Iamsold' T & C which says they can sign the reservation agreement for you. Is this legal?
Thanks
David Colyer

davidmcn

colyerdave4 said:

I'm in the process of trying to buy a 1 bedroom flat, by the modern auction method.

It would make more sense for you to start your own thread rather than tag it onto this one, given your query isn't even specific to buying flats.

100eyes

Excellent, helpful post. I'm a first time buyer and navigating today's market is truly a minefield, between all the escalating uncapped charges, cladding scandals, leasehold scandals, it almost drains all the life out of you searching for reasonable properties!

MaMoneyMaMoney

6 years on and still useful. Thanks! Posting so that I can follow (MSE, when are y'all going to add a "follow thread" feature to this forum, eh?  )