Homebuyer Survey on Leasehold flat

autumnorinoco · 10 April 2014 at 9:04PM

Hi
I'm going through the process of buying a leasehold flat. I have my mortgage offer and so I've had a basic valuation as part of that. It's a Victorian flat which seems visibly in good condition.

I presumed, I'd need to get a survey but it's been suggested that for leasehold properties this isn't necessarily essential.

I'd love to save the cost of this if there's little point, bit is it reckless not to pay for this?

thanks

camptownraces · 10 April 2014 at 9:26PM

You need to know what you are letting yourself in for.
Although the flat is leasehold, you will be expected to pay service charges for the maintenance of the fabric.
So yes, you should certainly have a proper survey if the place is Victorian.
Your mortgage lender is exposed to more risk if your deposit is small, so they may require more than just the valuation.

want2bmortgage3 · 10 April 2014 at 10:35PM

A few hundred quid now could save you thousands in the long run.....

katejo · 10 April 2014 at 10:51PM

want2bmortgage3 wrote: »

A few hundred quid now could save you thousands in the long run.....

My Victorian leasehold flat did not have a service charge but the leaseholders had shared responsibility for maintenance of the building. One of the first tasks was a new roof. It is a false economy to avoid a survey. I previously pulled out of another flat where the seller had had the window frames painted to cover rotten wood.

Mokka · 10 April 2014 at 11:19PM

I looked into Homebuyers' reports and they seem to be an utter waste of money. I would have loved to have a proper survey done but couldn't as my flat is in a block. If your flat is in a conversion of a house then I would be tempted if I were you- it's only a few hundred quid for a peace of mind. If it's a block you won't be able to get a full survey.

[Deleted User] · 11 April 2014 at 7:02AM

Definitely get a homebuyer's survey done. It will probably only cost you an extra £200 or so but it could save you so much. I've had homebuyer's surveys done on two Victorian leasehold flats (I bought the second one) and both turned up loads of stuff I would never spotted myself. It has saved me thousands because I was able to get the vendor to get things fixed before completion, and I now have a useful list of things I need to get done as well.