buying a flat in a former sheltered housing block

tedders

A friend of mine is looking to purchase a 1-br flat in Hampton (SW London suburb). Asking price is in line - slightly lower than the area but not by much - but also the flat needs some updating. It's a top floor flat in a low rise building (ground + 2 levels), lease length fine, low service charges.

He made an offer on it and then discovered that the flat was retirement accommodation - but it's now sold with no restrictions: "they have confirmed the property used to be sheltered housing however as the property is no longer registered as sheltered housing."

What are the implications of this re: getting a mortgage? Are there any issues, potential risks etc?

Thank you!

kingstreet

Are there any re-sale or occupancy conditions remaining in the lease?

tedders

I don't think so - since it is sold privately on the open market. My friend is early 40s and they've accepted his offer. He discovered this on his own, researching the address online, and asked the property manager/freeholder to confirm - that quote in Italics is from them.

kingstreet

So far, nothing you've said suggests anyone has looked at the lease or there's much chance the lease has been renegotiated.

I suspect occupancy conditions will be visible therein and these won't come to light until the buyer's solicitor has the lease in front of them.

Selling agent is unlikely to be in the loop. It may be worth downloading a copy of the lease from the Land Registry site.

tedders

kingstreet wrote: »

Selling agent is unlikely to be in the loop. It may be worth downloading a copy of the lease from the Land Registry site.

Thanks, how do you get that? I thought only the title register & plan are available to purchase?!

kingstreet

I could be wrong.

I thought the lease was also available on leasehold properties.

I would be getting hold of a copy prior to making a decision to purchase, however you end up going about it.

tedders

Thanks, not sure if available from land registry... in any case, is that the only thing that needs to be considered? Are lenders averse to lending for properties like this, ex-council AND ex-retirement (believe it's called 'sheltered housing')? Thanks.

kingstreet

It will be subject to what is in the lease and the ubiquitous "valuer's comments" when the inspection is done and the possible re-sale implications are established.