Advice re quality of house

kergey

Hello,

I am considering putting down an offer on a 1-bed flat in London (Bow). I have used the internet to come up with a list of questions regarding the property. So far I have the following answers from the owners:

• Building built approx 1982/85
• No major works carried out since
• Owners have lived there for 6 years
• The boiler 18 months old
• The flat was rewired about 2 years ago
• Double glazing was fitted about 5 years ago

I was just wondering: Do any of these ring alarm bells? Would you recommend

I have also asked the following questions, for which there is no answer yet:

• How many times has the property changed hands in the last 10 years?
• Is there cavity wall insulation? When was it installed?
• Is the loft insulated? If so, when?

rebeccatom

Why does it matter how many times the property has changed hands in the last 10 years?

Everything they have responded to sounds good to me.

Is it a block of flats or a converted house? I would be asking what the yearly/monthly maintenance charges are? If there are any big works coming up which you may have to finance? Is there a management company involved or is it self managed?

LEJC

If you are going to go into so much detail prior to putting an offer in then I would suggest that you also try and obtain details of any lease on the property....ie how many years remaining or any clauses in it which may not be standard etc

things like loft insulation is cheap an easy to install and shouldnt really be a major sticking point for you at this point in negotiations....I would be more interested in what the area was like to live in and things that you dont have control over rather than things that you could change if the property ever becomes your home.

arbrighton

But you may or may not even have access to the loft depending on the lease anyway!

Hoploz

If you want to know about changes in ownership all you have to do is look at one of the property portals. Just Google the address and it'll all come up.

In preparation for putting in an offer all you need to know is an idea of the statutory costs, as others have said. You may have other queries but these come further down the line. For example, you'll need to get certificates confirming the boiler, wiring and double glazing all have the appropriate building regulations approval. If anything majorly unexpected crops up you have the opportunity to renegotiate later if necessary, but at this stage you only need to know the basics of whether you will be content to live there. Don't bother with anything that isn't a deal breaker.

There was me thinking the London market was fast moving. Maybe it'll have gone by the time an offer is put forward?

moneyistooshorttomention

Define "major works".

Define "rewired".

That was my first thoughts on that.

Anywhere built 1980s is somewhere I would expect to have a new kitchen and bathroom since then. I would think it worth checking out state of electrics and central heating system. Are the phone-points modern style (ie plug-in)?

BUT my major concern would be re maintenance charges (how much/how often/who decides whats what re that maintenance/etc). I would also be asking re things to do with communal areas - eg cleaning/gardening/etc.

Not to forget - soundproofing standard. You might have attached neighbours above/below/left side/right side. Agh! Are you going to be "safe" from the noise they make? and are you going to feel "private" enough they won't hear whats happening in your flat?

LEJC

...or you could just put the offer in and it be rejected.....and all your questions may then become irrelevant

kergey

Thanks all for the quick responses!

I am asking about the loft insulation because the flat is on the top floor and the roof is fairly flat, so I would like to know whether it is properly insulated - otherwise, as I understand it, heat will escape through the roof, right? But good to know it is relatively cheap

@rebeccatom Is it a block of flats. The service charge charge is 950 per annum. Ground rent is 250 per annum. Not sure if there are any big works coming up which you may have to finance? I will ask. Re management company, I have asked that but haven't heard back yet.

@LEJC Re lease, it has 91 years remaining. I understand that I will most likely have to bear the cost of extending the lease. Therefore, I plan to use that as a reason for offering less than asking price. Please shout if I have misunderstood anything! Not sure re any non-standard clauses in the lease. I will ask.

@arbrighton Also, the flat has access to the loft and agent told me I can store things there, so I guess it is part of the lease.

@Hoploz Understood. I guess I was a bit concerned that the building/flat is old and its infrastructure outdated and I wanted to get an idea of how bad it is. Also, was not aware that one can re-negotiate if something crops up later down the line.

I will come back with details.

Just out of curiosity, what are the deal-breaker factors that I should be focusing on at this stage?

Many thanks.

bouicca21

First things first - how long is the lease?

What is the ground rent?

What is the service charge?

Who is the freeholder and who manages the building?

bouicca21

whoops that crossed with response from OP. Still need to enquire about freeholder and management of the building though.

And given how hot the London market is, I wouldn't hang around before making an offer.

kergey

OK, thanks.

The flat came on the market on Thursday I viewed it on Saturday and am going for a second viewing this evening. I hope to make a decision today or tomorrow.

In terms of major items that can knock down the price, am I right to think that I can ask for a lower price because extending the lease will probably fall on me? Or do you think that is already reflected in the price?

Thanks,