Buying a Flat

Crashy_Time

glasgowdan wrote: »

If you want the flat offer a sensible amount. If you don't then go for 15%...you'll still be paying off a landlord's mortgage in 20 years just like some folk above.

You will also still be paying off your own mortgage in 20 years, so unless you think interest rates will be near zero for all that time don`t over-pay now. 1 or 2% under someone`s delusional kite flying price is a joke, and many people are catching on to the joke judging by the way sales volumes are going?

anon_private

Just been to view a flat.

One of the things that I have never considered before is the suppliers of services.

In a freehold property the householder will decide which company supplies, say, the gas and electricity.

I mentioned this to the agent who showed me around the flat. He had no idea which company supplied the gas/electricity.

My question is: If someone moves into a flat do they simply have to accept the companies that supply the gas/electricity/water? Who decides which companies to use? What about value for money?

This flat is leasehold and not leasehold with a share of the freehold.

Thanks

Crashy_Time

anon_private wrote: »

Just been to view a flat.

One of the things that I have never considered before is the suppliers of services.

In a freehold property the householder will decide which company supplies, say, the gas and electricity.

I mentioned this to the agent who showed me around the flat. He had no idea which company supplied the gas/electricity.

My question is: If someone moves into a flat do they simply have to accept the companies that supply the gas/electricity/water? Who decides which companies to use? What about value for money?

This flat is leasehold and not leasehold with a share of the freehold.

Thanks

You can change companies as you please I believe, but unless there is heavy power usage I doubt it would really be worth it?

G_M

No one has any choice over water supplier.

But you can switch gas, electrics, landline suppliers.

You're stuck with whoever supplies building maintenance unless you team up with other leaseholders under RTM.

glasgowdan

Crashy_Time wrote: »

You will also still be paying off your own mortgage in 20 years, so unless you think interest rates will be near zero for all that time don`t over-pay now. 1 or 2% under someone`s delusional kite flying price is a joke, and many people are catching on to the joke judging by the way sales volumes are going?

Do you know how repayment mortgages work? https://en.wikipedia.org/wiki/Repayment_mortgage

anon_private

I have assumed, regarding flats, that surveys are not needed because the building owner is responsible for the external structure.

But then I viewed a flat with a large crack in the wall. Could have been plaster damage, but I don't know.

I have read the foot notes of properties advertised by agents, and they stress that their firms have not tested appliances, etc., and advise a survey.

Two points: Is a survey a good idea regarding a leasehold flat?

When should a survey be conducted, after an offer I assume, then it may be appropriate to amend the offer, or even withdraw?

Thanks

anon_private

Penitent wrote: »

Anon, can I recommend picking up a book on house-buying from your local library or book shop? Or reading a few articles about it? You sound a bit lost. (That's not an insult, I was fairly clueless when I started looking and that's what I did.)

For example, if you google "survey leasehold flat", you'll find loads of advice on which surveys you might consider.

I you have an opinion regarding my questions, please let me know

'Two points: Is a survey a good idea regarding a leasehold flat?'

'When should a survey be conducted, after an offer I assume, then it may be appropriate to amend the offer, or even withdraw?'

eddddy

anon_private wrote: »

I have assumed, regarding flats, that surveys are not needed because the building owner is responsible for the external structure.

I'm not sure if you understand how this stuff works.

Typically, the freeholder is responsible for arranging repairs to the building - but the cost is split between leaseholders.

So, for example, if you find a house converted into two flats, and you buy one of the flats - and the roof later needs replacing, you'll probably have to pay 50% of the cost of the new roof.

anon_private

I believe that in a block of flats the service charges and the reserve fund would be used

bouicca21

I believe that in a block of flats the service charges and the reserve fund would be used

And who do you think pays those?