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Should I buy or not??
bartsimpson
Posts: 745 Forumite
Just had an offer accepted on a leasehold 1-bed flat. I am a cash buyer/investor wanting to buy to let.
My solicitor is now informing me of several issues with it:
1) The ground rent goes up in 2030 to over £250/yr which means that under ground 8 of the housing act, it's extremely unlikely that mortgage companies will lend against the property.
2) The EPC is E, but very nearly an F. It's ok for 10 years but if it drops to an F then the property can not be let out.
The solicitor is now advising us to get a survey done. I've looked into the cost and it's around £400.
£400 plus the fees our solicitor has racked up already seems like a lot of money to be completely wasted if we pull out. But I don't know if we're being too cautious - we're getting the flat for a pretty good price.
Can anyone advise on the best course of action?
Thanks in advance...
My solicitor is now informing me of several issues with it:
1) The ground rent goes up in 2030 to over £250/yr which means that under ground 8 of the housing act, it's extremely unlikely that mortgage companies will lend against the property.
2) The EPC is E, but very nearly an F. It's ok for 10 years but if it drops to an F then the property can not be let out.
The solicitor is now advising us to get a survey done. I've looked into the cost and it's around £400.
£400 plus the fees our solicitor has racked up already seems like a lot of money to be completely wasted if we pull out. But I don't know if we're being too cautious - we're getting the flat for a pretty good price.
Can anyone advise on the best course of action?
Thanks in advance...
0
Comments
-
How many years left on the lease?
How long are you planning on keeping it until? Can you extend the lease and lose the ground rent?
Large block, or small with chance of 'share of freehold' eventually?
EPC can be improved. What form of heating and windows does it currently have?2024 wins: *must start comping again!*0
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