Buying a leasehold flat
Below are some questions that are meant to assist those new to buying a leasehold flat when seeking advice and information from solicitors, conveyancers, sellers and estate agents.
- Ask the estate agent or your solicitor for a copy of the lease.
- When and how is the service charge and ground rent payable?
- Are the payments annually, quarterly or half yearly?
- Ask for a copy of the last service charge accounts.
- What are the parking arrangements?
- Are pets allowed?
- Is there an age restriction on the lease?
- Is subletting or buy to let allowed? If yes what fees might be payable?
- Do I need permission for alterations and subletting?
- Are satellite dishes allowed?
- Is the tv aerial ready for digital switchover?
- Is there a residents association?
- Do I have to become a director and shareholder or member of a residents management company?
- Is there a plan for major works for the building? If so what works are planned for the near future?
- Is there a reserve fund to offset the cost of future major works?
- Are service charge monies kept in a separate trust bank account?
- Is the annual statement of account for service charges checked by an independent accountant?
- Is there a problem with arrears at the development?
- Is the managing agent a member of a recognised trade or professional body?
- Has a fire risk assessment of the common parts been carried out?
