Flat Buying - Advice please

[WellChief]

Hi all,

I'm planning on buying a flat in the next few months, and am viewing a potential property tomorrow.  I'm not very clued up on the whole thing and wanted a list of questions to ask about the place when I view it so that I seem like I know what I'm doing, and in case there's any essential things that I need to know that I might forget to ask.

Any advice/links appreciated.

Thanks

Geo

[UpTheMariners]

most flats are leasehold so id ask how many years there is on that.

[redsimon]

Consider buying a house instead, I'd avoid flats tbh.

[Graham C]

I loved my first flat.   Little place near the centre of Reading.  Happy times.

You'll have to pay monthly/quarterly/annual charges for maintenance and/or the ground rent - need to know the costs of these. 

Ask who is responsible for communal areas - We had a large garden at the back that obv needed gardening, but we hired a gardener for this. 

Council Tax band ? (Don't forget to pay it )

Parking?

Happy hunting.

[boldie]

I loved my first flat.   Little place near the centre of Reading.  Happy times.

You'll have to pay monthly/quarterly/annual charges for maintenance and/or the ground rent - need to know the costs of these. 

Ask who is responsible for communal areas - We had a large garden at the back that obv needed gardening, but we hired a gardener for this. 

Council Tax band ? (Don't forget to pay it )

Parking?

Happy hunting.

the above pretty much covers it..there isn't always a factor (someone/company who takes care of maintenance) so not always a regular charge for maintenance..you have to ask how that works...

[Tonji]

Check out your neighbours, above & below, they could be running a crack house. Good Luck.

[boldie]

Check out your neighbours, above & below, they could be running a crack house.

he's not buying in Glasgow

[ripple11]

most flats are leasehold so id ask how many years there is on that.

Yes its difficult/impossible to get a mortgage for less than about 70 years.Most companies want at least 90+ years.
However nowadays, some flats (usually house conversoins) don't have a lease , but a share of the freehold, which is generally better.

Always try to look one step forward and say to yourself, how easy would it be to sell that flat in years to come. ie it might look good value now ...but is it near a railwayline/ under a flight path/ poor neighborhood.

Much better to find a property that needs some work in a good area (so you can add value)., rather than the opposite.


Good Luck!
.

[Dingdell]

Ask about gas/electric. A lot of flats don't have gas connected so all the heating is through the electric - some have underfloor heating and this can affect what flooring you put down.  This can be quite expensive to run.

If you are really interested int he property and want tomake an offer ask to see their recent utility bills just so you can get a real idea on how much it costs to run the place.

Always view during the day but visit the area at night to see what's going on locally. If the drug dealers use your doorway to do their business you may think twice (or snap it up).

Also ask how quickly they want to move - if they want a quick sale and you are a first time buyer without a chain you are in a good position to negotiate - especially if they have found a property and don't want to loose it.

If the property is leasehold it probably has a management company - often these are now owned and run by the residents of the block. Ask them what their involvement is in that - gives you a good idea of neighbourly relations and how it's run.

You also want to know if there are any large rennovations/repairs expected/planned as you may want to be exempted from those as the new owner. The management company should run a 'sinking fund' where money is saved to allow for big and/or unexpected outlay. If there isn't enough money saved for those you don't want to have to cough up as you have only just got there. It's not your responsibility (IMHO) to pay for works caused by wear and tear etc before you got there.

A lot of this will be covered by your solicitor but if you're interested in the property it's worth asking casually, it saves your solicitor doing loads of work on the property only to find out you need to stump up £5 once you move in and it's a no go.

Lastly - some solicitors now offer a no sale no fee scheme. If the property falls through from no fault of yours then you don't pay any fees to the solicitor for the work they have done. I have bought a lot of property over the years and this is invaluable option.

Good luck and enjoy - nothing so exciting as getting on the property ladder.

[WellChief]

Cheers everyone all good advice, I should be alright with the neighbours/resale etc as its a nice area, even though it is in Glasgow haha.

[ACE2M]

buy a house, find a decent terraced area and get a decent house for the same price as a flat.

look for double glazing and modern heating system and have a good look around it's environs if you are interested in it, is it 50 yards from a big pub etc.

Get a decent local solicitor preferably on recommendation, don't get one of the cheap ones off the internet, they suck.

[Graham C]

Yes its difficult/impossible to get a mortgage for less than about 70 years.Most companies want at least 90+ years.
However nowadays, some flats (usually house conversoins) don't have a lease , but a share of the freehold, which is generally better.

One of my mates bought a flat that was freehold and he had real troubles with the mortgage company because of this for some reason.  Seemed crazy to me, I'd have thought it was the ideal situation, but it's worth asking about.

[WellChief]

Just did a bit of research into this freehold/leasehold thing, and it doesn't seem like the same rules apply in Scotland as in the rest of the UK.  As far as I can tell when you buy a flat you have the right of tenancy as long as you own it. Does anyone know any different?

[boldie]

Just did a bit of research into this freehold/leasehold thing, and it doesn't seem like the same rules apply in Scotland as in the rest of the UK.  As far as I can tell when you buy a flat you have the right of tenancy as long as you own it. Does anyone know any different?

you should be fine in Scotland..freehold is an England thing as far as I know...