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Buying a Flat? Points To Consider


With property prices on the rise more people will be looking to buy a flat as their first rung on the property ladder. The process is similar to buying a house, but there are some additional things to consider. A good solicitor will guide you through the process and provide you with full advice.


There are two types of property ownership, freehold or leasehold. With freehold you own the house and the land on which it is built, all flats however, are leasehold and you do not own the land or the building the flat is in. What you do own is a lease which is an exclusive right to occupy the flat for a fixed period of time.


The length of the lease is important and can be anything up to 999 years which will decrease over time. If purchasing with a mortgage most lenders will require a minimum of 80 years remaining on the lease.


You should consider the additional costs associated with a flat, namely, ground rent and service charges. Ground rent is payable to the Landlord who owns the land and building. Leases can include provisions for the rent to be increased at fixed intervals, normally by a small amount but beware as some increases can be substantial. Service charges are payable to whoever maintains the building whether that is the Landlord or a Management Company on his behalf. These costs cover the repairs and general maintenance of the building in which the flat is situated including the buildings insurance for the whole building, and any communal grounds and such like. Watch out, as service charges might only cover the general day to day maintenance not substantial repairs to the building, which could be charged as one-off payments; make sure you check your share of those costs. Again, the charges are not fixed but are a proportion of the expenses incurred by the Landlord or Management Company in fulfilling their maintenance obligations, all of which will be set out under the terms of the lease.


The lease will contain details of your rights and responsibilities, everything from the right to use the entrance halls to access your


flat, to your obligation to keep the flat in good repair. It will also contain restrictions such as no alterations being made to the flat without the Landlord’s consent or no pets being allowed.


You solicitor will obtain and provide you with a copy of the lease and will advise on your rights, responsibilities and obligations, they will also obtain the leasehold information pack provided by the Landlord or Management Company containing full details of ground rent, service charges and anticipated expenses supported by accounts and statements.


So when considering the purchase of a flat remember to budget for all these additional and ongoing costs and expenses and remember to check all the lease restrictions as your beloved pet may not be allowed.


For more advise contact Alison Wacey, Solicitor on 01905 730421 or email awacey@thursfields.co.uk


Worcester 01905 730450 | Kidderminster 01562 820575 Stourport 01299 827517 | Halesowen | Sedgley | Solihull | Birmingham


www.thursfields.co.uk


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