Checklist provided by
|Choose a Legal Company that specialises in flat purchases via leasehold agreements.
|Research the market.
|Budget for the move, including additional monies. For example, most legal companies will charge you an additional £100 to purchase a flat versus a freehold property.
|Carry out mortgage research and find out how much you can borrow and be aware that some mortgage companies restrict borrowing on flats over shops or in converted properties.
|Research the Estate Agents and directly with New Build Developers, find ones that specialise or have sold a lot in the blocks you are considering.
|Identify and brief the developers and agents about the property you want to buy.
|Carry out viewings, making specific checks for noise from above (or below) due to laminate/wooden flooring, also from communal areas late at night or early in the morning. Check too how well/badly the outside and communal areas are maintained.
|Ask for the leasehold document and check what the lease length is for the property. Note anything less than 80 years could mean you CAN'T secure a mortgage and may have problems selling it in the future.
|Find out what restrictions they are, for example, can you rent rooms to other people, what noise restrictions are there, what can you alter in the property?
|Check what the current and next three years service and ground rent charges will be. Is there any major works required?
|Make an offer on the property subject to an independent property survey.
|Contact us to find out what to do if your offer is rejected.
|Organise an independent survey.
|Finalise your mortgage offer and insurance.
|Manage the purchase of your property, ask the legal company for a list of the leasehold restrictions and also for confirmation of future service/ground rent charges. Finally make sure you know of any major renovation works requiring additional funds in the future eg a new roof.
|File your paperwork carefully - you'll need the paperwork when you come to sell.
|Organise your removals/packaging subject to exchange.
|Organise change of address.
|Complete your purchase and move in!
|Pay the stamp duty and check the SDLT forms have been filed.