What do flat owners need to know before buying.

[Wingedharpy]

I have a friend going to view a flat next week.
Neither he or I have ever lived in a flat.
He asked me what sort of things should he be asking agent when he views.
I mentioned service/management charges and leasehold costs etc.and parking.
Anything else he should consider?
Would appreciate views from those experienced in flat dwelling - what do you wish you'd asked about in retrospect?

Thank you

Which country are you in actually? There are different rules/laws in different countries.

How many years are left on the lease?
If less than 80 years left, will the current owner start the procedure for extending the lease? Lenders do not like to lend on short leases.
Is the flat above a shop? Lenders do not like to lend on flats above shops.
Is it share of freehold? If so, does that mean he will be a freehold owner and a proprietor on the freehold title, or a member of the management company with a 1% share.
Find out what the ground rent per annum is and how often it goes up and by what multiples?

Will that do for starters?
If a top floor flat, does he have access to the loft and can use it for storage, even though the loft area would not be owned by him.

That's why I've asked which country OP is from. Leasehold is a very English thing.

We live in a flat. Questions I'd ask would be:

What is the service charge - and what has it been historically
Are the flats owner managed or is there a professional management company (we are owner managed and it saves a fortune)
Are there reserves built up for big works like roof or windows - you don't want to be stung with a big bill, better to save gradually.
I'd also ask to see the accounts from the management company to have an overview of the management of funds.
What is the ground rent and what is built into the lease for it to increase?
Length of time left on lease.
Any antisocial behaviour - you're a lot closer t your neighbours and if one of them is a drug dealer it will impact a lot more than if it were someone down the street. Speaking from bitter experience.

I'd check soundproofing if possible - even just asking someone to make noise downstairs or in the hall to see what I can hear.

Our flat is great and I'd much rather live here than a house. We're currently extending the lease and our ground rent will reduce as a result to a peppercorn, so some of the ongoing expense of being a leaseholder is reduced. We would have had 83 years lef on the lease were we not extending and that gives a future issue for selling as mortgage companies tend not to want to lend on leases less than 80 years. If the flat is approaching 80 years or so on the lease try to get an extension included as part of the purchase. It's a ball ache and tens of thousands of pounds.

UK flat Tronald.
Good for starters Spickle.
It's a purpose built block, so no shop issue.
It's first floor and there are residents' garages below.
Garages belong to specific flats so not a multiple garage space.

OP! UK doesn't really answer anything. Are you aware there are four countries in the UK??? I assume you are English now from your reply/attitude. No one from Wales would have said that. No one from Scotland would have said that. No one from Northern Ireland would have said that.

Sòoooooo sorry Tronald.
Sadly, you are correct - I'm in England!
I am of Irish extraction and am married to a Scot and my flat seeking friend is Lebanese so I'm not really a little Englander!

Yes you are or you wouldn't have replied like that.

Anything else to add to Spickle and Nouveau's excellent posts Tronald?

It just popped into my head that another thing to look out for/ask about is heating and power. We only have electricity and it's pretty annoying and expensive, though we do have fairly efficient heating (underfloor and ceiling based). Friends have a flat with those crappy electric radiator things on the wall and they're both expensive and useless so it's worth looking at how the flat is heated.

Leasehold is a very English thing.

I've never bought a flat in England or anywhere else. What do Scotland, NI and Wales have instead of leasehold?
Does that mean that those countries have not had this problem with new builds being leasehold?