Researching a Flat prior to purchase

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We have seen something we like which is not yet on sale but will. How do we find out details of the lease etc so we can confirm it would be mortgagable. Thanks

Not sure what you mean. Do you mean how long the lease is?

Try searching Right Move historic sales (house prices on menu) for that flat and see if there are old details online from the previous sale? Or, you wait for it to be put up for sale and ask the agents.

Hi OP, you can research the lease details on the land registry (assuming it is leasehold). There should be two titles for the property: 1. The freeholder 2. The registered lease once assigned. Beware of any lease below 72 years (mortgage unlikely) although many lenders are now moving to not lend in leases below 99 years. Look for ground rent costs in the current lease and when they increase. Also check if the lease requires a payment to the freeholder before works can be carried on in the property (some state you have to get permission at a cost to carry out works like new Kitchen etc which is very expensive if you plan to renovate). If you are taking the flat directly below the loft, check who owns it. Ditto roof repair expense. I’d want to see the sinking fund (assuming there is one for exterior decoration, common parts etc) and also the cost of the maintenance and insurance too. Be aware that asking for this info can attract a cost. I’d budget another £750 for the cost of your solicitor asking the freeholder specific enquiries and lease assignation. There is no way around the charges- you need the info, and they are entitled to charge before and after completion. Hope that helps! Good luck!

@pradaqueen Are you sure your info is correct? Happy for you to say yes!

My DD is looking to buy a flat (has made offers) and had no issues for mortgages with leases of under 99 yrs. Most flats have leases under this and if not it's easy and relatively cheap to extend the lease.

Never come across payment for doing up a kitchen.

Roof repair is surely covered by payment of monthly maintenance fees? Ground rent is also payable.

Lease extensions generally get a lot more pricey if you have less than 80 years left, hence the difficulty with obtaining mortgages.

Check the ground rent and services charges. Is there a sinking fund for big unexpected repairs. Has general maintenance been regularly carried out. Any disputes with the freeholder? Is there a management company - look at the accounts? What areas do you personally have to or are expected to maintain? If there is any outside space what access do you have? If there are any parking spaces, can you use them as a first come first served or a numbered space. Are the other flats rented out ( you may find yourself doing the bulk of putting in/bringing in bins, throwing out junk mail in communal areas etc.)

Hi QueenoftheNights, yes info is correct. I buy a lot of properties at auction and income generating permissions are not unusual by any means. And yes lenders are tightening up lending criteria. Won’t stop offers being accepted, but completion may be an issue in time.

Pradaqueen thanks for your comprehensive advice. Leases can cost thousands to extend and asking the freeholders for permission to even change a window is common. Our friends flat sale got delayed when it became clear that THE PREVIOUS OWNER had not sought permission. Excellent piece on the main issues surrounding lease hold properties