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Should I buy an old ‘new build’ development property

4 replies

itsmehere1 · 16/05/2018 13:03

Hi! I’m looking for some advice. We are planning to put an offer on a new build but as the subject says it’s current owner have owned it for about 10 years since its development. The house itself is 3 bedroom terraced house with a parking alloted. The bedrooms are good sized and not smallish at all. The garden is very small but we are ok with a low maintenance garden.The house itself is freehold but there is an annual maintenance fees of £450 which we are slightly worried about. As the owner says she is not aware of any cap on it but the fees have remained same for the last 10 years. The development is small consisting of 10 houses and a block of around 35 flats. It is developed by a small estate builder. As we have only ever looked at Victorian/1930s houses, I wanted to check what all other criteria’s should I consider before putting an offer. Please help. Thanks.

OP posts:
itsmehere1 · 16/05/2018 15:20

Anyone ?

OP posts:
madvixen · 16/05/2018 15:23

I would check if there are any covenants on the property. These can be hugely restrictive and can last for the lifetime of the property with some developers. Hubby and I very nearly got stung with this last year

AntiHop · 16/05/2018 15:24

Is it a Leasehold?

ISeeTheLight · 16/05/2018 15:52

You need to get yourself on the "Home Owners Rights Network" Facebook group. Lots of great advice there. Beware the management fee! Often this doubles every 10 year (which would be soon) with no cap. Be very careful.
Also agree with madvixen to read the convenants thoroughly - there often are very restrictive clauses.

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