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Will management co request buyer's credit rating when buying a leasehold flat?

6 replies

CatAndHisKit · 08/09/2020 00:41

In terms of the new owner being able to pay yearly service charges on that flat? Either credit check or income check?

OP posts:
CatAndHisKit · 08/09/2020 00:42

Leasehold that is, I thikn it's unlikely if it's share of freehold.

OP posts:
Bells3032 · 08/09/2020 00:46

I Wouldn't think so. You'd either have lots of cash or a good enough credit to get a mortgage

MinnieMountain · 08/09/2020 06:58

No. Assuming you're in England or Wales.

The only buyer checks I've ever come across are if the property is of a specific type e.g. over 55s only.

RemyHadley · 08/09/2020 07:07

No, never heard of a mgmt co doing that.

CatAndHisKit · 08/09/2020 18:55

that's great, thank you!
Interesting re over 55s, Minnie, as they actually get a better price and soon to be on a pension.

OP posts:
20questions · 08/09/2020 19:38

@CatAndHisKit But the service charges can be crippling on these over 55 years developments.

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