Help with what you need to ask when buying a flat.

[Spring025]

One of my DC is hoping to buy a little studio flat to stop paying huge amounts in rent near his work, we're going with him to view a place at the weekend. We've never bought a flat before, it's been 20 years + since we bought a house and i feel a bit clueless about the whole thing.

The details say the flat has a share of freehold, a lease of 125 years, ground rent of £50 a year and service charge of £1100 a year. It has a poor energy rating (E) as it is solid brick with no insulation, and electric heating/immersion. It's small but it's what he can afford in a good spot for him in a popular SE town.

Can anyone tell me anything we should be asking/finding out/checking when buying a flat? I don't really know where to start. I can put up the link to the property if that is helpful. Thanks!

Honestly, leave it to the conveyancer

Who are the other freeholders? Are they owner-occupiers? What happens to the lease in 125 years?
Who manages the property? How are decisions made about services and maintenance? When and how do the freeholders meet?

Parking?
Current heating bills

What floor is the flat on?

Studio flat is quite limiting but in the right location could be a good first step.

My son bought a small flat. The ground rent charges are extortionate. He is currently selling to move to a house.

You don't find out a lot until the conveyancing process.
I wouldn't buy a studio flat though

Watching this thread with interest as I'm in a similar position and will be a first time buyer later this year. The only thing I can think of that hasn't been mentioned so far is to find out what the service charges do and don't include.

I'd be interested to see the flat.

Something else to bear in mind:

Over the last five years, the average value of a flat has increased by 7 per cent compared to house values increasing by 24 per cent.

https://www.thisismoney.co.uk/money/mortgageshome/article-14438715/Price-gap-houses-flats-hits-30-year-high-buyers-prioritise-bigger-homes.html

Thanks for the advice, I guess I didn't want to wait until conveyancing to find out something horrible that we should have asked from the start. The cost of the studio is more than the cost of our first 2 bed house :-(

This is the property:
www.rightmove.co.uk/properties/159386981#/?channel=RES_BUY

I found this useful when helping ds. https://www.lease-advice.org/article/buying-a-leasehold-flat-10-things-you-should-check/