Checklists
Checklist provided by |
|
|
 |
Choose a Legal Company that specialises in flat purchases via leasehold agreements. | |
|
Research the market. | |
|
Budget for the move, including additional monies. For example, most legal companies will charge you an additional £100 to purchase a flat versus a freehold property. | |
| |
Carry out mortgage research and find out how much you can borrow and be aware that some mortgage companies restrict borrowing on flats over shops or in converted properties. | |
| |
Research the Estate Agents and directly with New Build Developers, find ones that specialise or have sold a lot in the blocks you are considering. | |
| |
Identify and brief the developers and agents about the property you want to buy. | |
| |
Carry out viewings, making specific checks for noise from above (or below) due to laminate/wooden flooring, also from communal areas late at night or early in the morning. Check too how well/badly the outside and communal areas are maintained. | |
|
Ask for the leasehold document and check what the lease length is for the property. Note anything less than 80 years could mean you CAN'T secure a mortgage and may have problems selling it in the future. | |
|
Find out what restrictions they are, for example, can you rent rooms to other people, what noise restrictions are there, what can you alter in the property? | |
|
Check what the current and next three years service and ground rent charges will be. Is there any major works required? | |
|
Make an offer on the property subject to an independent property survey. | |
|
Contact us to find out what to do if your offer is rejected. | |
|
Offer accepted. | |
|
Organise an independent survey. | |
|
Finalise your mortgage offer and insurance. | |
|
Manage the purchase of your property, ask the legal company for a list of the leasehold restrictions and also for confirmation of future service/ground rent charges. Finally make sure you know of any major renovation works requiring additional funds in the future eg a new roof. | |
|
File your paperwork carefully - you'll need the paperwork when you come to sell. | |
|
Organise your removals/packaging subject to exchange. | |
|
Exchange contracts. | |
|
Organise change of address. | |
|
Complete your purchase and move in! | |
|
Pay the stamp duty and check the SDLT forms have been filed. | |
