Buying A Flat
If you are planning to sell or move into a flat then you will be involved in “leasehold conveyancing”. This is much more complicated than Freehold conveyancing. In these cases it is important check that the Lease for the property has been correctly drawn up and that it does not include terms that would be unfair to you or unacceptable to a mortgage lender.
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A lease is typically 60 - 100 pages long and will usually include a plan of the estate including the common areas such as garages, driveways etc. and a floor plan of the leasehold property. These must be checked carefully to ensure that you have rights over them.
As most leasehold properties are in a block of several flats or maisonettes they are often run by management companies or tenant's associations. Checking that any management company or tenant's association is properly formed and that the running of the estate is properly managed is vital. We raise a number of questions of the Management Company or association to establish how the estate is managed and by checking the management accounts. We may require copies of management accounts, recent service charge statements and confirmation of payment and recent ground rent receipts.
We also check that the property is adequately insured.