Buying a flat is often the only option for people living in the city or other highly populated areas and although the process is similar to that of buying a house there are a few differences that potential buyers need to be aware of with regards to hidden charges and extra annual payments.

Finding the perfect flat
You will undoubtedly have a geographical area in mind when you go flat hunting. However before you make any final decisions you should research the area thoroughly with regards to the public facilities available, the transport links and the local crime rates as you don't want to buy a flat in a seemingly beautiful area only to be burgled within the first few months of moving in. Once you have found an area that seems suitable and offers all the things that you will need, such as schools, doctors, shops and good public transport options then you can start to look around the estate agents for your perfect flat.

Leasehold or freehold?
The main difference between buying a house and buying a flat is that most flats are sold on a leasehold basis. This means that you actually buy the lease to the flat which allows you to rent for a large number of years but the flat itself still belongs to the landlord or freeholder. This means that in addition to your mortgage payments you will also have to pay an annual ground rent and service charge which is used to maintain the communal areas of the building and to make any repairs that may be needed. Often the ground rent is a nominal figure and is rarely in excess of £100 however the service charge can vary considerably and it is important that you get a copy of the lease early and work out how much the extra payment will cost you each year. The lease should also stipulate if the service charge is due to increase each year or if it is a fixed rate.

It is also important to find out how long is left on the lease as many mortgage lenders stipulate that the lease should run for at least 30 years after the end of the mortgage term, or in other words, for a total of at least 55 years as the majority of mortgages today are taken over a 25 year period. Anything less than this can cause problems and many lenders will give a definite 'no'. However if you can afford the higher repayments, you may be able to have a 15 year mortgage and still buy the flat of your dreams. If you do decide to do this however you must remember that in the event of you later selling the flat, any potential buyers will have the same problems and it may be very difficult to get a successful sale.

Surprisingly, a number of flats are still sold on a 'Share of Freehold' basis rather than leasehold. This means that when you buy the flat you also buy a share of the land on which the building stands and so you become part of a 'co-op' landlord scheme along with all of the other residents in the building. While you may think that this is a potential plus it can cause a lot of arguments, especially when repairs need doing and you have uncooperative neighbours who don't want to pitch in for said repairs! You may also find that some mortgage lenders say 'no' when they find out that the property will be bought on a 'Share of Freehold' basis.

Questions to ask the vendor
Many people who find the flat of their dreams often jump in with both feet and later regret not asking the important questions first. You should take the time to put together a list of questions that pertain to the property before making any offers or signing any documents as once the contracts are signed and exchanged you will be liable for the flat and all the extra charges associated with it.

Firstly you should ask both the vendor and the landlord if there are any major works proposed for the next few years. Occasionally items such as windows and doors need replacing with, for example, uPVC. If you own the flat then you will be expected to pay your fair share, regardless as to whether you have only lived there for a few weeks or months. Major works have to be discussed and approved up to two years in advance so as to give you adequate warning of the charges, thus by asking you can find out if anything is coming up before you receive a surprise invoice for the work!

Next you should enquire when the last survey of the property was done as the mortgage lender may by default only request a simple valuation report and this doesn't mention any physical defects that may have arisen or the overall condition of the flat and the structure of which it is a part.

Thirdly you should ask about the fixtures and fittings included in the sale and how the utility bills are paid as in some older blocks of flats the bills are included in the service charge, which means you may be paying for more gas and electricity than you are actually using. You should also ask about the rules regarding pets, noise levels and visitors and anything else that concerns you � you may only have one opportunity to ask them so don't be embarrassed to do so.

Conclusion
Buying any property can be confusing however with the numerous hidden charges and extras, buying a flat can be even more complicated and expensive if you don't read the lease and do your research properly. Luckily most reputable estate agents will do much of the work for you and explain the charges and hidden extras before you decide on anything, meaning that finding your perfect flat may only be a few phone calls and viewings away.
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02 July 2009
Stunning 2 bed FTB river side apartment..
fantastic ftb opportunity to purchase 50% share of very light & spacious 2 bed apartment. this second floor property comprises of entrance hall with handy full height storage cupboard; 2 good size bedrooms; open plan living/dining room; kitchen with fitted units. .
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NEW 2 Bed Flat Bermondsey Tube (zone 2) MUST SEE..
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