Flats
It is a fact that although flats are often the cheapest type of residential property they often provide the largest number of complications during the course of a transaction, for instance:
Flat Leases
These are often poorly drafted with inadequate plans and descriptions. We are very experienced in advising you on whether or not a Lease is acceptable not only to you but as security for your mortgage lender. We can seek to negotiate Deeds of Variation for you where the existing Lease is inadequate.
Management Issues
In any block of flats, however small, there must be an acceptable management structure to ensure the building is properly maintained and your investment protected. Whether you are buying or selling we will check:
1. What level of service charge you are likely to pay and whether adequate reserves are being built up to cover future large expenditure. We will check that there is no immediate prospect of substantial expenditure on the building which might lead to a substantial increase in service charges.
2. We will advise you on the structure of the management (i.e. whether or not this is being carried out by the landlord or through agents or through a Tenants Association), whether or not the management appears to be effective and whether or not there are disputes over management within the building.
3. We will investigate the freehold title to the building and carry out searches on any companies involved to seek to establish their solvency. If the landlord or management company are insolvent this will have a big impact on the management of the building.
Leasehold Enfranchisement and Lease Extension
Where appropriate we will advise you on issues which you may need to consider regarding your lease during your ownership of the flat. Click on notes regarding Leasehold Enfranchisement.
Arrears of Rent
We will check whether or not there are any arrears of rent or service charge and if necessary agree retentions or price reductions to ensure that you are not caught with payment.
See also the links below for other aspects of transactions involving flats as well as other property.