Article
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Leasehold flats: the questions that slow a purchase down
Service charges, lease length and building safety: where most leasehold purchases lose time, and how to get ahead of each.
By
Priya Natarajan
Buying a leasehold flat takes longer than buying a house, mostly because more people are involved. Three areas cause most of the delay.
Service charges
We ask the managing agent for the service charge accounts, the budget and any planned major works. Agents can be slow, so ask the seller to order the management pack as soon as your offer is accepted.
Lease length
Mortgage lenders often want a lease with well over 80 years left. If the lease is shorter, the seller may need to start an extension before you buy, which adds time and cost.
Building safety
For some buildings, lenders and buyers need information about cladding and fire safety. If it’s missing, the purchase can stall until it arrives.
None of these is a reason not to buy. Each is a reason to ask early.
This is general information, not advice on your situation.
This is general information, not advice on your situation. For advice, start a matter or call 020 7946 0958.
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