Buying a flat

This section give you information on buying a flat

Buying a flat

If you are thinking of buying your flat (or your maisonette if you live at Kingfisher Court) you should be aware that some people have difficulty when attempting to sell later on. Difficulties usually arise with high-rise flats because some lenders are reluctant to offer mortgages in blocks with more than four storeys. High levels of service charges can also put people off.

Before you decide to buy it is worth speaking to estate agents, surveyors and lenders to see what their views are on the marketability of flats in particular areas. It might also be useful to speak to other people who have bought flats in the same block or on the same estate to see what their experiences have revealed. .

What have you bought?

The council, as landlord, owns the land and the building of which your flat forms a part. This is known as the freehold. The council sells you a lease of your property and rights to use common areas.

When the council sell properties to leaseholders it does so by granting to each of them a long lease, usually for 125 years (99 years for properties at Kingfisher Court). The lease is the legal agreement between the council and you. It sets out responsibilities for the property.

The lease says;

•  What each side in the agreement must do;

•  What each side must pay for.

Back to Leaseholders Guide