Thinking of Buying an Apartment? 4 Things to Consider
Our Head of Conveyancing Jackie Roe shares what to consider when thinking of buying an apartment.
- Location, Location, Location
Check out the surroundings. Introduce yourself to your potential neighbours, if you can, and check if any of your neighbours have arrangements such as Airbnb, student accommodation or short-term lets, all of which could impact on who is living next door to you and your quality of life. - Management and Maintenance
Living in a flat or apartment means that you are also taking on obligations for the whole building. Management arrangements can vary greatly. If the flat is in a smaller converted house it may be run by a residents’ company; with one or two owners responsible for collecting service charges from the other residents and dealing with the building’s maintenance. Larger blocks tend to be professionally managed but there is often a price to pay for this. - Escalating Ground Rents
Modern leases often contain escalating ground rents, which come into effect after 10, 15, 20 or 25 years and increase in line with the RPI. Ensure you understand the terms before buying and check your lender will accept these. - Your Lease
Leases are complex documents. Older leases are often poorly drafted and not in line with current lender requirements. Make sure you understand yours by asking your solicitor to explain exactly what you are taking on before buying.