Buying Flats & Apartments

8 January 2022

If you are looking at buying a flat then here are a few things that you need to know.

How many floors are in the building?

Many lenders do not accept high rise properties, so if you are looking at a flat that is within a block of more than 5 floors please contact us for help.

Does the property have any external cladding?

Following the Grenfell Tower tragedy in 2017, lenders require an ESW1 Certificate if any external cladding is visible. This is supplied by the property owner. If you are looking at flats with external cladding make sure you ask the agent about this. Contact us for help if you have any queries regarding ESW1 forms and certificates.

Why do flats need to be leasehold?

When you buy a leasehold flat the landlord owns the property and you lease this from them via a leasehold agreement. The reason that flats are sold leasehold is so that any structural repairs can be enforced and carried out without the permission of every home owner in the building. So if the roof is leaking, the landlord can take action to repair it, it is not the responsibility of the flat owner on the top floor. Your solicitor is the best person to provide you with advice specific to any lease agreement. Mortgage lenders will usually require a remaining lease term of 30 years plus the term of your mortgage, so on a 35 year mortgage that is a total of 65 years. It is important to establish this before offering on a property so ask the agent to confirm this.

Service charges and insurance:

Leasehold flats usually include a monthly service charge. This is to pay towards maintaining the building and will often include insurance. It is important to consider this when calculating your monthly budget.

Flats above commercial premises:

Flats above commercial premises may be unacceptable to some but not all mortgage lenders. It’s important that you understand the potential implications of buying a flat above a commercial property, not just from a mortgage perspective but also in terms of your successful long term property ownership. Buying a property above a takeaway, restaurant or a shop for example may impact the future saleability of the property. So when you come to sell you may find it difficult to find a buyer. Your buyer may also struggle to get a mortgage. A number of niche lenders specialise in this type of property, so if you are looking to buy a flat that is above or near commercial premises please get in touch with us and your dedicated mortgage broker will be able to help and advise you.

Buying ex council flats:

Most lenders have separate criteria for ex local authority flats. This can restrict the number of mortgage products available to you and may also require you to have a bigger deposit. Chat with our broker about this.

Find the best mortgage to buy a flat:

Your mortgage broker will be able to quickly find you the best mortgage available which is suitable for your flat or apartment. Simply start here to get full advice and a quote:

Now that you have filled in this form why not find out more about us?

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