Advice for Buying a New Build Flat
The purchase of a new build flat brings with it additional complexities beyond that of an established Leasehold property. You will be granted a brand new lease which will be the basis on which you and, all subsequent purchasers, own the property therefore accuracy is of paramount importance.
Our experienced team at Ison Harrison are able to negotiate the provisions of the lease and offer concise guidance with respect to the following issues:-
- The length of the lease term
- Ensuring any rent payable is easily established and reasonable i.e. does not double every 5 or ten years
- Ensuring the amount of and, your obligations with respect to, service or maintenance charges are clear
- Membership or shareholding with respect to any Residents Management Company
- Your rights with respect to your property and the broader development or building
- Any restrictions, covenants and regulations that may impact or affect your intended use of the property
- Any other onerous or unfair provisions in the lease
- Any requirements with respect to the future sale of the property
- That all necessary Planning Permissions, Building Regulations approvals and any New Home Warranty are in place
