Our experts solve your home dilemmas.This month, we take a close look at what you need to know when buying a property
Q What are the most important questions to ask when viewing a house?
Luke Saywell, a Partner at Gascoines who has been involved in the family business for 10 years, says…
When viewing a house, it’s easy to get swept up in the excitement but there are a few key questions to ask the agent or current owner before you make your decision. One potentially costly mistake is not asking about the boiler. Finding out the age of the boiler and the date of its last service will indicate if it needs replacing in the near future. Similarly, any work that’s been done to the house, such as an extension, requires the right certifications to prove that it’s been done within building regulations. While the house itself is important, the surrounding area and external factors shouldn’t be overlooked either. Potential buyers should always ask about the neighbours – it’s advisable to have some idea of who might be living next door to you. Parking facilities, local transport links and distance to amenities are vital aspects to question too, as they can all impact your lifestyle, which should be considered when moving into an area.
Q I’ve heard about hidden fees like leasehold and estate fees – what are these and how can I find out the potential costs?
Matthew Sabine, a Partner in the Residential Property & Conveyancing team at law firm Thomson Snell & Passmore, explains… The two main types of property in England and Wales are freehold and leasehold. Freehold means you own the building and land on which the building is situated. Leasehold means you don’t own the land, only the part of the building which is let to you under the lease.
With leasehold, you’ll likely pay a service charge towards the cost of maintaining the structure and communal areas of the building and grounds. When you buy a leasehold property your lawyer should make enquiries to confirm the amount of service charge for annual costs (such as insurance) and for major expenses (such as roof repairs). The law states that a service charge must be ‘reasonable’ and if the cost is over £250 per property, each leaseholder must be consulted.
With freehold, you’ll be responsible for maintaining your property but may pay an estate charge for
