UKC

I've had an offer accepted on a flat and not sure if to go for a survey or what type of survey to go for? Never lived in or owned a flat before.

The flat is in a purpose built block (32 flats over 3 floors). The block was built in the 80's but is well maintained and modernised inside and out.

The flat (1st floor) has been empty for a number of years after the tenant was taken in to care and has been completely gutted i.e all services turned off and kitchen and bathroom suite have been removed etc. It is currently just a shell which requires a total internal renovation including electrics, kitchen, bathroom, plaster etc.

My last property (house) I had a full survey costing about £1000 completed but that seems overkill for this flat being within a purpose built block.

Any advice appreciated

In reply to Alan M: Is there anyone in the building you could ask some questions? they will know more about the building than a surveryor who may or may not find anything you wouldn't be able to find out yourself.

You may pay upwards of £1000 and for this you get a caveated document detailing all the things that you need to have checked out but specialists like electricians and plumbers etc. It is non-destructive.

I wouldn't waste my money on having another one done after being stung when buying our first house 2 years ago.

In reply to higherclimbingwales:

I don't personally know anyone but I suppose I could phone the management company or knock on a neighbouring flat or two?

My family are all in the building trades so I have had advice of them so far. My sisters husband is an electrician he diagnosed full rewire and will do the work. Dad is a general builder he's had a quick look didn't report anything of major concern and said that he'll send a few of his lads in to gut the place further repair and replaster the lot etc.

Structurally the block looks sound.

I paid about £1k for a full structural survey for my last house but that was because the mortgage etc. I'm just not sure if I need one in this instance but something is telling me to get one done.

When you say stung? did they miss something major?

In reply to Alan M:
This would be all the survey I would need to put my mind at rest.

Yeah, our surveyor missed a rotten lintel strap on a fireplace that had to be fixed (could have fallen down). Granted, it was hidden behind some plaster (hence the limitation of it being non-destructive) but the builder we got in to do the work said that it was quite a common thing in buildings of this age.

In reply to higherclimbingwales:

You are probably right, I think I am in that nervous part of the sale not far from handing over a shed load of money (for me) and nervous I get a hidden shock. Like you say a surveyor can miss something's also, though I suppose if there is an issue I have the right people to fix it.


Sounds like a costly experience?

In reply to Alan M: Yeah, and when they miss things, there is very little you can do about it because of the caveats in the document.

The total cost to repair was about £1500.

In reply to Alan M:

An important thing with these types of blocks is whether there is an established sink fund to pay for common area dilapidation. For example the building which houses my apartment in Tokyo has a fund north of $1m. This has been built up over the years by owner contributions through the monthly management charge.

In reply to SARS:

Good shout, all I know so far is that my solicitor is checking that/something similar out. Part of the monthly management fee goes on an active maintenance schedule.

Within the last 18 months all communal areas have had full refurbishments. Visually I am very happy with how the block looks considering it was built in the 80's it looks very well maintained. The carpark and communal gardens have also recently had refurbishment so I would guess that there must be something similar in place?

In reply to Alan M:

It sounds well managed - which is important for these types of blocks.

In reply to Alan M: assuming you are buying leashold, if you intend on keeping it, you will need check how long is left on the lease.

In reply to higherclimbingwales:

Yeah that's correct the flat is leasehold. I am not sure of the answer to that question at the minute (offer accepted today) but will find out Monday.

What's normal for flats?

In reply to Alan M:

Moneysavingexpert.com seems to suggest 80 years is the magic number in that anything below 70 years will see mortgage costs increase and anything below 60 years will be virtually unmortgageable meaning it would be hard to sell on. Seems you have to own for 2 years to have the lease extended.

Will see what my solicitor says, it seems that if it needs extending the seller can start the process to have the lease extended and then transfer the rights to the new owner. If my solicitor feels that it needs to be extended then I will adjust my offer to reflect the costs (or pull out).