Q: Hi all,

I just wanted a few questions to anyone who has experience in buying properties. I am interested in buying a new home, and would like some help when buying a leasehold property.

Does anyone know what questions I should make the agent / vendor when considering the purchase of a leasehold property.

Any suggestions will be apprciated.

Thanks,

guy

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A:It's only because I've bought and sold a few leasehold properties over the years.And now I'm currently thinking of selling my freehold house to downsize to a leashhold flat once more.

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A:wow Cattie, you know heaps about leasing!

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A:You need to ask the vendor as estate agents don't always have the full information or are misled by some vendors, especially regarding lease length & service charges. Sometimes intentionally, sometimes not.

Some of the things that you need to know regarding leaseholds are
How long is remaining on lease
How much are service charges
How much is ground rent
Are there any unusual restrictions or covenants in lease ( ie, some don't allow pets )
Are there any major works to exterior planned for the future
Have there been any recent major works to exterior undertaken
If managed by a managing agent, are they efficient & competent

Although a solicitor will make enquiries regarding future major works, if you know before you even make an offer on a property that there is going to be work carried out that will result in a bill for a couple of thousand or more then you may decide that you're not interested in that property after all.

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