2. I'm looking at the top floor of the building (I've decided I don't mind paying slightly extra for a roof terrace and view, given the small space). What are the pros and cons of this from experience?
4. Is there anything else I should be looking out for when buying? The whole process is extremely daunting, but I am enjoying it.
Number one thing to remember, above all, is that estate agents act for the seller - not you. So take everything they say with a huge pinch of salt. If it's not in writing from the vendor themselves or their solicitor, assume it's untrue. Also, they higher they sell it for the higher their commission. Try somewhere like here for background info, but bear in mind it can be quite bias:
http://www.allagents.co.uk/.
I think going for the top floor is a great idea - you won't get people crashing around (laminate floors?) and hoovering/washing machine noises. One this is that heat rises and you're more exposed to wind, so your heating bills will possibly be slightly higher than those below you.
Urgh leasehold. Loads of things to watch out for, but I'd start with how long is left on the lease. This is what your mortgage provider will care most about. Best bet is to spend your money on a good lawyer. If it's a newbuild block of flats it's unlikely you'll need a full structural survey done (need more info about the building to say definitively though) so use that saving. As others have said, check the service charges:
- How much payable, and how often.
- Whether they've been doing the work (ask other tenants in the block).
- What their power is to change the structure of fees. This has caused a lot of people a lot of pain.
- What the lease says about ground rent (it frequently doubles every 25 years, another reason to check how long left on lease).
- Whether or not they are managed by OM/Solitaire. If so, simply walk away.
www.thetruthaboutsolitaire.co.uk
- What you're liable to contribute costs for (if the roof leaks, parking gets vandalised, hallways need modifying to meet new regulations etc). You'll likely need to see the lease to discover this.
1. Do you know if you get a share of the freehold along with the lease?
2. A long way off, but check what chattels (roughly speaking, movable objects) are included. You can negotiate a sperate price for these which means you'll pay less stamp duty.
3. Not to sound patronising, but do you fully understand how estates of land work in the UK? Once you know that, you get a much greater insight into exactly what you're buying.
AppleMatt