Purchasing a flat is a more complicated process than buying a house. This has many reasons! There are many things that need to consider, so make sure that you are clear with all the relevant queries before making a final deal for the property. If you are planning to buy a house, have a look at some of the most common questions that can be asked to help you get the best deal.
leasehold and freehold properties:
Do you know the difference between the two? The freehold property means the one where you have the ownership of the home and the land on which it is created. On the contrary, leasehold properties mean where you purchase the authority for inhabiting the property which can be on the land or within a building that belongs to another person. Now talking about the flats, they are leasehold as you are sharing the place with others. There will be a lease between the parties, which can be maintained by a lawyer. This makes the leasehold a more complicated process than the freehold.
Duration of lease:
In the case of a leasehold property, you are actually planning to get the authority of living in a property for a specific amount of time. As time passes, the lease gets changed, maybe the value gets reduced. So it becomes important to investigate the time left on the lease and get it checked by an attorney. The mortgage lenders persist that a property should have at least 70 years left on its lease. If you go with a property that has less than 80 years of the lease, you will be finding difficulty in the future. Don’t buy the property if the lease gets close to its running time.
Aware of the service charges:
You need to be aware of the ground rent and the service charge that you may have to pay when you start living on the property. You also need to ask for the responsibility for some basic repairs for the shared areas. You should plan for the service charges and how you can review these costs from your budget. All these are the normal costs that are included in the process of moving in. So it is better to do all the prices before you move in.
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You should ask if you are free to make modifications to the Medallion Sector 82 Mohali you are planning to move to. There can be restrictions in doing so. And if it is, do you need to investigate what it is? From the obvious changes to nice ones, you can make changes to the existing windows or front door. Suppose you have huge plans for doing the modifications, get in touch with the attorney to see if the lease allows you to make that changes. There can be any need for written consent from the owner to carry out the modifications further.
Responsibility for major repairs:
The service charges you own should consist of the standard maintenance but may not be the costs of major repairs. Let us take an example that you want to do some major work on the roof of flats. In case of large repair, it should be clear to you that who will take responsibility for this and how the shearing of the cost will take place. An important step as it can hinder your future budget planning!
As you are finally having the liberty of your own home in the flat, make sure you are clear with all the restrictions it has. You want to keep pets, but are they allowed? Some flats don’t allow pets while other may have restriction of sounds or music after a specific time. Maybe the agents are also not aware of these things so you should ask the lawyer about the restrictions that can stop you from doing the important things.
Local area issues:
You have to inspect the local area before buying Medallion flats and ensure that it has covered you with every important thing. But there can be some hidden issues from the past that you may not get to know. Also, keep a check on the future plans of the area. All these things can be researched by the attorney and they will highlight the important things about the future planning related to any new supermarket, or new home building planning on the site.
When you buy a property, there are many other costs that get arise which you have not predicted before. Take an example of an administration fee or extra charges for the record change.