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heybobby

Making An Offer

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Hi,

I'm putting in an offer for a place and I'd like some advice. The flat is a 2 bed with share of freehold and access to the loft. It is on offer for £265k, but the EA said an offer of £248k was accepted. It's a corporate owner so I thought it would be worth offering £230k first off. What do you think?

A couple of things though:

The EA said that if I wanted I wanted to redevelop the roof that I would need to ask the freeholders permission. He then said that the owner is selling the freehold of the property for £20k. I thought this was slightly odd as their spec talks about it being share of freehold.

So my first question is what do I need to say in my offer to ensure that my offer contains the freehold for my flat.

Secondly if I have the freehold to my flat does that mean I am free to redo the loft in accordance to council regulations?

Thirdly there are currently tenants in the property, however I would like to view the property empty before completion date so that I can check that they have not damaged any of the structure. What is the standard process for this?

Fourth question is that there is a subsidence issue on the ground floor flat, the extension which is not part of the main house or the strucutre of my flat. However will this be looked at during a survey and also would my buildings insurance also cover me for anything that happens to the building, say its branded unliveable, will they cover the cost of the flat etc?

Thanks for the help

Bobby

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Hi,

I'm putting in an offer for a place and I'd like some advice. The flat is a 2 bed with share of freehold and access to the loft. It is on offer for £265k, but the EA said an offer of £248k was accepted. It's a corporate owner so I thought it would be worth offering £230k first off. What do you think?

A couple of things though:

The EA said that if I wanted I wanted to redevelop the roof that I would need to ask the freeholders permission. He then said that the owner is selling the freehold of the property for £20k. I thought this was slightly odd as their spec talks about it being share of freehold.

So my first question is what do I need to say in my offer to ensure that my offer contains the freehold for my flat.

Secondly if I have the freehold to my flat does that mean I am free to redo the loft in accordance to council regulations?

Thirdly there are currently tenants in the property, however I would like to view the property empty before completion date so that I can check that they have not damaged any of the structure. What is the standard process for this?

Fourth question is that there is a subsidence issue on the ground floor flat, the extension which is not part of the main house or the strucutre of my flat. However will this be looked at during a survey and also would my buildings insurance also cover me for anything that happens to the building, say its branded unliveable, will they cover the cost of the flat etc?

Thanks for the help

Bobby

1) you need to get the EA to clarify the freehold position. What you have described is not normal.

2) If you have a "share" of freehold, the other shareholders will be able to veto any changes that you want to make, if their property will be materially affected by the changes. (But the can't veto it just because, e.g. they don't think it's in keeping with the rest of the street)

3) Getting the tenants out before exchange is a position that you will have to negotiate. The vendor may not agree to it.

4) Your insurance will not cover you for anything that you knew was wrong before you bought, unless specifically agreed by the company. (just like any insurance).

tim

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1) you need to get the EA to clarify the freehold position. What you have described is not normal.

2) If you have a "share" of freehold, the other shareholders will be able to veto any changes that you want to make, if their property will be materially affected by the changes. (But the can't veto it just because, e.g. they don't think it's in keeping with the rest of the street)

3) Getting the tenants out before exchange is a position that you will have to negotiate. The vendor may not agree to it.

4) Your insurance will not cover you for anything that you knew was wrong before you bought, unless specifically agreed by the company. (just like any insurance).

tim

Hi Tim,

Thanks for your response.

Do you have any more information about this issue of share of freehold and converting lofts? This isn't something I've heard of before.

Then does my survey cover me for this kind of issues?

Thanks

Heybobby

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Hi Tim,

Thanks for your response.

Do you have any more information about this issue of share of freehold and converting lofts? This isn't something I've heard of before.

Then does my survey cover me for this kind of issues?

Thanks

Heybobby

Sorry no, my experience is in purpose built flats where people wanted to make internal changes, not increase the size of the flat by making use of an area which is (theoretically) communally maintained.

tim

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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