Questions before viewing tower block flat in west london

13
Posted 1st Oct
Hello all,

I am a first time flat buyer. I came across a property which is a good size in the good location. Price of the property seems alright too.

I am going to view it this weekend.

It is a 2 bedroon flat with 94 years lease remaining. It is a large panel system (LPS) tower block. It was built in 1980 but it is very well maintained as I saw it from outside today. It has 14 floors.

So far, I don't see anything wrong with the flat and the building but I read it in many websites that it is very difficult to get mortgage for tower blocks as well as finding a specialist surveyor and building insurance is tricky and costly too.

As I am first time buyer, can people over here help me on what questions should I ask to the agent and to the property owner. I also read, it is difficult to sell the property on tower block as well.

can anyone please help me on what should I do and If I should proceed with it?

PS: My plan is to stay in this flat for few years and then sell or let it. I don't want to buy this and then get stuck with this property so looking to hear some of your experiences and thoughts.

Thank you in advance..
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The first question to ask is, has it been wrapped in a flammable jacket
13 Comments
The first question to ask is, has it been wrapped in a flammable jacket
So you're saying it's difficult to buy one. And difficult to sell one.

Gollywood01/10/2019 23:58

So you're saying it's difficult to buy one. And difficult to sell one. …So you're saying it's difficult to buy one. And difficult to sell one.


This is what I read...I want to understand experiences from other people...would they buy it? Or they would not?
ding01/10/2019 23:55

The first question to ask is, has it been wrapped in a flammable jacket


any other question apart from jacket?
I don't know anything about tower blocks, but for normal flats you want to know how much is the ground rent and is it fixed and how much has the maintenance charge been every year for the last 5 years or so. Check if the flats already have decent double glazing and a door entry system etc, because if they don't, chances are they will want them soon and you'll have to pay. Check who owns the freehold.
Read through this. Point 3 has a few things you could ask them. lease-advice.org/adv…de/
Look, if you are interested in buying one then there will always be people in your position looking to buy off you.

However, as mentioned, if you have "heard" it is difficult to buy and that is putting you off then that feeling would apply to other potential buyers.
Good generic advice here
citizensadvice.org.uk/hou…me/


I feel for you. My personal preference is always freehold, never leasehold and always house rather than flat. But in West London unless you have access to lots of wonga that is not going to happen. Have you ever considered moving to a more affordable part of the country obvs where you can still ply your trade? You can always move back to London in a few years time.
ab71302/10/2019 00:06

This is what I read...I want to understand experiences from other …This is what I read...I want to understand experiences from other people...would they buy it? Or they would not?


Personally I'd never buy a flat, nevermind one in a tower block, unless I fancied being stabbed in a stairwell or burning alive.
Buying a flat in a high rise just seems wrong unless your name is Del boy!
You already know it's difficult to get a mortgage on one so what does that tell you?
Or you can just not live in London and live in a 3-4 bedroom house outside of cities for the price of living in a shady studio flat in London
Always think about how you will sell and any issues you may come across.

You need to be careful about the length of the lease left - many lenders won’t lend if lease remaining is less than 80 years - even if you intend to sell on before that, your buyer may not, and may insist on the lease being extended at your cost before they buy. Extending the lease could be expensive. I would consider having the seller extend the lease before you buy
It’s not in summerhouse is it fam?
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