Published: 16/09/2022Being one step ahead of the game and knowing what prospective buyers may potentially ask will allow you to gather the necessary information beforehand to answer their questions promptly and help the transaction proceed smoothly.
Below are some frequently asked questions which you will need to provide the answers:
What is the length of the lease?
What are the annual service charges?
What are the details of the building insurance?
What is the yearly ground rent?
At what intervals does this increase, and by how much?
Have you been advised of any significant work planned on the building/development?
Have any important works been carried out in your period of ownership?
Do you own a share of freehold? If so, how many shareholders are there? If not, who owns the freehold?
Who deals with the management of your building?
Has a managing agent been appointed?
Is there a residents' association?
Is the building insurance per block or individual property?
Your solicitor will request all the necessary information via various forms they will ask you to complete. Still, by gathering all the documents connected with the property, such as your lease and copies of the annual service charge accounts, you'll be able to complete these more speedily and more efficiently.
If you have a property for sale in central London, call Circa London on 020 3137 7877 for advice.