Published: 16/05/2020Being one step ahead of the game and knowing what prospective buyers may potentially ask, will give you the opportunity to gather the necessary information beforehand in order to be able answer their questions promptly and help the transaction to proceed smoothly.
Below are some frequently asked questions which you will need to provide the answers to:
What is the length of the lease?
What are the annual service charges?
What are the details of the building insurance?
What is the annual ground rent?
At what intervals does this increase and by how much?
Have you been advised of any major work planned on the building/development?
Have any major 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 per individual property?
Your solicitor will request all the necessary information via various forms that he or she will ask you to complete, but 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 easily.