The market for modern flats in London is growing, as many new developments have been built in the capital in recent years. If you are considering buying a modern flat in London, Anderson Associates can provide you with an expert independent survey.
Here is our guide to the key factors to consider when purchasing a flat in London, whether you are buying the flat for yourself or you are going to act as a landlord. Buy-to-let flats are a popular investment in many areas of the capital, including south east and east London.
Check the Exterior of the Property
In theory there should be fewer structural issues with modern flats, but it is worth checking for any obvious cracks or flaws in the property. For example, are the window frames still in good condition, whether they are uPVC, PC Aluminium or wooden?
You should try to find out what your neighbours are like, upstairs and below as well as next door. It is also a good idea to check on security and access arrangements, and if there is a lift.
The property’s location is just as much a priority for modern flats as it is for other types of housing. The flat’s closeness to schools, shops, amenities and green spaces will be crucial in terms of how it holds or increases its value, as well as for your quality of life.
The flat may come with some communal facilities such as a garden. It is important to establish how much access to it you will be entitled to, and if you will be responsible for keeping it in good order. It is also worth checking if the flat comes with its own allocated street parking space. This can also add value.
Check on the Certificates
Many modern flats may still have a valid National House Building Council warranty, which is initially issued with new-build properties. This should ensure you get up to 10 years’ cover but it is a good idea to find out exactly what is and isn’t included in the document.
New-build properties should also come with their own energy rating. The current minimum standard is C, but some particularly energy-efficient properties have an A grading. This could save you a lot of money on fuel bills in the long run.
Choosing the Right Survey
Surveys are essential for identifying any issues with properties before you move in, as they can protect your major investment and advise you early on about any extra costs for repair work that would otherwise be unknown.
We believe the best type of survey for leasehold or shared freehold flats is a Full Building Survey. This will highlight any problems not just with your own home, but also with the remainder of the building, which may not be in as good a condition.
This type of surveys will identify any obligations you have for repair work and ongoing maintenance for the whole property. For instance, you could have to contribute towards roof repairs, even though your flat is on the ground floor. The Full Building Survey will help establish any repairing obligations you have as a leaseholder to the freeholder.
The Advantages of Independence
Independent chartered building surveyors like Anderson Associates are working for you, and not the lender; you don’t have to rely on a mortgage valuation from an organisation where there may have a conflict of interest. As an independent surveyor working directly for you, there is no conflict of interest.
You can raise any potential issues with us before we look at the property you are intending to buy. We are experienced in dealing with other bodies you will need to talk to during the whole buying process, such as solicitors, local authorities and estate agents to name a few.
Anderson Associates have decades of experience, and can provide you with an expert independent survey for all types of property in east and south east London, including modern flats. We also offer surveys in Kent, Essex and Suffolk.
Our full reports will identify any issues with your intended purchase and help take the stress out of buying a new home. Follow the link above and fill in the online form to get in touch and enquire about a survey.