h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

...buy a leasehold property. I didn't really grasp the full implications of having a leasehold flat when I bought it and less than two years later I have been hit with a massive bill that I can do nothing about.

Be warned, freeholders are evil when you buy a lease off of them.

k

avoiding leasehold...easier said than done when buying a flat in london...I've just started looking & any more tips out there would be useful. Everything seems to be going really quicky - at least thats what all the estate agents(/used car salesmen?) are telling me.

Read the lease VERY carefully and make sure you get full surveys done. Make sure you are aware of any proposed major works on the building, including anything that has been done recently. Are there regular upkeep charges? What is the position if the freeholder decides to do building work eg add another storey to the block? Is there a history of planning applications for the block? Is there any possibility of buying out the freeholder?

I have discovered that I have very little protection from the freeholder making arbitrary decisions that affect my life - I am soon going to have to cough up 7k because of some roofing work that includes improvements rather than just straight repairs, and building decoration. It is very acrimonious and the residents association is fighting some of the charges. It is so stressful and just makes me angry every time I have to think about it. At least I am not in the position that many of the elderly residents find themselves in - with 7k to find and no way of raising a loan given their pension income. It is horrid.

I know it is nearly impossible to find affordable freehold homes in london so just be very, very careful.

k