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Buying an Apartment

Maintenance & Repairs

If necessary, owners can be assessed an additional service charge to make up for any shortfall of funds for maintenance or repairs. You should check the condition of the common areas (including all amenities) in an old development and whether any major maintenance or capital expense is planned for which you could be assessed. Beware of bargain apartments in buildings requiring a lot of maintenance work or refurbishment. Most developments have a sink or reserve fund to pay for one-off major repairs, which is funded from general service charges.

Ground Rent

Ground rent is a nominal rent for the land on which an apartment block is built and is usually around £100 to £200 per year. The lease should indicate whether the ground rent is fixed or can be reviewed after a certain period.

Covenants & Restrictions

Covenants are legally binding obligations of the freeholder and leaseholder to do or refrain from doing certain things. Restrictions are regulations governing how leaseholders are required to behave. They usually include such things as noise levels; the keeping of pets; renting; exterior decoration and plants (e.g. the placement of shrubs); waste disposal; the use of gymnasiums and other recreational facilities; parking; business or professional use; and the hanging of laundry. Check the regulations and discuss any restrictions you’re unsure about with residents. Permanent residents should avoid buying in a development with a high proportion of rental apartments, i.e. apartments that aren’t owner-occupied, although you may have little choice in London.

Private Gardens

Many London squares and developments have private communal gardens for the exclusive use of residents, which can add considerably to the cost of a property. London’s shared gardens date back to the 19th century when the landed gentry came up to town for the season. Gardens often have strict rules and regulations such as no animals (although you may be able to exercise your dog), ball games, barbecues, large parties and unsupervised children – their peace and tranquillity adds to their charm. Residents pay an annual fee and receive a key.

© Survival Books Limited 2005

“Buying, Selling & Letting Property” 2nd Edition, David Hampshire.
Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying, Selling & Letting Property” 2nd edition, by David Hampshire.

For extensive, annually updated information about buying, selling and letting property, you can purchase this book at www.survivalbooks.net


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