Recent statistics show that less than 1/3 of homebuyers get an independent survey before buying a property. The other 2/3 presumably rely solely on their mortgage valuation for peace of mind. If the lender approves the loan, having inspected the property, surely it must be in reasonable condition? This is an unfortunate misunderstanding that can
Buying your first home is an exciting time, but don’t get carried away without checking that the building you are about to invest in represents good value for money. A property purchase may well be the most expensive transaction you will ever make. Just as you wouldn’t buy a car without giving it a thorough
If you are the owner of a residential leasehold property, it is in your financial interest to have at least a broad understanding of lease extensions to enable you to take advantage of your statutory rights and safeguard your investment. Leasehold property is a depreciating asset When you buy a leasehold property (typically a flat),
The Party Wall Act 1996 serves as a framework for preventing and resolving party wall disputes. Building owners who are considering starting work on or near a party wall must give adjoining owners notice of their intention. For their part, adjoining owners get a say in what works are carried out, the opportunity to agree
Are you considering building works that fall within the scope of the Party Wall Act 1996? Or have you received a Party Wall Notice to inform you of proposed works that may be affecting your property? Unsure about what to do next? As experienced party wall surveyors, Foundation Surveyors should be your first port of
Our last post discussed how Leaseholders can apply for an extension of their lease, under the Leasehold Reform, Housing and Urban Development Act 1993. Unfortunately, this only applies to eligible Leaseholders (which we also covered in our last blog). To recap, a qualifying Leaseholder needs to: Own a long lease (originally granted for 21 years
A majority of buyers do not understand the implications of lease length when they are choosing to purchase a property. As long as their mortgage lender is happy to proceed with the purchase, it’s common for new owners to simply move in and forget about the remaining term. It’s when the time comes for them
In our last post, we looked at some the pitfalls of buying a leasehold property and why it’s so important to check the terms of your lease. The fact is, finding a property that offers a share of freehold can be tricky, limiting your search criteria in a market that’s already challenging to navigate. Writing
You won’t have to look for a flat in London for long before you realise that leasehold, not freehold, is the norm. Some buyers might not look twice at this important detail, but it can soon land you in hot water if you’re not sure what you’re dealing with. Here are the most important things