Whether you are buying a new or modern property, Avery & Co. Chartered Surveyors have compiled a list of some of the top things to consider before making the purchasing.
4 things to consider before buying a new or modern property:
New Property & Estate Charges:
Did you know that many new properties are often subject to estate charges these days, whether bought freehold or leasehold? Please ensure that you get good advice from your conveyancer regarding these charges, whether they can be reviewed and what is the frequency/mechanism for review before you buy. It is possible that rent charges may become payable whether demanded or not, so please be sure that you are aware of your obligations and the consequences of non-payment contained in the small print.
New property & Ground Rents
Ground rents have been in the news a lot lately, particularly in respect to modern or newly built property. Whilst most new property must now be sold freehold, home owners should be aware that if their property is leasehold, this could be subject to an escalating ground rent which could potentially have a serious effect on the value and saleability of your home. The government are considering ways to help home owners caught in this situation, but in the meantime you may wish to contact a Chartered Surveyor or your legal advisor who will be able to help you decide what you need to do.
New Property & Consents for Alterations
Did you know that owners of modern or newly built homes will often find themselves needing consent for even minor alterations or extensions they may wish to make? Restrictions on homes can sometimes be very onerous, even in some cases requiring consent to change the colour of external decorations! We would advise that you look at your title documents before undertaking any alterations. If in doubt, take legal advice or speak to a qualified Chartered Surveyor who should be able to help you.
New Property & Alterations and Planning Permission
Homeowners can usually make small alterations or extensions to their properties without the need for local authority planning permission. This is referred to as ‘Permitted Development’. However, home owners should be aware that permitted development rights are often withdrawn for new or modern property. Building your conservatory or porch without consent may land you in trouble with the local council should they decide to take enforcement action. Our advice is to always check with your local authority before carrying out any works of alteration or extension.