Buying a new-build flat...
Discussion
If you have any recent experience of buying a leasehold, new-build flat, I'd welcome any advice you can give me. Previously, I've owned older leasehold flats and freehold houses so I'm not seeking general homebuying tips but specifically how the negotiating process might proceed on a new build apartment. The flat I'm looking at has already been built and is one of 4 or 5 left for sale in a block of approx 30.
If anyone has purchased this type of property before, these are the key questions I'm trying to answer:
What is a standard new lease length; 99 years, 125 years, 999 years - or will developers negotiate lease length? I'm assuming all the flats will have been given the same length of lease - what would the standard lease be from a major builder/developer ie Barratt, Wimpey, Berkeley etc.
Is there the same scope for haggling on a new-build as on a secondhand property? Are developers generally open to this sort of thing?
If you've bought a new-build recently, especially one that is not top-floor, what is the sound insulation quality like in a modern property? Are the floors/ceilings usually concrete?
What are your utility bills like - is the heating insulation good? Does it significantly reduce your bills compared to an older property? How do all electric heating bills compare to gas and does electric heating work 'instantly' like gas heating?
Lots of the flats I've looked at are all electric - can you dry clothes on a modern electric radiator? Do you need to heat a tank of water for a bath and if so, are modern immersion tanks efficient in terms of time and cost?
If you've bought a flat with allocated parking, are you generally allowed rent the parking space to other people? Have you had problems with people using your space?
Have you bought on a development with any social or affordable housing and, if so, have there been any problems with this?
If you've lived in an older property, Victorian conversion or 1970s purpose-built flat, how does this experience compare to a new build? Are you happy with your choice?
Lots of questions, I know - any tips would be gratefully received.
If anyone has purchased this type of property before, these are the key questions I'm trying to answer:
What is a standard new lease length; 99 years, 125 years, 999 years - or will developers negotiate lease length? I'm assuming all the flats will have been given the same length of lease - what would the standard lease be from a major builder/developer ie Barratt, Wimpey, Berkeley etc.
Is there the same scope for haggling on a new-build as on a secondhand property? Are developers generally open to this sort of thing?
If you've bought a new-build recently, especially one that is not top-floor, what is the sound insulation quality like in a modern property? Are the floors/ceilings usually concrete?
What are your utility bills like - is the heating insulation good? Does it significantly reduce your bills compared to an older property? How do all electric heating bills compare to gas and does electric heating work 'instantly' like gas heating?
Lots of the flats I've looked at are all electric - can you dry clothes on a modern electric radiator? Do you need to heat a tank of water for a bath and if so, are modern immersion tanks efficient in terms of time and cost?
If you've bought a flat with allocated parking, are you generally allowed rent the parking space to other people? Have you had problems with people using your space?
Have you bought on a development with any social or affordable housing and, if so, have there been any problems with this?
If you've lived in an older property, Victorian conversion or 1970s purpose-built flat, how does this experience compare to a new build? Are you happy with your choice?
Lots of questions, I know - any tips would be gratefully received.
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