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COUNCIL RIGHT TO BUY: Your Right to Buy your home

Buying a flat or maisonette

What are the differences from buying a house?

If you buy a house, you will purchase the freehold and will own the property outright. If you buy a flat or maisonette, you will usually purchase a long lease. This allows you and your successors to live in it for a fixed time, usually 125 years. The block will still be owned by a landlord, and he will be responsible for the upkeep of the building as a whole and of any communal areas and facilities.

As a leaseholder, you only have to pay the landlord a nominal rent (known as a ‘ground rent’) of £10 a year. But you and other leaseholders will also have to pay him service charges. These can be perhaps several hundred pounds each year, or much more if the block needs major repairs or maintenance, such as a new roof or new windows, and improvements.

Leaseholders can sell their properties at any point during the lifetime of the lease. The person who buys it pays to take over the remainder of the lease. So if you buy your home on a 125-year lease, and sell it after 15 years, the buyer will get a 110-year lease.

Under your lease:

• Your landlord will be responsible for repairing the structure and outside of your flat and the rest of the building. This includes routine repairs and maintenance, and also major maintenance and refurbishment works (for example, repairing the roof or replacing a lift), which can be very expensive.

• Your landlord will usually provide services like communal lighting, and cleaning staircases and passageways, and perhaps supplying hot water to your flat.

• You will have to pay a reasonable share of the costs for these works and services. Your share is determined by the number of flats or maisonettes in the block.

• You will also usually have to pay a charge towards the landlord’s costs of managing the block – often calculated as a percentage of the charges for services and maintenance.

• You will also be responsible for keeping the inside of your flat in good repair.

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© Crown Copyright (Correct at time of writing January 2005. Please check with your financial services provider for any changes.)

Council Right to Buy Mortgage Search

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PLEASE TRY TO FILL IN AS MANY FIELDS AS POSSIBLE THANK YOU.

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(brick built with a slate or tiled roof)

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Please note it is not always possible to process enquiries based solely on the information contained in this form. Each case is unique and it may be necessary to speak to you to be able to assess your own particular circumstances to help find the most appropriate course of action. Please supply at least one phone number.

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© Council Right to Buy UK is an independent marketing website and not a lender or broker. We do not sell or recommend mortgages or broker services. We pass on enquiries to financial service providers and cannot offer advice. Council Right to Buy UK is not responsible or liable for any financial service or mortgage obtained through a 3rd party. A council right to buy mortgage enquiry from this website does not constitute an offer to provide a mortgage. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
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