When it comes to buying Luxury Apartments in Llandudno it can be far more complicated than buying a house. This is because you aren’t buying the land that it sits on outright like you would do with a house.
Take a look at our 10 things you need to know before you buy.
Know The Difference
It is important when purchasing property to know the difference between freehold and leasehold. A freehold property is where you own the home and the land in which it is built on. A leasehold property is where you have the right to occupy a property that you share with someone else in someway. Commonly flats are leasehold because you are sharing the building with other people that is the same with all shared ownership properties making leaseholds a lot more complicated (and costly) than your usual house. The lease agreement must be agreed between all parties and will need to be checked over by a solicitor which can be a very long drawn out process.
Lease
It is good to know before purchasing luxury apartments in Llandudno how long the existing lease is for. Effectively you are buying the right to live in a property rather than the property itself. The shorter the lease on the property the harder it will be to sell your lease in say 10 years time.
Service Charges
Some apartments come with service charges as well as ground rent. This includes general repairs to any communal areas, so it’s good to know beforehand so you can budget accordingly as this is a regular cost that you’ll have to pay when you move in.
Alterations
It’s good to be clear on whether you can make any alterations to your home and whether there are any restrictions. These can range from not moving internal walls to more subtle ones like changing the colour of your front door. It’s good to check beforehand and this may even require written consent from others in the building.
Major Repairs
Your service charges should cover all costs for general maintenance however, these might not include major repairs too. Be clear before deciding to move whether this is an additional cost so you aren’t caught out in the future if your building requires extensive roof repairs.
Local Area
You have likely looked at the local and surrounding area to find out whether there are all the amenities you need closeby, however you may want to look to see if there are any hidden issues from its past and whether there are any plans for the future which may take away from what you love about the property.
Communication
In a similar way to renting, the landlord owns the property and a separate company often manages it for them. You will have to deal with these people on a regular occurrence by paying service charges and asking for them to fix any issues that may arise. So it is important you know who is best to contact in those situations.
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