Read how the lease would affect you
The lease describes the flat and your rights over entrances, stairs, gardens, parking and storage. It also sets rules about alterations, pets, noise and subletting. Ask your conveyancer to explain any clause that could interfere with how you plan to live there.
Check the remaining term. A short lease can make a mortgage harder to obtain and can be costly to extend. Do not rely on a casual estimate of the extension price; the calculation and legal position can be complicated.
Make sure the plan attached to the lease matches the flat, parking space, loft or garden being advertised. A useful area is not necessarily included in your legal ownership.
Look through several years of service-charge information
The latest annual figure on the sales particulars tells you very little on its own. Ask for recent accounts, budgets, reserve-fund statements and information about arrears. Read notices and meeting minutes if they are available.
A low service charge is not always good news. It can mean the building is inexpensive to run, or it can mean that repairs are being postponed. Find out whether large jobs are planned and whether leaseholders have already received a formal consultation notice.
Ask how much is already in the reserve fund and whether it is held for a named project. A healthy-looking balance can disappear quickly when a roof, lift or rendered elevation needs major work.
Have someone look at the whole building
Tell your surveyor that you are buying a flat. Ask what can be inspected outside and in the common parts. Access to the roof, plant rooms or other flats may be limited, particularly in a large block.
Notice the entrance security, fire doors, escape routes, lifts, leaks in shared areas and the general standard of maintenance. For a building affected by current building-safety requirements, your conveyancer and lender may need specific documents.
Ask who is responsible for the windows and front door. The answer is not the same in every lease, yet replacement can be expensive.
Find out exactly how the building is insured
The freeholder or management company commonly buys one buildings policy for the block. Leaseholders pay their share through the service charge. Obtain the schedule and check the insured amount, main excesses and any recent claims.
Ask how damage inside the flat is divided between the block policy and the leaseholder. Fitted kitchens, flooring, bathroom suites and alternative accommodation can cause confusion after a claim. You will normally arrange separate contents insurance for your belongings.
If you plan to let the flat, run a business there or leave it empty for long periods, check both the lease and insurance. Permission from one does not automatically satisfy the other.
Management can make an ordinary repair easy or painful
Find out who manages the building and how residents report faults. Repeated complaints about unanswered emails, unpaid service charges or stalled work deserve attention. Resident-run blocks can work very well, provided there are enough people willing to do the administration.
If you happen to meet a resident, ask simple questions about repairs, noise and management. Their experience is useful, although it should sit alongside the legal papers and accounts rather than replace them.
Ask how often accounts and meetings take place, and who can authorise urgent repairs. A well-kept entrance on viewing day tells you less than several years of organised accounts and completed maintenance.
What you should know before exchange
You should understand the lease length, service-charge history, reserve fund, major works, building insurance and the restrictions that affect you. If the management pack is late or incomplete, wait for the answers. These costs and rules follow the flat long after the excitement of moving in has faded.
Keep the management pack after completion. It contains contact details, payment dates and insurance information you may need much sooner than expected. Make a note of the emergency number for leaks and building problems.