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Just to add to Howard's comments, specifically around management of the leasehold, you should make sure your solicitor asks for:
- Accounts of the management company
- Whether there is a sinking fund for periodic repairs (and how much is in it)
- Date last repairs to common parts and exterior were done, what was done, how much spent
I would avoid anything involving joint freeholders unless you're going to be one of them as it is a living nightmare.
If you hope to buy the freehold at some point you should check that the building qualifies for collective enfranchisement, probably by asking a surveyor as in my experience solicitors can get this wrong.
- Accounts of the management company
Sharkstar
Looking at buying a place, I would rather be outside of London and own a house but jobs dictates. So we're looking at flats.
I hate the idea of a leasehold as well as the potential of there being big issues with the building that require fixing and having to pay up. Strangely if I needed to spend thousands in a new roof on a house (freehold) it would somehow irk me less as it's 'mine'.
Probably being naive as I don't know anything about leasehold but what are the general things to look out for? is a Victorian house converted into 2 flats an easier lease than a purpose built multistory?
Is a 100 year lease satisfactory?