Leaseholders

Buying or selling an HFI managed property

Are you thinking of buying a property that is managed by Homes for Islington?

As a potential purchaser you will usually want to know some standard information about the property you are thinking of buying. For example, what the average annual service charge is, what charges are outstanding, what the building insurance covers and if any major works are planned or have taken place to the building (such as external decorations, lift replacement, new windows, new roof).

In addition to any planned works, you should be aware that you, as the owner, will be liable for a share of the cost of future works to the building. The major works charges can vary from one contract to another (depending on the type of work undertaken and type of building) and in some cases can be for a substantial amount that may run to several thousands of pounds. Home Ownership will provide the information in our “Sell-On Pack” to the person that is selling the property (the vendor), or to their solicitor. We cannot provide this pack directly to a potential purchaser, but the vendor’s solicitor will send it to the solicitors of any potential purchasers. There is an administration fee of £150 for this pack for leasehold properties, or £100 for freehold properties on an estate.

For more information about Homes for Islington’s decent homes programme click here.

For more information about buying an ex-local authority property, click here.

Click here for:

Pre-assignment and re-mortgage information