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Pros and Cons of buying a council flat?

I am considering buying a very nice 2 bed flat. It is on the 4th floor of a 14 floor council block. Most flats there are still council tenants. It seems very cheap for its size and 2 beds. As part of the sale process the lease will be extended to just over 100 years. What are the downsides that I should know about? Does anyone have any advice or experience regarding a similar property?

Asked on Jul 6 2018, General in Brentwood | Report content

Answers (1)

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  • Hello Andy, there are some added risks in buying these types of properties. You may have to work with a specialist broker to access the right kind of finance (not all mortgage companies will lend on council flats). You may also have difficulty reselling. But, assuming you are purchasing for buy-to-let purposes (as a long-term hold), as long as the figures stack up, it should be ok. Thanks, Ruban

    Answered on Jul 10 2018, Report content

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