What should I check before buying a leasehold flat?

• Lease length. If 80 years or fewer remain, extending the lease costs more, because you also pay what is called marriage value. Planned reforms to lease extension costs are not yet in force.
• Service charges. This is your share of the cost of maintaining and insuring the building. It changes every year. Ask for recent accounts and any planned major works.
• Ground rent. Check the yearly amount and whether it can go up.
• Reserve fund. Check whether the lease requires payments towards future major works, such as a new roof or lift.
• Management. Find out who manages the services, repairs and insurance.
• Residents' voice. Ask whether there is a recognised tenants' association, or whether the flat owners own the freehold together.
• Fire safety. Ask about known defects and any planned remediation. Ask whether there is an EWS1 and what its rating is. An EWS1 is a lending document, not a safety certificate.

Get professional advice before you commit.