People buy a flat, an apartment, or a house for residential purposes. But buying a house or a flat/apartment is not the same. There are different procedures involved in the procurement of these. So, a buyer has to make sure that they follow the right procedure for whichever property they are investing in. But before you proceed in exploring your desired apartments for sale in Lahore, there are some questions you need to ask.
Freehold and Leasehold Properties
It is imperative to ask whether the property is freehold or leasehold. There is a huge difference as freehold properties are bought and sold land and building together. While the leasehold properties are shared between several people for a fixed amount of time. The ownership of the leasehold properties remains with the building or the landowner but the occupancy is bought for a time through a lease contract. Generally, flats or apartments are leasehold properties. This means that the buyer gets the right to occupy a flat or an apartment within a building and utilize its other facilities for the period of the lease. The prices for these two types of properties vary greatly.
Investing in Leasehold Properties
If you are investing in a 1 or 2 bedroom flat for sale in Lahore then first find out who is the person selling you the lease? If it is the building owner then you can set any period of the lease. However, if you are buying the lease from an occupant, always ask about the time left on it. A solicitor can get you this information easily. The common lease period is 999 years. The properties with less than 20 years left before the lease is up may cause problems in re-sale. Generally leased properties are preferred if they have 40 years left. When the lease period is near the end, an extension is required which can be really expensive. If you are buying a leasehold flat with not enough time left on it push to have it extended beforehand.
Always Inquire about the Charges of a Property Transaction
Purchase of a 2 bedroom flat for sale in Lahore may have additional charges. It is advised that any potential buyer should inquire about them in advance. The purchase price does not usually include these charges therefore, may disturb a buyer’s budget. It would be prudent to settle this in advance. These charges may include fees for the transfer of deeds, utility charges, and repair fees of the communal areas in the building. These charges are payable monthly and should be adjusted in the house budget accordingly.
Making Alterations to the Property
Freehold properties can be bought, sold, torn down, build-up, extended, and altered as the owner wishes. But same liberties may or may not be applicable for the leased properties such as flats and apartments. Permissions are required to make any alteration. So, it should be clarified in advance whether the occupants will be allowed to make any changes to their premises. These permissions can also be awarded as a written consent at the time of the agreement. With permission, the occupants are allowed to make any changes they want apartments for sale in Lahore anytime.
All residential properties require repairs from time to time. Generally, all repairs are the responsibility of the owner for the freehold properties. But in the case of leasehold property, it needs to be clarified which party will pay for any repair expenses. The repairs can be classified into major or minor categories and then divided. But as a common practice, major repairs like structural changes, whitewashes, etc are the responsibility of the building owner. In any case, it is prudent to have this discussion beforehand so that both parties are clear on their responsibilities.
Ask about Building Rules
A house of your own means freedom to live the way you like. But in the case of shared residential buildings like flats or apartments for sale in Lahore, there may be some rules. For example, there may be restrictions on having a pet in the building, or entering or leaving the building after reasonable hours, or having a gathering in late hours, etc. Being aware of these restrictions helps you follow the allowed schedule of things or work around them in a way that no one else in the building is bothered with it. It is wise to ask about them in advance to avoid any problems later on.
Get in Touch with the Building Manager
It is advised to get in touch with the building manager or have someone appointed as a contact person in case there is any issue or concern that needs to be clarified. This person should also be eligible for acting as an intermediary in case of a conflict.
Keep these points in mind before committing to ensure that you do not have to worry about any issues later on.