Why buying a high-rise flat is different
There are two main reasons why purchasing a high-rise flat involves extra considerations:
Leasehold vs. freehold
Most flats, and almost all in high-rise blocks, are sold as leasehold rather than freehold. This means you own the property for a fixed term and ‘lease’ the land it sits on. Understanding your lease is crucial, as it can affect your mortgage options, resale value, and responsibilities for maintenance. It also makes the buying process more complex as in addition to the standard conveyancing work involved in a purchase, your conveyancer also has to review lease terms, ground rent, service charges and restrictions.
Find out more about the differences between a leasehold and a freehold.
Compliance with the Building Safety Act (BSA)
If you’re buying in a block five storeys or more, compliance with the BSA is crucial. Extra certificates confirming the building meets safety requirements, such as fire risk assessments and (if relevant) an EWS1 (External Wall Fire Review) form for cladding. Without these, lenders may refuse a mortgage, and your purchase could stall.
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