Church conversion
I have just spotted a grade II listed church, converted into 25 lots of apartments. Only buying 1 of them. I have been informed by the estate agent that there will be renovations to the building in the future which will be footed by 25 owners. What are the pitfalls and questions do I have to ask prior to putting my offer in? Or will these be highlighted by the surveyor, or is it too late then after putting my offer in?
It is a leasehold tenancy, with remaining 125 yrs.
Your help will be greatly appreciated.
I think I know this development. It should be clear from them as to what the obligations are.
Certainly talk to the agents and then take the information to your lender as you need to be sure that your lender will lend if the future financial commitment is uncertain.
I presume the renovations refer to the church and not the new build element. If this is the case are you buying in the new build part, in which case why should you pay for renovation to the church? Be careful about what you pay if you are buying in the church. Make sure the property is not too quirky.
Good luck
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