As a buyer purchasing an ex-council flat with a mortgage, you have several rights and protections:
Right to a fair contract: You are entitled to a fair mortgage agreement with clear terms and conditions. Ensure you understand all aspects of the mortgage, including interest rates, repayment terms, and any fees.
Right to information: You have the right to receive detailed information about the property, including the lease terms, ground rent, service charges, and any planned major works or maintenance issues.
Right to legal advice: You should seek legal advice to ensure the lease terms are fair and to understand your obligations as a leaseholder. A solicitor can help you navigate any legal complexities associated with the property.
Right to extend the lease: If the lease term is short, you have the right to request a lease extension from the freeholder. This process is governed by specific legal procedures, and extending the lease can increase the property's value and mortgageability.
Right to remortgage: You have the right to remortgage the property, subject to lender approval, which can be beneficial if you find better mortgage terms or need to release equity.
Right to sublet: Depending on the lease terms and mortgage agreement, you may have the right to rent out the property. However, you must obtain permission from the lender and freeholder and possibly switch to a buy-to-let mortgage.