£8,050 for planned works and we haven't even exchanged contracts yet!!

goonernumber1

Hello one and all. From previous posts, you'll notice that I have needed lots of information from you 'experts' in buying my first property. I thank those who assisted for that.

So, I have agreed a price, EVERYHTING has been done right up to us receiving the contract to sign. BUT, in the covering letter from our solicitors, we are informed that there are 'planned works' on our block (it's a flat), that we will have to pay in total £8,050!!! Now, for someone that hasn't even moved in yet I thought it was a bit harsh. I spoke to my solicitor, and he explained what the works were (all sounded as though they would benefit the building), but he or the council (Havering) can tell us when and how they would require the £8,050. Would they require it in 1 lump sum (I meean who has £8,000 sitting in their bank??!!).

I guess my main question is, has anybody had any experience with something similar??? Thank you again for your assistance...

Gorgeous_George

Is that £8,050 per flat! Must be serious work if it is. Might be worth speaking to other people in the block.

How many flats are there in the block?

Is the work required reflected in the price you're paying?

GG

goonernumber1

Gorgeous_George wrote:

Is that £8,050 per flat! Must be serious work if it is. Might be worth speaking to other people in the block.

How many flats are there in the block?

Is the work required reflected in the price you're paying?

GG

Yeah £8,050 per flat, with 12 flats in block. And, the price isn't officially reflected in the flat (although we always thought we were getting it for a good price!). Still that's not the point, at no point were we aware of these works and their cost when we were negotiating.... What do you think guys??

silvercar

You've got 3 options:

Proceed, negotiate a price reduction, walk away.

If you like the flat try and get a reduction in price. If your not sure about it walk away.

Check whether the block has a sinking fund that residents have contributed to, to pay some of the work. These sort of works often get delayed by years so may not actually happen when your there.