Leasehold -Redecoration costs putting us off!

honeychurch

Hi, i would really appreciate your views on our dilemma. The leasehold maisonnette we are buying is scheduled to have external re-decoration works in 2007. Its on the first and second floor above a shop, so would require scaffolding to the front, and the front windows are large georgian style panelled ones . We are concerned that we will not be able/willing to afford this expense within a few months of moving in, and our solicitor has asked for more information on this from the freeholder, but they have just responded saying there is no information and they will be obtaining quotes early 2007. We have since got a quote ourselves for scafolding for the front for 750 + vat, labour and materials would need to be worked out on top of this (we are thinking a least 2 grand in total)

Do you think this sort of expense is something that we could renegotiate the asking price with the vendor over? Obviously we appreciate that owning a property also involves paying out for this kind of maintenance, its just seems we woudl be getting a raw deal as it was last done 6 years ago before the current owner bought it. We are thinking about going back to the vendor, and asking him to knock two grand off the price we have agreed or we will walk away. We have had the survey done, our mortage offer has been agreed and is now with the solicitor and we are more or less ready to exchange. The property is empty (it was a BTL) and we are FTB. Do you think this is reasonable? Surely any other prospective buyers would be put off by this too?

hazeyj

I would of thought that the cost of this would already have been budgeted into the service charge by the management company and so you would not be billed extra for it. Budgets are usually prepared 12 months in advance.

You are usually only billed extra for things like emergency lift repairs and other unforseeable things.

YIt may be that there has been a bit of confusion regarding this. I would ask your sol to chekc the above.

honeychurch

HazeyJ thanks for your reply. Unfortunately this hasn't been budgeted for as the lease states maintenance is paid on an as and when basis - there is no service charge, and no sinking fund. There is just the shop below, and the maisonette in the building. If we were to ahead we would just be presented with the bill (although they might let us see any quotes beforehand...i'm not really sure).

lynzpower

Maybe thats why the vendor is selling, have you checked this out?

honeychurch

This may well be why he is selling, (the agent told us he has a new project he wants to invest in...) but i don't know if he will be able to with this unknown cost hanging over it... I don't know, i'm a first time buyer and this is all new. Although we feel instinctively that we should be able to renegotiate the price based on estimates as to what this will be i don't know if this is right or not...
I guess we will just have to give this a go.

hazeyj

I wold think that you sol would advise against buying any flat that didnt have a service charge or sinking fund really. Sounds a bit grim. I am sure that if pushed they should come up with a qoute. Good luck.