think i will have to let this one go...

emg

I had an offer accepted on a flat 3 months ago and since the very first day i saw it have been trying to get all the information about the lease and maintenance arrangements. It's taken ages and today I emailed my solicitor to say that I am considering pulling out as there are obviously difficulties getting hold of the freeholder (i was thinking if the solicitors struggle to get information from him then how will i fare as a leaseholder).

The solicitors have emailed me back to say that maintenance is £200 a year but there is no sinking fund and they have major works planned that will cost each leaseholder £8000. No wonder they were so reluctant to reply!

Do you think the seller (it's a repo being sold by a Building Society) would reduce the asking price or should I just cut my losses (Im with a 'no sale no fee' solicitor but have incurred costs for searches, surveys, etc)?

Mrs_Optimist

In your shoes if you really want the flat try for the reduced asking price but be prepared that if its a repo someone else may come along and offer more.

benood

We once offered on a flat only for the survey to turn up dry rot - the freehold was shared and getting everyone to agree was like herding cats. Chances are that some of the freeholders will never stump up the funds hoping to freeload while pleading poverty.

We pulled out and have never thought it was the wrong decision - bought a house in the suburbs instead.

emg

There is only one other leaseholder, the building is split into two flats. I had felt that the sellers solicitors were dragging their heels over giving the information and feel like they wanted me to get me to a more committed stage before telling me. Grr!

HugoSP

Cut your losses and walk.

If you are going to buy a flat find one that:

1) shares the freehold with the other flats
2) is in good structural condition now
3) has a track record of reasonable contributions towards maintenance

However, you should consider whether buying a house could be just as good value for money, even if you go for a 1 bed starter home.

emg

unfortunately there are no 1 bed starter homes in my area - there is very little new building as the council are extrememly tight about more housing in the area. Therefore it is mainly 2-3 bedroom houses, flats from the 60s/70s or conversions. I would love a house!

HugoSP

Ok how about a 2 bedroom house and let the 2nd room out - claiming yoor Rent A Room allowance from HMRC - up to £4250 per year IIRC??

That's a lot of mortgage payments!

I did this from the age of 19 when I was a student. 20 years later I now own 3 rented properties and also have a large house undergoing renovation. My story is by no means exceptional.