Solicitor report highlighted a few things - should i worry?

Eve1

Hello all,

The end is almost here but the solicitor has flagged a couple of things. Should we be worried

1. lease says the exterior of property should be redecorated every 3 years but looks like it hasnt been done for 10 years. Should i worry as ill need to potentially take on a cost if it does get redecorated?


2. The property had a cavity wall insulation done but the company hadnt finalised the works with the local authority.
Apparently the Company concerned have sent the relevant information to the Council and await a response. Your Sellers are offering indemnity insurance in the event this paperwork is not forthcoming by completion, but the solicitor is saying in their experience such cover is invalidated by the recent approach to the Council.

I know nothing is perfect but should we be worried?

poppysarah

Who could enforce the redecoration?
I'd want the cost of it being done taken off the cost of the house - and then get it done.

Decoration - whilst making it look pretty - can also act as maintenance.
You have has a survey haven't you?

Eve1

I think the survey was all clear - this is the exterior of the block of flats, which hasnt been done for 10 years. they have about £10k in a fund for any issues but i dont think that would pay for much. However the lease says the building should be done every 3 years, its just no one has bothered!

Eve1

Its a flat by the way

devotee

I imagine they don't have enough money in the sinking fund and probably not a priority.
What I would be insisting on seeing is the management company repairs/maintenance schedule, their accounts etc. And ask if there's any plan to increase service charges.
It the flat leasehold or share of freehold? If it's only a leasehold, then repairs would usually be incorporated in service charge and that can rise. Share of freehold can do the same, but if the service charges are low, the management might request lump sums to be paid from each flat for big repairs.

Eve1

Thanks Devotee! they do have accounts but it isnt clear - just roughly 1/6th is paid by each flat as a monthly amount. It isnt clear what actually has been done, if anything

devotee

Yes but you want to see what the money is being used for. Tell your solicitor to ask for the accounts breakdown. Management company might charge for it, but it's vendor's responsibility. I know as I paid for it...

CarineG

I would ask when the redecoration to the exterior are planned for and when will they be increasing service charge to pay for it.
Also ask if a building surveyor has assessed the works to the be done.

It's definitely something to considering in the buying price.
When I bought my flat, this is something I didn't ask and there has been no provision for sinking fund for years and the building is falling apart and my asset has de-valued.
Good luck!