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A Question about owning 1 flat in a block of 8, all maintained by management company
lostsomewhere
Posts: 6 Forumite
Hey,
I'm currently in the process of purchasing a flat. It's situated within two buildings, sliced into one and then split up into 8 flats. There is a management company which own all 7 other flats, and only the 1 has been sold. All others are let on AST agreements.
My worries, which have been highlighted by my solicitors too, that as the only owner of a flat in the building I will have less marketability when it comes to selling the flat again. Although in the duruation i'm there, more might be sold, but that's impossible to actually know for sure.
Also, all repairs are split and I'd have to pay 1/8th of all costs. This also means I'll have 1/8th of a say in things, and the Management Company will have 7/8ths of a say. While I can apparently voice my concerns in commitee meetings, I feel like I might be taken for a ride sometimes.
The roof is scheduled for repair in 2007/2008. The estimated cost is £10,000 (£1250). This concerns me.
After raising my concerns, I got £3000 knocked off the asking price to help cover the roof, this also knocked the price below CGT boarder and saved me an additional £1500.
Does anyone know if I should be worrying about all this?
I'm currently in the process of purchasing a flat. It's situated within two buildings, sliced into one and then split up into 8 flats. There is a management company which own all 7 other flats, and only the 1 has been sold. All others are let on AST agreements.
My worries, which have been highlighted by my solicitors too, that as the only owner of a flat in the building I will have less marketability when it comes to selling the flat again. Although in the duruation i'm there, more might be sold, but that's impossible to actually know for sure.
Also, all repairs are split and I'd have to pay 1/8th of all costs. This also means I'll have 1/8th of a say in things, and the Management Company will have 7/8ths of a say. While I can apparently voice my concerns in commitee meetings, I feel like I might be taken for a ride sometimes.
The roof is scheduled for repair in 2007/2008. The estimated cost is £10,000 (£1250). This concerns me.
After raising my concerns, I got £3000 knocked off the asking price to help cover the roof, this also knocked the price below CGT boarder and saved me an additional £1500.
Does anyone know if I should be worrying about all this?
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