"Lease Problems" - Lots of Flats up for Sale

somethingcorporate

evoke wrote: »

Might be major works.

After only 4 years? one would really hope not :eek:

There appear to be very few valid good reasons as to why many would be up for sale at once - I would steer well clear.

split_second

steve1980 wrote: »

I would be asking exactly what the problems are before I even viewed the property. If they are unwilling to give the information before the viewing then I wouldn't waste my time.

5 flats in the same development all up for sale screams that the service charges are being hiked up to an unacceptable level....but only the agent would be able to tell me that!

Just an after thought....the building doesn't have structural problems does it?

very good time to mention service charges can be/often are a major pitfall of flats.

agreed if the agent wont start helping then cancel the viewings and avoid them full stop

Lokolo

OK cool. I'll find more out on Sat. See if the freeholder actually still exists. If they do then they are playing games, if not then I assume the administrators are in charge and something has happened.

What is also odd is one of the flats I am viewing hasn't previously sold according to Zoopla (#9). In fact there are a number of flat numbers missing from the sold house prices which is odd. I don't know the numbers of the other flats.

http://www.zoopla.co.uk/house-prices/high-wycombe/court-close/hp13-6hq/?q=HP13%206HQ&search_source=house-prices

Lokolo

steve1980 wrote: »

I would be asking exactly what the problems are before I even viewed the property. If they are unwilling to give the information before the viewing then I wouldn't waste my time.

I am viewing another property in the same area just before so don't have any reason not to go and view (I don't exactly have much to do on Sat mornings ).

Unfortunately the EAs are pretty rubbish and just trying to book the property I had to have a 10 minute sales pitch on their "mortgage advisor" so at the time I was just trying to get off the phone so I didn't have to have a meeting!

somethingcorporate

Lokolo wrote: »

OK cool. I'll find more out on Sat. See if the freeholder actually still exists. If they do then they are playing games, if not then I assume the administrators are in charge and something has happened.

What is also odd is one of the flats I am viewing hasn't previously sold according to Zoopla (#9). In fact there are a number of flat numbers missing from the sold house prices which is odd. I don't know the numbers of the other flats.

http://www.zoopla.co.uk/house-prices/high-wycombe/court-close/hp13-6hq/?q=HP13%206HQ&search_source=house-prices

Does look very odd, could the builder have retained them as rentals?

SouthCoast

A GRQ property investor has gone bust?

P.S.
Unusual for all the sales recorded to take place within a week!

steve1980

I think I may have found out why there are 5 flats up for sale. a google search of "st marks close, high wycombe" will reveal more information....

Lokolo

steve1980 wrote: »

I think I may have found out why there are 5 flats up for sale. a google search of "st marks close, high wycombe" will reveal more information....

Are you talking about the mosque? It's been there for a couple of years so not sure if that's the problem (only because that was 2.5 years ago! the flats haven't been up for sale that long).

Or are my googling skills suffering and you are talking about something else?

Running_Horse

2008 was the height of the "crash". I'm guessing someone somewhere lost lots of money. Chickens coming home to roost?

Ulfar

There could be a few things;

1. Developer has gone bust, no one maintaining the buildings.
2. High service charges, given the date for when they were built this would be my guess as to what is happening. More recent builds tend to have more extreme service charges/ground rent etc.
3. There are major works needed, if this is the case and the block is fairly new, then don't walk away run.
4. Nightmare neighbour, never underestimate how one resident can annoy everyone else to such an extent they want to move. Been there, done that, got the t-shirt on this one.
5. Some of the block is privately rented or social housing and there is a problem with one of the tenants.
6. Poor parking.
7. Poor build quality leading to higher bill costs and linked to above higher maintenance costs.
8. Electric only heating, this can costs a lot more compared to gas/oil central heating.
9. Freeholder causing problems. This is kind of linked to costs but can also be other problems if it is a private development.

What I can't see it being is the length of lease as this should have been 99 years.

Sorry to go on a bit. Ask the estate agent, if they don't know then get them to find out from the vendor, until they do I wouldn't view.