Sinking fund.... why so huge?

tim123456789

propertyman wrote: »

I am afraid that is wrong

What part of "in simple terms" do you not understand?

G_M

Lots of information, and advice, from:

http://www.lease-advice.org/

bodmil

Could I get any opinions on whether the amount is reasonable for a block of 6 flats? It is a period property but in good conition.

Fire_Fox

You've had your queries answered but you are not listening to the responses. They don't have to supply estimates or quotes at this stage, if there is a long list of works to be done £5K per flat over five years does not sound unreasonable to me. Bear in mind ex-social housing tends to be much more expensive repairs wise, they use 'approved' contractors and work to 'better homes' standards. Many long leases permit for improvements not simply repairs and maintenance as in the private sector. £100 a month on service charges alone with no sinking fund is not unusual in the private sector.

Money_Bunny

The service charge on my 1970s flat in a large development is 80 pounds a month. Much of the money is going to roof replacement on all the blocks (about two thirds completed) and there is are regular improvements (painting communal areas, improving the car park, removing hazardous trees, security lighting etc) plus the money covers window cleaning, gardening and buildings insurance.

So while, obviously, I'd rather pay less, I think I do get value for money.

Mind you the management company is run by the tenants and I have a lot of confidence in the people in charge. I've certainly heard of cases of private companies charging a lot for very little.

FlyingDonkeys

I would get a copy of the specification and get your own quotes that in. At least that would be number crunching. Will any of other leaseholders join you in trying to stop unfair charging. LEASE are useless. How about leasehold knowledge partnership or Carlex?

propertyman

tim123456789 wrote: »

What part of "in simple terms" do you not understand?

In simple terms, even in simple terms, your post was fundamentally wrong:A

propertyman

bodmil wrote: »

Thanks propertyman - my concern is that they have pulled the estimates out of thin air. Do I have any rights to see quotes for the work to be done?

not as such but you can ask on what basis they arrived at those figures, which may be budget or professional assessment based on knowledge and experience

Fire_Fox

FlyingDonkeys wrote: »

I would get a copy of the specification and get your own quotes that in. At least that would be number crunching. Will any of other leaseholders join you in trying to stop unfair charging. LEASE are useless. How about leasehold knowledge partnership or Carlex?

I and others here have found LEASE very helpful and knowledgeable. The OP is referring to an housing association managed property, not a private block.

blckbrd

FlyingDonkeys wrote: »

I would get a copy of the specification and get your own quotes that in. At least that would be number crunching. Will any of other leaseholders join you in trying to stop unfair charging. LEASE are useless. How about leasehold knowledge partnership or Carlex?

Independent quotes are worthless frankly. Get the contractor to quote on like for like - the entire housing stock/ contract area - not the individual property.

I helped install my custom windows on my home. Frighteningly easy with no experience. If you asked me to do a block/estate/patch, i'd make sure i was coining it in.

The charging is not unfair, social landlords do not make a profit. The tenders are inflated, the work may be crappy but he only way to escape is to sell up and move.