Flat Buying + Service Charge

J_i_m

I'm wondering if there is some missing info, I mean £60k for a two bed flat? That price sounds extremely low. Are you sure that it's not shared ownership, and £60k isn't the price of a 40% share or something like that.

I think you've got a lot more number crunching to do than the service charges to do.

AdrianC

J_i_m wrote: »

I'm wondering if there is some missing info, I mean £60k for a two bed flat? That price sounds extremely low.

It's far from impossible, outside the SE.

Cade_Foster

J_i_m wrote: »

I'm wondering if there is some missing info, I mean £60k for a two bed flat? That price sounds extremely low. Are you sure that it's not shared ownership, and £60k isn't the price of a 40% share or something like that.

You can get them round my area for a that, not to hard if you live in Yorkshire and the North East, A lot of people need to think outside where they live, I think what they charge in the south for flats is obscene as you could by a huge house and garden where I live for that sort of money but thats the way the property market works.

Back to the OP I am buying a one bedroom for £60000 and the service charge is £250 a year so yours seems very excessive for the price, just think in 10 years you would have paid out £20000 in fees which could have been put towards buying a better property.

bouicca21

Another vote for finding out what it covers and whether there is a sinking fund. The flat I was renting until recently had a similar maintenance charge. I could not for the life of me see what was being done for that, apart from buildings insurance and having the lawn in the garden mowed regularly. The place had an air of neglect - neither the outside nor the internal communal areas had been decorated for years, probably at least a decade. No one was interested in getting anything done, though given it was shared freehold you'd think the various flat owners would take some pride in the building (which was actually rather attractive).

Marmaduke123

I think there can be a big problem where the owners of individual flats in a block are the management company. It can be extremely difficult to get agreement on what needs to be done, especially if there is no contingency fund.

mimi1234

Thanks again all for your advice.

J I M - it's up north. You would be surprised what you can buy these days and for what amount. There is a back to back 2 bedroomed house going for £40K. Make of that what you will.

I will obviously do some more digging about the service charge and what not, and see if I can have a chat to one of the residents there.

Once again, thanks to everyone for your advice. I really do appreciate it and you have definitely put my mind at ease. I was actually thinking of putting an offer in. Doh!