AAARGH!!! Surveyor massively downvalues flat

Tim_Bisley

Well, we've been here for 6 months in the Lacemarket and it's fine. As I've said, I'd rather be in town than commuting in from somewhere like Mapperly or West Bridgeford.

Yes - the service charge is a lot of money. Again though, it's not the highest we've seen. Average for a large flat is £2.5k to £3k and upwards. Do we get a smaller flat because the service charge is £100 a month cheaper? I'd rather pay the premium. I've no illusions that it won't go up either.

Not worried about resale as the intention is to keep hold of it. Even on a conservative rental we'd have a very decent yield, and that's before us overpaying the mortgage as much as we can. Lease is 990 years, so no issues.

shortchanged_2

Apologies all I miscalculated earlier. Tim would actually be paying £96,000 over a 20 year period in service charges not the paltry £80,000 I previously stated.

Tim_Bisley

shortchanged wrote: »

Apologies all I miscalculated earlier. Tim would actually be paying £96,000 over a 20 year period in service charges not the paltry £80,000 I previously stated.

Where did the extra £16k come from?

I'm sorry the fact we pay a service charge seems to exercise you so much. Thanks again for taking the time to work out how much a figure adds up to over an arbitrary period, even if it was incorrect. Sadly your sage words came too late for me, but next time I am looking for a nice flat in a city centre I'll remember your advice and instead buy an ex-council house in a less convenient location to avoid nasty nasty management fees.

Anyway, the thread seems to have been diverted into the subject of whether the service charge is high. Well, of course it is and I said as much. I shall probably moan to someone each time I pay it but, hey, I'll be living in a nice flat and we can afford it.

Hopefully there might be some useful information for someone buying in Nottingham though. There's quite a lot of £250k+ flats on the market right now that, if ours is the only recent comparable sold property as will probably be the case, will not be valued at anywhere near asking price for a mortgage.

shortchanged_2

mjoneseyjones wrote: »

I don't think anyone other than you really gave a sh#t

Obviously another leaseholder who is paying a rather large sevice charge.

mjoneseyjones

shortchanged wrote: »

Obviously another leaseholder who is paying a rather large sevice charge.

Nope, I live in a freehold house but you can pretend I pay a service charge if it helps reinforce the bizarre agenda you're pushing.

Jack_Johnson_the_acorn

mjoneseyjones wrote: »

Nope, I live in a freehold house but you can pretend I pay a service charge if it helps reinforce the bizarre agenda you're pushing.

Shortchanged is very upset that he can't afford any property, check his post history for a laugh, he is desperately angry at his parents as they are "boomers" and shortchanged gets very upset that they own a property and he never will.

Thrugelmir

mjoneseyjones wrote: »

I don't think anyone other than you really gave a sh#t

What's bowel movements got to do with a sizable service charged? Or is the comment your attempt at a put down.

mjoneseyjones

Thrugelmir wrote: »

What's bowel movements got to do with a sizable service charged? Or is the comment your attempt at a put down.

It wasn't an attempt, it was a blatantly obvious put down, clear to all but the most mentally challenged.

adhara

shortchanged wrote: »

Yes but you are forgetting that all the other residents are paying a service to cover the cost if a new roof.
My example is stating that if someone owned a house they would be unlikey to need to spend £80000 in 20 years on building maintenence on a house. Baring in mind you still have to pay for your own fixtures and fittings in both types of properties.

You're still forgetting that part of that 4K is paying for everyday costs. The sinking fund will be much much smaller than £80K per apartment. Will £80K x paying apartments be enough for several roof replacements? Yeah, if you didn't pay to have the communal areas cleaned, building insurance and employment wages for 20 years! Hence why your reasoning is flawed.

Good lord, no one is questioning it is a high price. Stop getting hysterical about other people's buying choices.

shortchanged_2

adhara wrote: »

You're still forgetting that part of that 4K is paying for everyday costs. The sinking fund will be much much smaller than £80K per apartment. Will £80K x paying apartments be enough for several roof replacements? Yeah, if you didn't pay to have the communal areas cleaned, building insurance and employment wages for 20 years! Hence why your reasoning is flawed.

Good lord, no one is questioning it is a high price. Stop getting hysterical about other people's buying choices.

There's no flaw in my reasoning the fact is that it is a ridiculously expensive service charge. Of course Tim will try to justify paying it because he has committed to it now and it's probably dawned on him what a waste of money it is now someone has put a figure on paper what it's costing him. £48,000 in 10 years is a very large amount in return for probably very little.