AAARGH!!! Surveyor massively downvalues flat

Tim_Bisley

Fraise wrote: »

Not sure how many apartments are in this block, but if each flat is paying £4000 per annum to maintain a swimming pool and gym on top of general maintenance - and this is Nottingham, it's not Canary Wharf - it does seem a lot. Especially as it seems it's a new build that will require very little maintenance for some years.

It's not every flat, it's based on square footage, which is apparently becoming the standard. The flat is the biggest in the block, so we'll be paying the highest. I imagine the smaller one beds will be paying £1-2k.

The accounts seem to be pretty spot on, but you're right - it is a cash cow for management companies.

ruggedtoast

Jack_Johnson_the_acorn wrote: »

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.

I suppose you think that the boomers fiscal plundering of the younger generations is some laughing matter?

ukcarper

Fraise wrote: »

Not sure how many apartments are in this block, but if each flat is paying £4000 per annum to maintain a swimming pool and gym on top of general maintenance - and this is Nottingham, it's not Canary Wharf - it does seem a lot. Especially as it seems it's a new build that will require very little maintenance for some years.

Yes, they have to pay cleaners, porterage, gardeners etc, and tradesmen to fix the odd broken lightbulb etc, but for Nottingham is seems excessive. It's unlikely the roof will need repairing in the next 50 years,and except for gutters ring, drains if blocked, and replacing windows every, what, 20 years, painting doors every five years or so, it seems a lot.

But if the OP is happy to pay it that's up to him. Lots of people pay service charges and just accept it. If you're not happy with its being run, or you think you're overpaying you can take it to the FTT.

Some freeholders and managing agents use service charges as a money tree.

Aren't high service charges prevalent in retirement properties.

mayonnaise

Tim_Bisley wrote: »

I'm writing this post on an iPad, just to demonstrate my profligacy further.

Ouch. You bought a property and have an iPad, that's you on shortbrained's blacklist for life then. :rotfl:

pinkpiglit

Fraise wrote: »

Not sure how many apartments are in this block, but if each flat is paying £4000 per annum to maintain a swimming pool and gym on top of general maintenance - and this is Nottingham, it's not Canary Wharf - it does seem a lot. Especially as it seems it's a new build that will require very little maintenance for some years.

Yes, they have to pay cleaners, porterage, gardeners etc, and tradesmen to fix the odd broken lightbulb etc, but for Nottingham is seems excessive. It's unlikely the roof will need repairing in the next 50 years,and except for gutters ring, drains if blocked, and replacing windows every, what, 20 years, painting doors every five years or so, it seems a lot.
.

Don't forget buildings insurance, utilities (for common space), security and video etc.

We pay more than Tim (although, yes, we are in London) and I sit on the board of directors that oversees our building. The board sets the service charge that is collected each year and has to approve any expenditure over a certain threshold. Because of this I get to scrutinise every penny that gets spent, and trust me - it all adds up!