no sinking fund

csgohan4

Actor31 wrote: »

live on a rough area nothing cheaper and was hard enough to get one job

So instead of waiting and biding your time you jumped into the deep end and bought a flat without looking at the consequences?

freeisgood

Its a headache...I know someone who privately owned a council flat...refused to have their windows replaced to save themselves money ( as the council was replacing every window on the block) she still got a bill in the thousands for the scaffolding etc etc..even though no new windows for her

Actor31

all 3 blocks had all of the outside improved it cost millions and tenants also had the inside of the flats improved.and my sinking fund is taken out of my service charge a few years ago a housing association took over from the council.

marliepanda

How much do you pay into the sinking fund? (its been asked a few times)


How long have you lived there? Did you expect to have paid £15k or so into it?


Again, did this not come up at any point when you bought it? I have never bought a council flat or even lived in one but I know the huge pitfalls of enforced repairs that buying in council blocks can cause.

Actor31

been in the flat for about 20 years it was not repair it was improvements, new balconies, windows, and the exterior cladded, some flats are lease holders some are tenants and found out that lease holders have all got different bills because the service charge which includes sinking fund are different even for the same size flat, because the flats were were purchased at different times. i was informed that it would come out of my sinking fund but than find out 12 months later i have nothing left in my sinking fund. i asked then if they wanted to buy it back but they don't want it.

Actor31

I have some satisfaction that by posting on this site my experience, it will hopefully make people check and seek expert advice before purchasing a leasehold off an housing association or council.

xylophone

Have you been making regular payments into the sinking fund?

Actor31

Yes it was included in my service charge

Actor31

Its 5th floor flat Manchester and the mortgage was less than the rent, but i suppose you live and learn

Lioness_Twinkletoes

If you were paying, for arguments sake, £100 per month into the sinking fund over 20 years you'd have £24k, excluding payment for any other works.


I don't think that you have been paying into a sinking fund - you just thought you were.