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Leasehold fees and the shock?

Adly812
Posts: 579 Forumite

I'm well underway with a purchase of a leasehold flat. The estate agent was asked on my viewing of it - 1) what's the lease length? 2.) what are all fees surrounded with lease/ground rent.
Now In my experience I know estate agents are incompetent. But these take the cup. The hound me for every bit of my purchasing status/as a buyer they wanted all my info, which I gave them.
They told me 116 years left in the property, which then turned to 87 years (3weeks after when i repeated my question for certainty). They said £113 per month total..
Now I instruct my solicitor, we re about to get searches done etc. My solicitor reveals its actually 113 years lease left and £1879 per year charges?!?!
Im so angry, why can't people provide clear true information ?! I don't want to pay £156 a month for this flat?!? What should I do?? Lower my offer significantly or pull out??
Now In my experience I know estate agents are incompetent. But these take the cup. The hound me for every bit of my purchasing status/as a buyer they wanted all my info, which I gave them.
They told me 116 years left in the property, which then turned to 87 years (3weeks after when i repeated my question for certainty). They said £113 per month total..
Now I instruct my solicitor, we re about to get searches done etc. My solicitor reveals its actually 113 years lease left and £1879 per year charges?!?!
Im so angry, why can't people provide clear true information ?! I don't want to pay £156 a month for this flat?!? What should I do?? Lower my offer significantly or pull out??
0
Comments
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In my experience those fees will only increase, it certainly does seem a lot of money. Ours is about £1,400 but includes ground rent.0
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It seems to be an increasing problem.
My only suggestion (and what I'd do) is get the EA to check with his client and then confirm to you in writing the answers when you make your offer initially.
Whether that would work of course.........:think:0 -
The problem is, I asked the EA before I made the offer all these questions. They said they'd check with the client, and they gave me all these inaccurate figures. I was happy with £113 pm charges, and 116 years on the lease initially. Now into the sale... We find out different true figures after viewing the contracts and deeds... I'm inclined to pull out, but so so frustrating.. EA are sooooo grrrrrrr!!!!! They've practically lost a sale, due to idiocy !! Why can't they getmitbright, I own a leasehold now, and can tell anyone every detail if ever needed. If your selling your property surely have these details clear concise and available ???0
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my suggestion wasget the EA to check with his client and then confirm to you in writing the answers0
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What does the fee cover, are there communal areas, is there a lift? Also check there is a decent sinking fund in place, and whether any major works are planned (and what has been done recently, so you know they won't be happening again soon).
When I sold my previous leasehold I had a copy of the fee breakdown available when people came to view. I figured if it put anybody off then they would have pulled out later anyway, but in the end it sold on the first view. Far easier all round to be upfront (and never rely on EA's for accurate information!).0 -
You can ask the seller if you can have a look at the most recent year end accounts, before making your offer.
You'll be able to see what the previous year's service charge was, and what it was spent on.
Organised sellers should have no problem finding this, but I suspect that some less organised sellers might have trouble finding it.0 -
Find somewhere to live where you can afford a proper house.
Leasehold is rubbish.Changing the world, one sarcastic comment at a time.0 -
Avoid leasehold if possible. Been there and had a nightmare with increasing charges and a sudden 4K bill for communal works.0
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It's all very well saying "avoid leasehold" but not everybody can afford a house rather than a flat!0
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