flat in city center manchester - service charge seems steep?

rtt2017

Never owned a flat before, theres one I like the look of, 360k... the service charge is £167 a month, is that a lot?

PField

Lifts, Concierge, gym? Seems about right for a 2 bed.

rtt2017

PField wrote: »

Lifts, Concierge, gym? Seems about right for a 2 bed.

http://www.rightmove.co.uk/property-for-sale/property-50105301.html

looks like theres no concierge or gym, not even sure about a lift

Car1980

A 360k flat is a very posh flat. £160 would be right.

You can get a 2 bed for £140k and pay £100 a month service charge

bowlhead99

rtt2017 wrote: »

http://www.rightmove.co.uk/property-for-sale/property-50105301.html

looks like theres no concierge or gym, not even sure about a lift

There will be lift(s), because people willing to spend £360k on a flat instead of £100k on a flat (or even a two bed terrace) within two or three miles, are not the type or people who want to take the stairs every day.

There's secure parking which is another thing to be built and maintained and feed into the annual service charge.

A couple of thousand a year service charge on a luxury city centre flat isn't unheard of.

bouicca21

You need to find out just what the service charge covers and I'd be suspecting that the 'currently' description of the ground rent might mean there are provisions for an increase.

The vendor ought to have the details you need.

TheGardener

Mate has a flat near Manchester in a converted mill - nice place but nothing like £360k. He pays £136 a mth for the service charges which include water rates, grounds maintenance (communal green space) external lighting and underground parking, lifts, communal halls and landing cleaning and lighting, communal TV/internet cable system, security and fire safety systems etc. So it sounds about right to me.

rtt2017

TheGardener wrote: »

Mate has a flat near Manchester in a converted mill - nice place but nothing like £360k. He pays £136 a mth for the service charges which include water rates, external lighting and underground parking, lifts, communal halls and landing cleaning and lighting, communal TV/internet cable system and fire safety systems etc. So it sounds about right to me.

never lived in a flat, is the water bill usually covered in service charge?

so im saving on water and broadband costs then

luvchocolate

I lived in Hull city centre...yes I know its Hull, but across from the Marina in a nice position £700 a year service for a 2 bed.
3 floors, no lift, service charge covered car park security, stairways cleaning, windows cleaning,lighting on stairs.

C_Mababejive

Whats the point in buying a home,paying the mortgage and then having to pay £160pm,presumably rising annually? You might as well rent.

rtt2017

C_Mababejive wrote: »

Whats the point in buying a home,paying the mortgage and then having to pay £160pm,presumably rising annually? You might as well rent.

I won't be needing much mortgage fortunately, if any