Buying flat in a private high rise

AdrianC

Cooper_M wrote: »

This is a new build tower in a completely private development so I'm assuming there wouldn't be much in the way of major works for at least the first 10 years? I would be looking to sell within that time anyway as don't want to live in a flat forever.

So you sell in 7-8yrs time. Your putative buyers are looking at a building that's 7-8yo, with works perhaps just around the corner.

Lunchbox

Cooper_M wrote: »

It seems the feeling on here isn't that positive about a high rise, but I'm really hoping for someone who actually lives or has lived in a block like this who could tell me if my assumptions are correct!

I would only buy it if you aren’t making any assumptions. You can’t control the behaviour of other leaseholders, for example. Passenger lifts in blocks aren’t designed to carry heavy furniture and this was one of the reasons the motor in one of our blocks ultimately failed. There were also some inherent defects that became apparent after the two year snagging period that aren’t covered by NHBC, and as our freeholder wasn’t interested in a legal fight with the builder, the bills have been picked up in service charges.

Even if the lifts (for example) aren’t replaced within ten years, you may receive a notice of intention to do the works, or anyone buying may realise it’s inevitable it’d be coming up and lower their offer or be put off. Also, although you’ve managed to get a mortgage, or may be more tricky for anyone coming in so your pool of buyers may be smaller. On the other hand, if there are no more tower block fires, lenders may relax a little over the next few years.

I’m also concerned about cladding as per silvercar’s post. Any cladding that wasn’t exactly the same type as Grenfell (aluminium composite) hasn’t been put through the testing programme. There is nothing to say that next year, after the inquiry, they may determine that any cladding (solid metal, ceramic) with insulation underneath is a hazard and needs to be replaced. This is my particular worry at the moment and again is being scrutinised by lenders (not with ours, but was with a neighbour who also recently remortgaged).

I honestly can’t answer whether I would buy our property again right at this minute in time. There’s certainly a lot more to think about than when I bought it.

Cooper_M

Thanks Lunchbox - certainly lots to think about...