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Buying on Infilled Land
Comments
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Your use of words suggests you aren't quite familiar with how Leasehold properties "work". I would recommend reading up on that before buying one.I suppose if the leaseholder/management company have sufficient insurance to cover what could happen then I've nothing to worry about other than it may take longer to sell.
I may revisit the price I'm paying.
It might be the freeholder(you would be the leaseholder) and ManCo responsibility to fix structural issues, but it will be the leaseholders (you) paying the bill. Even if there is and insurance in place your premiums will skyrocket, rising the service charge in the future.
Footnote: After a couple of residents association meetings in a massive (1000+ flats and houses) estate we live in, I'm astonished how little understanding people that bought leasehold properties have on what everyone's (Freeholder, Leaseholder, ManCo etc.) responsibilities are.0 -
Your use of words suggests you aren't quite familiar with how Leasehold properties "work". I would recommend reading up on that before buying one.
It might be the freeholder(you would be the leaseholder) and ManCo responsibility to fix structural issues, but it will be the leaseholders (you) paying the bill. Even if there is and insurance in place your premiums will skyrocket, rising the service charge in the future.
Footnote: After a couple of residents association meetings in a massive (1000+ flats and houses) estate we live in, I'm astonished how little understanding people that bought leasehold properties have on what everyone's (Freeholder, Leaseholder, ManCo etc.) responsibilities are.
Typo on the lease/free
if it falls down there'll be no service charge to pay
The low monthly charges suggest its not been an issue so far.0
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