Maintenance charges on flats. Is this average? Or expensive?

sazzyy

Hi , we are look at some flats in Essex. They are new flats from a converted office block.

The building has 12 one/two bed flats.
It has a lift, a small area to put bikes in, a small ‘gym’ that has 4 machines in, and a gated car park with 1 parking space per flat.

The maintenance charge is about £2,000 per year.

We are first time buyers so I don’t know how much this would normally cost but this does seem quite a lot. Is it? Or is it just the going rate.

Thanks very much :j

Bossypants

My parents live in a flat in a gated development, without gym and lifts, and they pay a bit more than that. It is expensive, but to them it is worth it due to the security and the fact that the complex is maintained well (things thst go wrong are quickly fixed and cosmetic mainenance like repainting is continuously ongoing), meaning the whole development always looks smart and welcoming. That's worth a lot to them, you'll need to decide how much it's worth to you.

AdrianC

Surely this isn't the only property you're looking at? So you can compare with other similar properties in the area, right?

Lifts are not cheap to maintain.
Gyms are not cheap to maintain.
How much would a similar parking space elsewhere cost?

bouicca21

Presumably that’s a projected service charge. Could be more, could be less, but as AdrianC has pointed out, lifts are expensive. There must be budget on which that projection is based, why not look at it?

Who is going to manage the property? And what is the ground rent, what are the rules governing increases?

need_an_answer

Its not an extortionate price.

Having a lift is an expensive thing to maintain.

Having gated parking especially if its got electric gates can be expensive too.

I've 2 1 bed properties in similar sized complexes but no gym and pay £120 and £104 per month

Of course it depends how well the complex is maintained and many other factors but its certainly not beyond the relms of possibility to be expecting the type of charge you've been quoted

eddddy

As others have suggested, the service charge will depend a lot on the type of flat you buy.

A block with these types of things will have higher service charges:

• Lift
• Concierge
• Resident's Gym
• Large smart carpeted lobby and communal hallways
• Communal gardens

Perhaps the other end of the spectrum would be a house converted into flats, with no communal areas, no communal garden etc. (But older buildings might need more maintenance/repairs to the roof etc.)

davidmcn

Lifts and gyms both need regular maintenance visits/checks even if nothing is broken. Lifts typically have a phone line for the emergency intercom, and a contract for somebody to be available at the other end. I'm guessing somebody comes in to clean the communal areas. So it's all going to cost more than alternative flats which don't have those features - haven't you looked at other properties yet?

divadee

Apparently the average service charge for a managed block according to RICS is about £1400 a year. We pay £1300 for a 4 flat block that is fully managed. We do have gardeners and window cleaners, but other than that it is just general maintenance on a victorian block of flats (was once a victorian villa).

Dont forget they will need fire checks, asbestos checks (if applicable), gas and electric checks for communal areas.

AdrianC

divadee wrote: »

Apparently the average service charge for a managed block according to RICS is about £1400 a year.

And that average is calculated including blocks that don't have lifts, gyms, secure parking...

Crumble2018

We are currently buying a 2 bed flat in Essex - service charge is around £1200 a year, but no lifts or gym.

divadee

AdrianC wrote: »

And that average is calculated including blocks that don't have lifts, gyms, secure parking...

That's very true! 2k seems like a bargain with that!