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Landlord looking to sell has offered me first refusal
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I have a flat in a council block. This year, apart from the standard service charges of around £1500, they have spent £3k of my money on the roof, and £15k installing a sprinkler system. The sprinklers are unnecessary, and that's not just my view, the Council's fire risk assessment says they are unnecessary. But, I still have to pay for them.
So, that's £20k this year, which is rather exceptional. But, every 2-3 years, they do some 'major works' such as external decorations or refurbishing the lifts. That's usually £5-6k each time. There's no reserve fund for the works, so these rather lumpy bills come along, and leaseholders are just expected to pay them.
I'm not asking for sympathy. This works okay for me as a landlord, but I don't see how it works for owner occupiers on a moderate income, and I really strongly recommend not putting your head in the noose.
No reliance should be placed on the above! Absolutely none, do you hear?1
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