Leasehold bomb shell, now what.

steve866

Has the tenant vacated? If yes then you need to consider the alternatives. Are there other apartments in the area which are cheaper and have a smaller service charge for example? £1700 seems quite standard in a lot of London blocks. 

Having said that if you can borrow more, I’d get a 2 bedroom flat or even better a freehold house, will be way better in the long run.

w12ee3e

steve866 said:

Has the tenant vacated? If yes then you need to consider the alternatives. Are there other apartments in the area which are cheaper and have a smaller service charge for example? £1700 seems quite standard in a lot of London blocks. 

Having said that if you can borrow more, I’d get a 2 bedroom flat or even better a freehold house, will be way better in the long run.

Yes the tenant has left, after 3 months of waiting. I made it very clear that I wanted vacant possession only. But, now I've got it and I find out the place has the potential to be horrendous money sink with high, high management charges it's now all a pointless proposition. Will take your advice, sad having wasted a few months of my life and the best part of a grand to learn that lesson. Nonetheless I'm furious with the agent who lead me on. Apparently the seller was in a rush to complete before April? Surprise surprise, that's when the management fee is due and they're also in arrears. **** them.

propertyhunter

You've dodged a bullet.

zagubov

steve866 said:

..,

Having said that if you can borrow more, I’d get a 2 bedroom flat or even better a freehold house, will be way better in the long run.

In London there's hardly any point getting a one-bedroom place. You need at least a two-bedroom property so you can get a lodger to help with the cost.
Down here, people don't live by themselves for very long.
Lodgers are a fact of life.