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Leasehold flats in tower blocks seeing huge rises in service charges
coypondboy
Posts: 98 Forumite
Looking to downsize to a flat but noticed service charges becoming a huge overhead will this cause the price of flats to keep falling?
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Comments
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Yes, that is the most likely outcome.0
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Depends. Some flats build up a sinking fund to cope with major expenses, so avoid sudden large calls for funds.coypondboy said:Looking to downsize to a flat but noticed service charges becoming a huge overhead will this cause the price of flats to keep falling?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
There’s a huge scandal with the high service charges and ground rents for leasehold, esp if the property is over 18m tall and has dodgy cladding. I’d stay well clear0
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I would avoid buying in a tower block - at some point there will be very high charges (any exterior work, lifts, decorating).Look for more established low level smaller blocks, or maisonettes, look for shared freeholds, zero ground rent and long leases. Avoid developments with things that aren't important to you (concierge, on site gym or swimming pool, massive grounds - anything that's obviously going to add to the cost of the service charge).0
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