PC ground rent and service charge.

catlover57

Ty HillStreet So her roof is communal but not her front door?

Muttleythefrog

catlover57 said:

Ty HillStreet So her roof is communal but not her front door?

This should be outlined in the lease (which would be a primary document to look through albeit with several cups of coffee)... most likely her roof (above ceiling) is not actually hers but the landlord's so yes communal if you like while the front door of her flat would be hers and the other doors outside her apartment communal. Typically you'd get communal maintenance fees paid for in claim. During a purchase process it is very likely solicitor will get hold of current maintenance fees document including a breakdown of what they are... it is possible all or most would be covered in claim... things like building insurance can be a big factor.

peteuk

In this situation I would check for an “event charge” this could be upto 10% which can be applied if the property is transferred or rented.

catlover57

All these charges and future charges will worry her, as she just wants to retire and have a financial free life.
Do you think it's better for her to rent? she won't get PC and her inheritance will dwindle paying the rent, so I'm not too sure.

MikeJXE

Similar situation 5 years ago

I sold up and was undecided rent or buy so I did the maths 

I chose to rent and see how it goes, initially my cash (120,000) would last 25 years or there about, I was 79 so I did't expect it to run out 

 I don't have a large private pension I live on my state pension and a couple of very small ones now taken up for the stealth tax 

I am in my 4th flat (by choice) not the right location until now.

2 years ago I did the maths again and realised I could go for 40 years which I doubt is possible 

I don't need a lot, I live on my own, I don't have expensive tastes, I have a nice car, you could say I have everything I need and nothing I don't

At that point I decided I didn't need all that money so Christmas 2021 I gave my 2 kids and 4 grandkids £10,000 each 

Now I sit with the cash in the bank making interest and keeps the boat afloat 

I'm happy as Larry, no debts no worries no stress, I will live till I die.

I guess the only drawback would be if my landlady wanted the flat but that doesn't worry me as there are more around 

I don't get any benefits other than 25% reduction in council tax 

catlover57

Thank you Mike, I think renting for her is the way to go

MikeJXE

catlover57 said:

Thank you Mike, I think renting for her is the way to go

It might be an idea to look at social housing 

I live in a ground floor private rented of 7  no garden just a bit of grass and a car park, very quiet, next to a park, easy walk to the town and suits me

I have a friend in social housing, ground floor flat, communal garden small patio, laundry room, some hot meals  nice