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How high service charges work out for buyers of leasehold
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Self-determination based upon the desires of the management group. You might want to improve things that improve the quality of your lives, take out 12 parking spaces and put the spa or bowling alley in. Design new gardens and pay for their upkeep.
The challenge usually is that you need 100% agreement from all property owners.
They have to agree to contribute to the initial cost, and agree to have their leases changed to make them responsible for ongoing maintenance and repair costs.
If all the property owners have similar mindsets and similar level of disposable income, etc, maybe that would work. But if you have a mix of profiles like...- Young double-income couples - with lots of disposable income
- Retired couples - on a fixed lowish income (who aren't super-keen on Ten pin bowling!!!)
- BTL landlords - whose business goals are to maximise yield, while spending as little as possible
It's unlikely that you'd ever get agreement.
2 -
Imagine getting 100% agreement from a large block of flats, with maybe tens of flats in it. I'm tempted to use a stronger word than 'unlikely'.1
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