would 2.3k service charge put you off?

annie123

itsgototstop wrote: »

now share of freehold

Is the flat in question share of freehold or where you now live?

If its the flat in question, appoint new agents, or self manage.

and who are they paying for the lease extensions? themselves!

drrobert

I lived in London until recently (I have now emigrated, partly due to unaffordable house prices). I don't think that the problem is the service charge per se. It would bother me, but I doubt most purchasers seriously consider it. I just think that 300k is too much for a two-bedroom flat in Shepherd's Bush. Even lowering the price to 285k would make it appear much more affordable (I wouldn't even look at anything beginning with a '3').

Also, could you get Foxtons to remove the phrase "is in need of some cosmetic refurbishment" from the property description? The place looks fine, and I really don't know why they've put that in!

itsgototstop

EdInvestor wrote: »

If that's the case why don't the residents get a grip? Sack the managing agents, fire the gardener, put his flat on the market, put the profits from the sale into a house account and do any major overhanging repairs, using the interest on the remaining capital to subsidise the running costs.

Great idea, but all flats are leasehold!!!

itsgototstop

drrobert wrote: »

I lived in London until recently (I have now emigrated, partly due to unaffordable house prices). I don't think that the problem is the service charge per se. It would bother me, but I doubt most purchasers seriously consider it. I just think that 300k is too much for a two-bedroom flat in Shepherd's Bush. Even lowering the price to 285k would make it appear much more affordable (I wouldn't even look at anything beginning with a '3').

Also, could you get Foxtons to remove the phrase "is in need of some cosmetic refurbishment" from the property description? The place looks fine, and I really don't know why they've put that in!

Yes it is alot for a flat in shepherds bush but at the moment its one of the cheapest! 2 beds with gardens coming in at 400-450k

Generali

itsgototstop wrote: »

Yes it is alot for a flat in shepherds bush but at the moment its one of the cheapest! 2 beds with gardens coming in at 400-450k

This more than any economic theorising or talk of immigration and portfolio theory is what screams 'bubble' to me.

The best part of half a million quid for a 2 bed flat with a garden in an ok bit of London! You could sell up and buy a nice place in a rural bit of France or Spain and get an income of the best part of €20k pa in interest!

Surely there must be a pretty limited number of people who can afford to spend £450k on a property that would make the choice to spend it on a 2 bed flat in Shepherds Bush. Perhaps it's just me.

itsgototstop

Generali wrote: »

This more than any economic theorising or talk of immigration and portfolio theory is what screams 'bubble' to me.

The best part of half a million quid for a 2 bed flat with a garden in an ok bit of London! You could sell up and buy a nice place in a rural bit of France or Spain and get an income of the best part of €20k pa in interest!

Surely there must be a pretty limited number of people who can afford to spend £450k on a property that would make the choice to spend it on a 2 bed flat in Shepherds Bush. Perhaps it's just me.

or a one bed flat down the road!!

http://www.rightmove.co.uk/viewdetails-16401109.rsp?pa_n=1&tr_t=buy

Generali

itsgototstop wrote: »

or a one bed flat down the road!!

http://www.rightmove.co.uk/viewdetails-16401109.rsp?pa_n=1&tr_t=buy

That's a lot of money for a 1 bed flat but it is in Chelsea, a place where a lot of people aspire to live. I can see why it can cost a firtune to live there.

However, I'm yet to hear someone say, "If I win the lottery, I'm going to live in Shepherds Bush". As I say, I've no problem with Shepherds Bush, it's a perfectly ordinary, decent bit of London (if pretty well connected).

Edited to say:

It's not in Chelsea at all is it! It's in Ladbrook Grove. Half a million quid for a pokey flat in Ladbrook Grove. Man Alive! It's ten grand a square metre!!!

martinman3

itsgototstop
Could you please respond to the questions put by annie123, EdInvestor and others before this becomes another 'house price crash thread' ?

If, as you stated in your first post, your friend has a share of the freehold then there is a residents management company which owns the freehold and they can get rid of the managing agents and the gardener is they so wish.
A property can still be leasehold even if the flat owner has a share of the freehold.

itsgototstop

martinman3 wrote: »

itsgototstop
Could you please respond to the questions put by annie123, EdInvestor and others before this becomes another 'house price crash thread' ?

If, as you stated in your first post, your friend has a share of the freehold then there is a residents management company which owns the freehold and they can get rid of the managing agents and the gardener is they so wish.
A property can still be leasehold even if the flat owner has a share of the freehold.

I though i had responded and made it clear they are all leasehold flats with no share in freehold.

Melissa177

300K for a flat less than 600 sq ft on Goldhawk Road is crazy.