What extra expense is there with buying a flat?

(7 Posts)
nellysaidno Sat 17-Nov-12 13:31:58

I've always preferred to live in flats.

Yes you do get services charges but I find some of these make life so much more convenient, e.g. a concierge service which takes in parcels/makes the building more secure, grounds cleaner, buildings maintenance, lift service. You don't have to pay the full whack of things like repairs like you would with a house, and fuel bills tend to be lower as you benefit from heating from the neighbouring flats.

Ground rent is generally low, service charges have been the main cost for me. I've never been concerned about the leasehold cost, have always looked at flats which have a long lease and moved before it became an issue.

Spindelina Sat 17-Nov-12 09:48:22

We lived in a flat (converted building) where we owned a share in the management company. No ridiculous expense other than insurance and fire alarms, but you do need to get on with your neighbours.

ISeeSmallPeople Sat 17-Nov-12 00:18:10

Yes, I did actually mean £30k. I could buy a house elsewhere for that.
Was 2 lvt trials. 5 visits in total. Solicitor, barrister, prep. As well as endless hours of work myself.
And the bugger is still harrassing me.

Never ever buy leasehold in that west London borough. Pm me for his name if looking thereabouts. The bastard owns over 100 units. He's listed as potentially violent with the council. I've reported him to the police & he's been cautioned. He's threatened tenants. Threatened me. Makes unreasonable demands at 11pm on bank holidays. Totally insane.

In my experience, I'd never buy leasehold again.

I know it's extreme. He wasn't there when I bought. And in a smal block, other leaseholder refused to buy the freehold, thereby losing me my right of first refusal, which I never even knew about. It was all legal & above board.

What SmallPeople said.

Extra charges just go up every year, for little actual benefit.

<also bitter>

ISeeSmallPeople Sat 17-Nov-12 00:07:22

Huge, unquantifiable, endless

bitter emotion needed, I've spent over £30k getting the mad free folder from hell out for just another 2 years, thanks lvt for not granting me longer!

lalalonglegs Fri 16-Nov-12 22:02:32

Service charges for communal work (that might not benefit you). Block buildings insurance (usually more expensive than insurance on equivalent size house). Freeholder can charge a management fee on any work carried out. A lease will always be decreasing so you may have to extend it at some point - even if you do that before 80 years when you start paying charge to extend it, you will still have solicitor's fees etc. Freeholders can be utter twunts and make life very difficult for any minor incursions of the lease - it costs money to fight these.

If there is a right to manage company within the block or you can set one up, you could save yourself a lot of time, money and hassle.

sneezecakesmum Netherlands Fri 16-Nov-12 21:45:02

I'm thinking ground rent (whatever that is). Building upkeep?

Its a 2 bed flat in a building with maybe 3 other flats. No shared stairs etc. All self contained.

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