AIBU to pull out of buying this flat - first time buyer help

[Wingingit1989]

I have an offer accepted on a flat in north london (primrose hill). The more I find out about the building the more it’s putting me off.

Since my offer was accepted I have found out about ongoing issues with the heating and hot water. The service charge is 2.5k higher than advertised, a noise complaint was issued to the flat about and there is knot weed at the back of property. Would you pull out or if you were to reduce your offer how would you calculate the amount by?

It’s in a great location twice the size of current rented flat and close to sons nursery.

go with ypur gut. Even just with a service charge 2.5 x higher, why are they lying? what else haven't you found out?

I'd be looking to pull out, you've been misled on the service charge and that will only increase over time. Could there be a possibility on indemnity insurance on the heating/hot water and the knot weed on that the issues are fully resolved or the vendor is liable for charges prior to exchange date? I don't know how much cover you could get.
The neighbours noise could be something or nothing - some people are very sensitive to noise whereas you might feel it's normal. But all things considered with what you have written, I'd be uncomfortable progressing.

Based on all that I’d run a bloody mile, service charges on flats are an absolute bloody nightmare, you’d probably be better off buying a house with the extra money you’d pay on a service charge they can raise whenever they fancy, and Japanese knotweed is a total no from me, you’d no doubt have trouble reselling in the future.

I’d pull out and tell them exactly why.

I’d pull out too. The Service Charge issue would be the killer. I am really cautious about identifying the management companies DS withdrew an offer on a flat once he had identified it was managed by a dodgy one who up charges at the drop of a hat.

I would pull out just on the basis of the knotweed alone let alone the noise.

Pull out!

Pull out!!!

I too would pull out on the basis of the knot weed only.

Find something with less problems!

After my experience of renting a flat, I wouldn’t even rent another one never mind buying one
You’re at the absolute mercy of the service charge, they don’t seem to increase in value at the same price as a house and that’s without all the neighbour problems. You literally never know who’s gonna be above or below you. We lived in peace for about four months and then a herd of elephants moved in above us apparently.

See those hills? Run for them! Run as fast as you can!

Those are significant issues you have found. So it depends on how much you want the place. Reduced offer if they are things you are willing to deal with, or pull out if not. I would pull out if it was me - noise, and a higher than expected service charge would put me right off.

You may not be able to get a mortgage if there is Japanese knot weed.

Run! Each of those problems are quite bad, but together it’s a nightmare.

If there is a noise issue with the flat above that alone is enough for you to pull out. Don't even consider it.

Pull out. Noise complaints can ruin your life! Not to mention the extra costs for service charge AND issues with the heating etc could cost a fortune:

Sounds like there's a reason it's not sold before now

Absolutely pull out!

I'm wondering if you've seen threads criticising people for pulling out and that's part of why you're having second thoughts? Pulling out for no good reason after a long drawn out process is a shitty thing to do - but you'd be pulling out because you have learned the property is different to what you thought you were buying - that's just sensible!

The sellers should have been upfront and honest - this is on them

Run

Thanks everyone! I didn’t even list all the potential issues. There is planning permission for a modular development on the roof top but I know about that when I made the offer :(

You've just found that out? Withdraw that offer asap, this is ridiculous- can't trust a word the vendors are saying.

"...The service charge is 2.5k higher than advertised" This alone would make me pull away. They can increase the service charge at a whim to whatever they like and you are trapped

The service charge alone would put me off. Japanese knotweed is a pain as well.
TBH, I would avoid flats with service charges altogether, they can be a complete money pit. Especially if the block has a lift. Buying a share of freehold is much safer.

I live in a share of freehold flat. ALL blocks have service charges.
Communal facilities such as maintaining a working lift or painting the outside of the block all need paying for.

The block can be administered by a managing agent or a small committee (Directors) made up from some of the residents.

I would pull out.

These are the best ones. You're very lucky. We had a flat like this once. Having a freehold share and directors amongst your own neighbours is gold. I wouldn't touch a flat with unstable service charges. (Or known upstairs noise problems and knotweed!)

Noone is questioning that a leasehold property will have a service charges. It's the fact that they're £2.5k higher than the vendor let on.