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.

The flat is share of leasehold. There is a managing agent but a resident’s committee oversees how the money is spent. It also includes the heating and hot water. I struggled to find anything share of freehold. Im leaning towards pulling out of the sale I think but waiting for some responses from sellers solicitors. Im not sure I can really trust what they say now though.

check the heating very carefully. There has been a problem with flats with a common heating system, as they are treated as a business supply so that the energy cap doesn’t apply.That needs checking out.
The combination of the management charges, noise, knotweed and roof development would have had me running a long time ago.

I would check other properties for sale in the area re the service charge; if yours is wildly above then I would have concerns.
Re noise, a lot of flats in London see rented out so you will get noisy tenants from time to time, although you can also have noise sensitive people too. Unless you have an unlimited or very high budget you really won't find a central London flat without at least some issues...

Oh god no - what a cocktail of issues! Pull out while you can!

@Rosiecidar thanks. From what I have seen it’s definitely on the high end considering only limited communal areas to maintain etc. It’s a 1970s block so I wonder if it’s also the age of the property causing issues. My husband is still very keen and I’m starting to freak out.

Yep, but not all flats raise their service charges by £2.5k whole you’re in the process of buying them, I’d be super wary their management company was up to no good, it’s been on the news recently that people are stuck with flats that they now can’t sell because the service charges are so ridiculous nobody will take them on.

Honestly, I'd let this one go. Noise issues in a previous flat pushed me to the brink, and the service charge will only go up with all those issues to fix... 1970s flat? Wait till they find the asbestos... 😧

I know it's tempting to just 'get it settled', but if you can wait till the spring, the market picks up, more choice becomes available.

It's too big a purchase to rush! Hang in there, darling!

As the owner of a leasehold flat with a service charge i would run a mile.

Ask to see the accounts from the last few years if that's possible.