Service charge - freehold house

[sofia31]

We are just about to staircase to 100% ownership of our SO house. However the service charge has just gone up, only by £5pm, but it has got us worried about the future raises. The first 3 years it only raised by £2pm.

Feeling pretty stuck with our options.

1. Buy 100% now while no stamp duty, but risk charges going up. Would also loose solicitor fees if we pulled out.

1. Stick to 50% ownership. Service charge still applies, but as rent is cheap, it's not so bad. Try and sell as a SO property. But there is little we can afford in our town, so we would struggle to buy a 3 bed.

1. Buy 100% and try and sell in 5 years or so, after fixed rate ends. Risk prices going up, not being able to find another property we can afford.

We love our house. It's the perfect location, cheap to run etc. Couldn't get anything similar for the money. Other new estates also have the service charge.

My understanding of shared ownership was that you didn't get the freehold even at 100%.

In this scheme it will become freehold.

Combination of 1 and 3.
Buy 100% and sell sooner than 5 years and port your mortgage to a new property.
Or buy 100% and get a 1 year fix.

Buy any house you like that doesn't have these charges (not a new estate)

For context service charges on my flat went from £400 pa to £3000pa (with declining services - courtesy of the utter incompetent embarassment arseholes that are clarion housing).

Thanks for your insight JackieWeaverFever. Sorry to hear what a nightmare you have had.