What is a reasonable ground rent/service charge/ lease length

[Bubblegum173]

I am a first time buyer and I am looking at properties around Greater London/Home Counties. A lot of flats are leaseholds and I am aware that you have to be aware of rising service charges, low lease lengths etc. What is a reasonable lease length? I know the best you can get is 999 + but I see a lot for 100-125 years, would this be okay?
Secondly, what is a reasonable level of service charge for this area? I see some that are quite low but others are £1000+ per year, is this standard? Thank you!

I have owned two flats in London that were leasehold so I can't claim to be an authority. In my experience the length of the lease is of no huge consequence as long as there are over 85 years on the lease (after that the extension cost becomes penalising). Both my properties were around 95 years. 999+tend to be on newer developments and I have only ever owned period flats.

Ground rent is usually reasonably low (but beware of clauses on how it rises) and normal service charges tend to be between 1-2k. Make sure that there is a sinking fund that collects money for major renovations (like roof replacements). As part of a purchase you will should the last few years of accounts and you can see what the service charges cover. In most cases it includes communal spaces maintenance, gardens, repairs, insurances etc.

Lease length of at least 99, or 125 would be my minimum. I think getting in to the 80s and you are seeing your flat lose value every year as the lease shortens.
Service charges are dependent on what they cover. Swimming pools, gyms, common areas like libraries and you can exodus to oay a fair whack. If its just communal areas and landscaping, then I'd be questioning anything more than £1000-1400 a year. Be sure to see of there any additional expenditures coming up that will be on top of this. Ground rent should be anywhere from £10-100.
The thing to look out for is how these can increase. If the ground rent doubles every ten years and is at a high figure then watch out.
Should you ever rent out your flat you are still responsible for these expenses, not your tenant.

Expect to pay, not oxides to oay!

Oh I give up!

I’d be very wary about buying a leasehold property with fewer than, say, 85 years remaining. Leases can be extended, but 80 years is the magic number - greater than 80 years remaining then the costs are reasonable, but fewer than 80 years then the costs become extortionate. And you only gain the right to extend the lease once you’ve held the lease for 2 years. At 85 years you give yourself a little contingency for sorting things out, saving up, etc.

To give you an idea, Nationwide are very helpful on what they consider a reasonable service charge.
lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/nationwide-building-society/#C9113
See point 5.14.

Thank you everyone! Really helpful advice!!