UK Landlord Forum / Life

Buying a leasehold flat and  just discovered that the management fees are £1500.00 p.a.  Does this sound excessive for a one bed flat (no grounds/gardens, just minimal parking space)?  Comments please.

Do you own it or rent it?  Either way, how have you only just found out?

In the process of buying it (or not if fees seem excessive) and these fees have just been disclosed.

Sounds high but that could include a contribution to a sinking fund to pay for future repairs. Alternatively, is it a block with lifts as service contracts on those can be pricey?

No lifts, no communal heating/boiler.  11 flats in the detached property built c 1910.  Still trying to get info as to exactly what the charge covers.

I think it is a choice you have to make yourself.

Does the package still appeal with theses charges or not.

Is the freehold shared between the leaseholders, or is it a separate company with non connected beneficieires..sp?

If you all own a part, then it sounds okay to me, as it's often the case you need to have "savings" so as not to get a nasty surprise for roofing works etc etc.

But these investigations you will have to make yourself, and really some bloke sat in his dressing gown on a Saturday morning in sogggy Cornwall really isn't in a position to give advice.

Looks as if freehold is owned by a separate company ie not the leaseholders.  The survey says "price OK if service charge not above £1,000 p.a." could we use that to negotiate reduced charges -  is it done to negotiate service charges individually?

I wouldn't think so, but no harm in trying.