Yes, i do understand. Getting the others to agree could be difficult. Hopefully, they would have common sense and realise that they would need to protect their investment.
Buying Flat with no management company?
- Thread starter koolpc
- Start date
Yes, i do understand. Getting the others to agree could be difficult. Hopefully, they would have common sense and realise that they would need to protect their investment.
From all your replies I'm not sure you do realise how hard it can be and the reality. Be very aware of what you are getting into.
Talk to your solicitor about options and use Google plenty of good sites explains options etc.
Thank you, i will.
I have told my solicitor that the maintenence side of the purchase is my biggest concern and that i want it checked 100% to make sure it is water tight. I am worried about that side of it.
Thing is, i like this flat. Its small and affordable and in a good location. Been looking for months for a property.
as I said in the first post, this is common with older flats, just be aware that it may turn into a bit of a nightmare. but as long as you understand and are ok with it, its no reason not to buy as unfortunately it is a common situation to be
in.
there really should be new laws about leasehold and a push to update terms.
in.
there really should be new laws about leasehold and a push to update terms.
Soldato
Had this in the 11-flat block I bought into. Basically the developers span up a PLC in the name of the building, each flat owner owned one share in 11. We all paid management fees into the PLC each year and managed the company ourselves. From these fees were covered communal area cleaning, gardening, maintenance, the accountant and most importantly buildings insurance. On a leasehold this is critical as if the building is destroyed your flat's contents insurance isn't going to cover rebuilding it!
This was much cheaper than the fees you normally pay in a block and allowed us to save some aside for emergencies (e.g. access gate needed replacing at a cool £10k). However, it is a PITA when trying to get agreements on certain things basically you have to get shareholder majorities to enact changes.
Oh and before I sold up we subcontracted a maintenance company to do the heavy lifting as I ended up doing everything as I was the only owner/occupier (the rest were landlords). DON'T DO THIS, all they care about is extracting the most money for the least effort.
This was much cheaper than the fees you normally pay in a block and allowed us to save some aside for emergencies (e.g. access gate needed replacing at a cool £10k). However, it is a PITA when trying to get agreements on certain things basically you have to get shareholder majorities to enact changes.
Oh and before I sold up we subcontracted a maintenance company to do the heavy lifting as I ended up doing everything as I was the only owner/occupier (the rest were landlords). DON'T DO THIS, all they care about is extracting the most money for the least effort.
Sid, this is an old 3 storey terrace with 3 owners.
Associate
Who is the freeholder?
No idea yet
Looking at another top floor flat tomorrow. This time, flat owners x 3 all own freehold and they are wanting to manage the maintenence side of things themselves too.
I saw the flat before christmas. It has come down a little in price. Fully modernised throughout. No parking though!
I saw the flat before christmas. It has come down a little in price. Fully modernised throughout. No parking though!
Put offer in for flat above. Waiting game now.
No. Wales. Pay? For maintenance?
Yes. In Scotland you can force other owners to pay their fair share of maintenance costs.