Buying a purpose built flat in a block...

W

Westdene Wonder

New member

Aug 3, 2010

1,787

Brighton

• Jul 19, 2014

• #21

Check out the maintenance charges over the past ten years, MP`s are considering bringing in regulations to limit increases,so charges could go up quickly before the regulation comes in.
I found huge differences in these charges.

 

GoldWithFalmer

Seaweed! Seaweed!

Apr 24, 2011

12,687

SouthCoast

• Jul 19, 2014

• #22

seagullsovergrimsby said:

Get the survey done as quick as possible , a fortnight's delay in Brighton might mean the vendor jacks the price up another ten grand.

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As opposed to actually having to pay you to live somewhere, like,hmm i don't know.............Grimsby? Sorry SOG..could not resist..

 

L

Lincoln Imp

Well-known member

Feb 2, 2009

5,964

• Jul 19, 2014

• #23

GoldWithFalmer said:

As opposed to actually having to pay you to live somewhere, like,hmm i don't know.............Grimsby? Sorry SOG..could not resist..

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Apologise immediately or you'll find me in your front garden with a pitchfork. And a combine harvester.

 

seagullsovergrimsby

#cpfctinpotclub

Aug 21, 2005

43,690

Crap Town

• Jul 19, 2014

• #24

GoldWithFalmer said:

As opposed to actually having to pay you to live somewhere, like,hmm i don't know.............Grimsby? Sorry SOG..could not resist..

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Since the beginning of the year I have seen the prices in Brighton rise by about £40k and Eastbourne by about £30k on properties which had roughly the same value as my house in Grimsby that hasn't risen at all.

 

GoldWithFalmer

Seaweed! Seaweed!

Apr 24, 2011

12,687

SouthCoast

• Jul 19, 2014

• #25

Lincoln Imp said:

Apologise immediately or you'll find me in your front garden with a pitchfork. And a combine harvester.

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Ah.......i'll get me Massey out,by the square in half an hour,i'll bring the cider..

 

GoldWithFalmer

Seaweed! Seaweed!

Apr 24, 2011

12,687

SouthCoast

• Jul 19, 2014

• #26

seagullsovergrimsby said:

Since the beginning of the year I have seen the prices in Brighton rise by about £40k and Eastbourne by about £30k on properties which had roughly the same value as my house in Grimsby that hasn't risen at all.

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Think long term,maybe,when we get invaded by the French or something,Grimsby could become the new Brighton..? maybe?

 

seagullsovergrimsby

#cpfctinpotclub

Aug 21, 2005

43,690

Crap Town

• Jul 19, 2014

• #27

GoldWithFalmer said:

Think long term,maybe,when we get invaded by the French or something,Grimsby could become the new Brighton..? maybe?

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I don't think so , the only way Grimsby could transform itself is by becoming the new Gaza City.

 

Weststander

Well-known member

NSC Patron

Aug 25, 2011

64,087

Withdean area

• Jul 19, 2014

• #28

Survey - why not have a basic valuation, and do not waste money on a Homebuyers Report of Full Survey in this case?

Instead, the emphasis should be on the legal side - lease or share of freehold, sufficient funds reserved in a ring fenced bank account for coming major repairs, any block repair time bombs coming soon e.g. repointing, replacement windows, new roof? Your position not on the top floor won't get you out of a fair share. Are the other flat owners content with the current managing agents e.g. in truly getting the best price for works and not in a cosy relationship with a couple of contractors.

 

desprateseagull

New member

Jul 20, 2003

10,171

brighton, actually

• Jul 19, 2014

• #29

check how long the lease has left, and what your share of services charges will be - buildings insurance, alarm system, common way cleaning, gardening, etc.

also, any major repairs due soon? Is there a reserve fund for this?

put aside something towards any year end balancing account, too.

 

Tarpon

Well-known member

Sep 12, 2013

3,785

BN1

• Jul 21, 2014

• Thread starter
• #30

Uncle Spielberg said:

I know a couple of very good local surveyors. PM me. Also some lenders don't like multi unit blocks, also check lease left as you need to consider resale implications.

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Thanks. Have PMd you US.

 

W

West Hoathly Seagull

Honorary Ruffian

Aug 26, 2003

3,540

Sharpthorne/SW11

• Jul 21, 2014

• #31

CorgiRegisteredFriend said:

Beware- whatever floor you are on you are part responsible for the roof. It the roof has a problem and the floor immediately below reports it to the maintenance firm they will ask for contributions from all flats to sort it.

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Indeed, and that is the sort of think a sinking fund is supposed to cover. It might be worth enquiring of the management company how much there is in it, and whether it covers exceptional things like roofs, subsidence, etc (though Buildings Insurance should cover that sort of thing). I would also find out what the service charge is, what it covers and how much the ground rent is (that will usually be a peppercorn amount, but you don't want the demand turning up and not knowing what it's for. With length of lease you should be okay, though it it's under 50 years there might be quite a cost to extend it.

 

HankSkorpio

Member

Jan 2, 2011

80

Eastbourne

• Dec 28, 2014

• #32

Uncle Spielberg said:

I know a couple of very good local surveyors. PM me. Also some lenders don't like multi unit blocks, also check lease left as you need to consider resale implications.

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Uncle S, Old post I know, but tried sending you a PM but cant as your private inbox is full!!

 

Uncle Spielberg

Well-known member

NSC Patron

Jul 6, 2003

42,819

Lancing

• Dec 28, 2014

• #33

cleared

 

R

robinsonsgrin

Well-known member

Mar 16, 2009

1,451

LA...wishing it was devon..

• Dec 28, 2014

• #34

surely worth a knock on the door of an existing owner within the block for any heads up on how well things run, issues etc? least you will be given another view coming from the same stance as yourself, not just an estate agent who may say anything they feel like!