Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[tidla]

in brum ground rent is peanuts £5 quarter. the thing to watch for is the general maintenance charges as there are high/low rates/ good companies and spenders

Avoid a block with a lift -- and preferably go more modern. Lifts and old fabric cause havoc with maintenance charges. Also make sure they have a sinking fund to cover unexpected repairs (otherwise they will be knocking on your door for your share for the new roof!).

You can buy into a block where it is run and the freehold owned by a management company, made up of the owners. Each has the leasehold interest in their own flats and a share in the freehold interest -- best of both worlds.

wise words.
get in with commitee,become a director,have a say how the monies spent

[Mr Skrunts]

Adding to what HC wrote, leasehold (ex councel flats for example) the lease is still held by the concel and a bond must be paid, then any maintenance is shared by the number of flats for any repairs and renewals, like drains, room, wall, hall/stair painting and renovation work.

Allways ask regards, bonds and maintenance contracts for a flat.

Consider a house and taking in lodgers for a few years.

[tunnie]

problem with lodger is what happens if he/she does not pay or i cannot get one 

[Andy B]

in brum ground rent is peanuts £5 quarter. the thing to watch for is the general maintenance charges as there are high/low rates/ good companies and spenders

£5 

Tis £100 a month on average in London! 

My ground rent is £45 a year ...... but that's for a house ooop north 

[Radar]

in brum ground rent is peanuts £5 quarter. the thing to watch for is the general maintenance charges as there are high/low rates/ good companies and spenders

Very important as this can easily add 250 to your montly bill. Best to clarify what the various charges are (i.e. maintenance, insurance, communal grounds upkeep, water etc..)

Then with this figure plus your monthly mortgage payments you can work out if you could get a freehold house instead for similar montly costs.

If you can afford it I would go for a freehold house.

[Mr Skrunts]

problem with lodger is what happens if he/she does not pay or i cannot get one 

Well you take 4 to 6 weeks rent up front, then you have the same ammount of time to think about it and change the locks, dont take on female renters, you might end up........well getting talked out of the rent.  Dont rent to mates they are just as bad, and create a list of rules and rinders that they LODGE with you and not the other way round.

[MikeDundee]

Been busy viewing flats in London today, saw 6 in total. Took shine to one in Wimbledon! Only short walk from Putney.

Only issue with flats is they are leasehold rather than freehold, obviously freehold is better. But practically all flats are leasehold  :-/

One i saw had 100 years on its lease, don't plan on living there for ever, plan would be to move after 5/10 years.

Anyone bought leasehold? I know need to avoid ones sub 70/60 years as they can be difficult to get a mortgage

With leasehold flat you will have service charges (annual) eg this normally covers day to day maintenance, cleaning, service roads and any grounds. In addition if any major refurbishment works are planned eg re-decorating the block or replacing windows, roofs etc, the cost could run into thousands of pounds. Avoid a leasehold flat with a lift, unless it's brand new lift.

Also whether any service charges are outstanding on the property. Solicitor will or should obtain the bulk of the above information for you. Any works costing over £250 per property within the block the freeholder must consult with leaseholders by issuing a Notice of proposal (giving 30 days for any observations regarding the works), works may subsequently be tendered and a further notice has to be issued Section 20 notice advising of the estimated costs and tender accepted. If neither of the above are followed by the freeholder and they seek costs they are doing so illegally and can be challenged at leasehold valuation tribunal.

[Lazydocker]

problem with lodger is what happens if he/she does not pay or i cannot get one 

Well you take 4 to 6 weeks rent up front, then you have the same ammount of time to think about it and change the locks, dont take on female renters, you might end up........well getting talked out of the rent.  Dont rent to mates they are just as bad, and create a list of rules and rinders that they LODGE with you and not the other way round.

As above... You wont have any problems getting a lodger

We (my ex wife and I) used to have 2 lodgers when we first bought our house. Took a months rent up front and set up some ground rules... No problems at all. It actually ended up that we became very good friends with all the people who had lodged with us over time

[tunnie]

still not keen on lodger, whole point of getting my own place its my own space.

[Lazydocker]

still not keen on lodger, whole point of getting my own place its my own space.

We found that, generally, we saw very little of the lodgers... Tended to stay in their space most of the time

But I must admit that having lodgers takes some getting used to... You can't just walk around in the buff when other people are living with you

[tunnie]

still not keen on lodger, whole point of getting my own place its my own space.

We found that, generally, we saw very little of the lodgers... Tended to stay in their space most of the time

But I must admit that having lodgers takes some getting used to... You can't just walk around in the buff when other people are living with you

I do like the idea of a house, but adding up figures, just does not work. My fuel bill alone each month (even on lpg) is £300, which is only going to go up. Add in at least £200 for running costs, tyres/tax/mot/service items/unknowns i am left with cost of £500 just to get to work 

Being closer in a flat for say first 5 years, is less risky, £0 commuting costs, mean if rates go up, i can still get to work to earn the money to pay it. If i can't get to work, then i am a tad stuffed!

[Lazydocker]

still not keen on lodger, whole point of getting my own place its my own space.

We found that, generally, we saw very little of the lodgers... Tended to stay in their space most of the time

But I must admit that having lodgers takes some getting used to... You can't just walk around in the buff when other people are living with you

I do like the idea of a house, but adding up figures, just does not work. My fuel bill alone each month (even on lpg) is £300, which is only going to go up. Add in at least £200 for running costs, tyres/tax/mot/service items/unknowns i am left with cost of £500 just to get to work 

Being closer in a flat for say first 5 years, is less risky, £0 commuting costs, mean if rates go up, i can still get to work to earn the money to pay it. If i can't get to work, then i am a tad stuffed!

Seems you've thought carefully about this TBH

Other option is to buy a house nearer "home" and rent it out, then just rent something closer to work... Gets you onto the property ladder with a house which should pay for itself with the rental income and leaves you with a rent to pay but owning a house... Then you don't have the headaches which can go with owning a flat :-/

Just a thought...

[tunnie]

still not keen on lodger, whole point of getting my own place its my own space.

We found that, generally, we saw very little of the lodgers... Tended to stay in their space most of the time

But I must admit that having lodgers takes some getting used to... You can't just walk around in the buff when other people are living with you

I do like the idea of a house, but adding up figures, just does not work. My fuel bill alone each month (even on lpg) is £300, which is only going to go up. Add in at least £200 for running costs, tyres/tax/mot/service items/unknowns i am left with cost of £500 just to get to work 

Being closer in a flat for say first 5 years, is less risky, £0 commuting costs, mean if rates go up, i can still get to work to earn the money to pay it. If i can't get to work, then i am a tad stuffed!

Seems you've thought carefully about this TBH

Other option is to buy a house nearer "home" and rent it out, then just rent something closer to work... Gets you onto the property ladder with a house which should pay for itself with the rental income and leaves you with a rent to pay but owning a house... Then you don't have the headaches which can go with owning a flat :-/

Just a thought...

thought about that as well, i found rental income is just below what a mortgage would be. Which is not really a problem, as i would just 'top-up' the rental income by £200/300 and it would be paying for itself.

Again assuming i could rent it out, other issue is would the mortgage company let me rent it out. There is no way i can get a buy-to-let, i would have to get a normal one, then tell them what i want to do  :-/

[Kevin Wood]

What about getting a house in the suburbs so you have a shorter commute but cheaper house prices? Wimbledon is never going to offer the ultimate in value for money.

Kevin

[tunnie]

What about getting a house in the suburbs so you have a shorter commute but cheaper house prices? Wimbledon is never going to offer the ultimate in value for money.

Kevin

Found there is not much in it, Brackley now 160k gets you 2bed house, maybe 3bed semi at a push.

Another appeal for me is fact its so easy to get into London, best mate known for years is moving to Chelsea, he now works at BBC.

So can easily have friends around as its walking distance from Tube and Putney rail