Owning your own home

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  • I have a no ground rent, leasehold on a flat, no sinking fund.

    Either I can let the landlord S20 us, or we can take on wear and tear maintenance ourselves. We're doing the latter for roof work currently.

    I personally don't think it's necessary, the only question is whether people have enough savings to cover unexpected 4 and 5 figure surprises in the future. If they don't... sinking funds give a degree of peace of mind (but can still fall short).

    I'm meh on it... if it's such a concern, can they afford home ownership? I have more questions about who controls the sinking fund and who gets quotes and authorises work.

  • My flat was a share of freehold (me and the guy who owned downstairs) with barely any common areas and it still took a while for the buyers to twig a sinking fund or similar wasn't necessary.

  • Question to other people who own flats, our buyer seems quite concerned over there being no sinking fund for our flat.

    Does your lease make provision for a sinking fund or reserve fund? Not all leases do, and if the leases in your building don't provide for a sinking fund then that's just the way it is unless everyone agrees to a variation of the leases.

  • yeah this is what im concerned about, there is no lift, or real communal areas, just one fob entry door to the 3 flats, not really much to write home about

  • its not that hes disputing it, its more like theyre surprised that there isnt one

  • Well if the lease doesn't allow the landlord to build up a sinking fund they shouldn't be surprised that there isn't one!

  • I think it's just one of those things that people always hear about and think they should have. They twigged in the end it made no difference.

  • our buyer seems quite concerned over there being no sinking fund for our flat.

    Yeah I’d be concerned too in the context of an ex LA flat. But it’s the wrong concern, given that those kinds of places never have sinking funds.

    The right concern is when was the most recent works and what where they? If the roof hasn’t been done in 20 years well he’s gonna foot the bill and have no choice on when and how it’s done.

    Maybe your buyer is smart enough to ask that question...or maybe not.

  • One of the places we are looking at just dropped from 750 to 695, which makes it much more attractive. Still a single bed cottage, but the grounds and outbuildings are cool.

  • Link us up @Dammit

  • can they afford home ownership?

    This. We have no service charge and all leaseholders (6 maisonettes in three terraced houses) share responsibility for maintenance. In practice, individual flats fix things that directly affect them. The number of tire kickers we had that got scared by there being no SF was shocking, to me. I think they are told that the sinking fund will cover anything that comes up in future. Which just isn't the case. I, personally, would much rather it be the way it is than have to deal with the additional admin overhead and likely shit value for money of there being a heft service charge. Also, it's not like it's a block of 50 flats, there's only so much can go wrong.

    /jinx

  • This.

    Ex Local places have their own set of risks that are significantly greater than private properties. Major works bills running in to the tens of thousands are the norm. £80,000 is possible. It's kind of a scandal. There's no limits.

    Surprise, nobody wants to be the one left holding the baby. The prolonged maintenance cycles they seem to do creates particularly crazy scenarios where a family will RTB then live for 30 years and pay fuck all then the next lot moves in and gets a £20k bill for the next forty years of use of which they might use, say, two years. And of course they have no choice as to what is done, when, and by who and on what payment terms.

    OK, you can get that kind of thing in private estates but it's unlikely - the 'everyone is a stakeholder' model means shorter maintenances cycles and better kept estates. Ignoring cladding scandals. Sigh.

  • Just got the exchange/ completion email.
    Perhaps we may have a home again soon.

  • I love that but then it's a semi. So weird.

  • It's also, stripping out the estate agent-ese, a single bed semi-detached cottage. Epic garden and outbuildings though.

    I'd want to build a double garage to put the cars in, which would need a poured concrete slab - has anyone done this and could provide an indicative cost?

  • £200 p/sqm. Might be cheaper for larger spaces but that was what we were quoted for 10sqm of kitchen. Included pour, grind and then coating.

  • This looks so good. Can you DM instructions please.

  • I suppose the workshop has nothing to do with it? Who am I kidding, the garage and workshop was a big (the main) factor in pursuing our place. Looks lovely.

  • has anyone done this and could provide an indicative cost?

    https://youtu.be/F0XTlG8oP54

  • I suppose the workshop has nothing to do with it? Who am I kidding, the garage and workshop was a big (the main) factor in pursuing our place. Looks lovely.

    The existing workshop has a lot to do with liking this place, plus the grounds, and the studio. The cottage itself is very charming, really my only concern is how small West Hoathly is, and also resale.

  • And the kitchen is a bit small

  • Yeah that one is just insane.

    They should compulsory purchase and demolish.

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Owning your own home

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