Service charges
-
Rising Service Charges Are Putting Buyers Off: What Were You Told When You Bought?
Rising service charges can deter potential buyers from flat purchases, as unexpected costs influence financial decisions. Important factors include understanding current and future charges, management practices, and financial transparency. Sellers should address buyer concerns by providing clear information about expenses, reserves, and any outstanding issues to facilitate a smoother sale.
-
Why Selling Your Flat May Require Two Management Packs
Two management packs may be needed when selling a flat if different organisations deal with the service charges and ground rent. The managing agent may hold the building accounts, insurance and major works information, while the freeholder or its separate agent holds the ground rent account and requirements for registering a change of ownership. Paying…