Service charges
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Trapped by a leasehold property: what might you have wanted to know before buying?
A leasehold problem may not become obvious when you buy. You may pay the service charge, keep up with the ground rent and live in the property for years without difficulty. The problem can surface later, when you try to sell or remortgage and a buyer, conveyancer, valuer or lender looks closely at the lease.…
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The £7,000 Service Charge: Could You Still Sell the Flat?
Service charges in older tall buildings can exceed £7,000 a year on average. Buyers need to understand the current bill, reserve fund, major works and future saleability before exchange.