I want to buy the flat I'm living in, owners want to sell and we've agreed on a private sale, just need to get on with negotiations.
Problem is, service charge/ground rent is £190 pcm.
From what I can find out from asking others who own flats, this is very high indeed.
There's nothing special about the building, a Victorian villa with 9 flats and off-street parking. No additional facilities like a gym/security or private grounds so the charge seems pretty poor value to me and will add c40% to my mortgage repayments.
As well as costing me a load more each month, I think it will also reduce the appeal when I sell in a few years - people buy what they can afford a mortgage for and having to pay an additional £200 I think will put people off - and there's plenty of choice round here...
tbh I can't think of a reason to buy the flat now I know this - seems like massive additional expense for me for no real gain, reduced ability to overpay the mortgage as planned, and reduced ability to sell in the future...