Jump to content

Leasehold- How much should I be paying ground rent (for flat in Barry Road)?


Recommended Posts

Hi Anyone who can help!


-A 2 bed ground floor flat on Barry rd, has a charge of ?800 per year which includes building insurance, ground rent and communal service charge. Does this seem reasonable?


Thanks very much any advice appreciated!


k

I pay nearly ?800 for just the buildings insurance on my 2 bed flat but that's because the previous owner made 2 claims. Maybe ask how much the insurance is to see if the maintanance bit is fair but it sounds reasonable to me.

Hi K,


I live in a fairly new flat. My ground rent is ?100 a year and i think the freeholder can set this amount, but i would imagine this is just a minor part of your charge. My service charges are closer to ?1500 so it seems very reasonable.


Might be worth checking if they have what is sometimes called a 'sinking fund' i think where excess on teh service charges goes into a pot to help pay for future works. Also worth checking if there are any works planned for the near future so you are prepared.


Saz

I agree - thats well within the range. If your ground rent is say 250 and buildings insurance (approx 250-270 for a converted flat's share of a 1, 2 or 3 story building, then you are still paying 300 for service so make sure that you get some. They are obliged to show what that Service charge is covering e.g. cleaning costs for communal area, their admin time to sort out the insurance, handling a break in.


You can get pretty anal and legally demand receipts etc before you pay it. Also for any work needing done you can get your own quote and they are obliged to use a cheaper one if you can find it - all info and you rights as a leaseholder can be found at www.lease-advice.org


Or take my approach and decide life's to short and just pay it if it's reasonable -which your's is. Owning sub prime residential freeholds is a weird business run by even weirder people- I've run through the business model before and yet to see how anyone can make any reasonable money out of it!

Do make sure you have a 'sinking fund' so that over time quite an amount is set aside for expensive items like new roofs.

Suddenly getting a bill for ?10,000 each without a 'sinking fund' to cover it is very painful.


Saying that councils aren't allowed to have 'sinking funds' for its leaseholders.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • I am delighted to hear the development was approved.  In my opinion, the UK is building far too little housing. And unless we build on green belts, the only solution is to increase the density of our cities, which is exactly what this scheme achieves.  Where I'm from (France), planning is generally looser and in my home city it's common to see single dwellings being razed to make way for a 5-6 story block of flats, even in city centres. Does it change the character of the local area? For sure! But I don't see another way to provide the supply to meet demand and provide ample supply of housing for a growing population. My personal experience is that in the UK, there is a lot more time spent on consultations, on achieving a perfect outcome for everyone. This results in generally better and more harmonious building than in France, but it makes things slower and more costly, with the need to coordinate many consultants.  It's interesting to compare France and the UK as they have similar populations and population growth, with an economy centred on a huge capital city. When you look at the number of houses/flats built in France and the UK over the past 10 years, the result is pretty striking. # France UK Difference 2023 298,100 150,370 -147,730 2022 392,100 182,070 -210,030 2021 410,000 177,160 -232,840 2020 368,800 129,440 -239,360 2019 387,700 153,000 -234,700 2018 401,200 168,610 -232,590 2017 434,700 164,110 -270,590 2016 370,000 155,150 -214,850 2015 341,000 148,150 -192,850 2014 336,900 140,760 -196,140 2013 357,900 124,790 -233,110 2012 382,300 101,020 -281,280 Total 4,480,700 1,794,630 -2,686,070 Average 373,392 149,553 -223,839 When HS1 was built, the French engineers (it was built with the French high-speed signalling) were surprised at how Brits wanted to "gold-plate" everything. The UK arguably has the best, most effective, more reliable, more well-equipped high-speed line in the world, but we've only got 68 miles of it and it cost 2.5 times what it cost the French to build a line extension at the same time.  In my view, there's no magic wand: just deciding who will be the losers. In France, people in established neighbourhoods my lose out as they see them change dramatically, while the new entrants benefit from a much higher supply of housing (and thus cheaper housing). In the UK, we give greater priority to preserving the lifestyle and amenity of the established dwellers over the new entrants who lose out as the supply is choked and prices are higher. A final point of comparison would be the price per square foot of property in Greater Paris is £467 while in Greater London it's £667 - 30% cheaper!
    • This web page lists some companies that recycle CDs https://www.reducereuserecycle.co.uk/where_can_I_recycle/cds_and_dvds.php  
    • I heard it as well, woke me up, very strange.  I don't care for myself but I do worry for people with children and animals, it is a nuisance and happens more and more nowadays.
    • Has that ever actually happened? The bags are quite bright, and don't blend in with the pavement, so are quite noticeable. But surely there can't be many  cases where someone has bothered to put the s**t in a bag,  but then just leaves the bag on the pavement?
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...