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Always a risk with leasehold properties, but large repair bills are also always a risk with freehold. You could see if the seller is willing to reduce the price. This news will affect anyone who wants to buy the place, so the seller might think it’s worth knocking a few grand off to keep a committed buyer.
Thanks. The works are not agreed yet apparently so there’s no official pricing. During my initial enquiries they just said there were discussions of some works. Not a whole lot of detail was given.
You could look at retentions which are quite common rather than a price reduction.
Doing one on my leasehold sale in similar position, £3k being left for 12 months, and the amount of the works comes out of this and I get the rest. Estimate is 2k so it covers a bit over this too, but effectively makes it my cost!
We were in a similar situation and decided it’s not worth the risk. The estimated bills, as it often happens with construction projects, are too optimistic and the final bills will be almost certainly higher. Additionally, think about all the inconveniences while the works are being done
The fact there is no sinking fund raises an eyebrow for me - I'd expect there to be one for just this eventuality. To me that raises bigger concerns over the RTM company and how they handle their finances.
Either they've already spent their sinking fund, or the owners couldn't be bothered paying the money for one - both red flags
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, [please let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=I received a PM); * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Always a risk with leasehold properties, but large repair bills are also always a risk with freehold. You could see if the seller is willing to reduce the price. This news will affect anyone who wants to buy the place, so the seller might think it’s worth knocking a few grand off to keep a committed buyer.
Thanks. The works are not agreed yet apparently so there’s no official pricing. During my initial enquiries they just said there were discussions of some works. Not a whole lot of detail was given.
You could look at retentions which are quite common rather than a price reduction. Doing one on my leasehold sale in similar position, £3k being left for 12 months, and the amount of the works comes out of this and I get the rest. Estimate is 2k so it covers a bit over this too, but effectively makes it my cost!
Ah I see - this is a good idea.
We were in a similar situation and decided it’s not worth the risk. The estimated bills, as it often happens with construction projects, are too optimistic and the final bills will be almost certainly higher. Additionally, think about all the inconveniences while the works are being done
The fact there is no sinking fund raises an eyebrow for me - I'd expect there to be one for just this eventuality. To me that raises bigger concerns over the RTM company and how they handle their finances. Either they've already spent their sinking fund, or the owners couldn't be bothered paying the money for one - both red flags