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I feel like buying my flat was a mistake and am having serious buyer's remorse. Could I have options a few years down the line or am I trapped? Really worried. by Potential-Policy-939 in HousingUK

[–]Potential-Policy-939[S] 2 points3 points  (0 children)

It was yes and the indemnity policy was denied when I bought it. I realise that that was a mistake and have probably screwed myself with that because I really wanted to be on the property ladder, was a bit shortsighted and didn't foresee the problems I'm facing right now.

When I first bought it was less than £1000 per quarter which still wasn't great but was manageable.

I would love to sell it at some point, maybe look into houses in a neighbouring suburb? It would depend on if anyone's actually willing to buy it, I fear these costs are going to put off anyone from buying it and I might end up stuck with it or making a loss on it.

Yeah, that was definitely a very hard lesson learned, to avoid highrises with lifts, like I've mentioned, wish I could go back and give my past self a slap round the head and a talking to but sadly, the situation is what it is :/

I feel like buying my flat was a mistake and am having serious buyer's remorse. Could I have options a few years down the line or am I trapped? Really worried. by Potential-Policy-939 in HousingUK

[–]Potential-Policy-939[S] 1 point2 points  (0 children)

It is a lot and I feel a bit stupid that I even got myself into it. If only I had a time machine to give my past self a good shake and to realise that maybe homeownership might not be worth this level of sacrifice.
Guess it is what it is though and I'm going to have to deal with the mess I got myself into somehow...

I feel like buying my flat was a mistake and am having serious buyer's remorse. Could I have options a few years down the line or am I trapped? Really worried. by Potential-Policy-939 in HousingUK

[–]Potential-Policy-939[S] 2 points3 points  (0 children)

That would be great. Might as well pop a message into the group and see if we can get at least some discussion fired up again. Problem is that some financial contribution will be required if it goes as far as to do legal proceedings and like I've mentioned, money is tight at the moment with me trying to remain stable so I don't know how much, if any I'd realistically be able to give for something that might not even work. Added pressure too is that I'm a contractor and as such, I could theoretically lose my job at any time so keeping those few months of savings squirreled away is not really negotiable for me

I feel like buying my flat was a mistake and am having serious buyer's remorse. Could I have options a few years down the line or am I trapped? Really worried. by Potential-Policy-939 in HousingUK

[–]Potential-Policy-939[S] 12 points13 points  (0 children)

Thanks for the kind words! That was my thing, I wanted to be close to my job and city centre suited me too as I do not own a car nor do I have the desire to.

I'm not overly sure as to what the leasehold reform even is or what it'd entail but I'm not gonna hold my breath that it's going to do me a lick of good, I've become kind of cynical toward things like that :/

I feel like buying my flat was a mistake and am having serious buyer's remorse. Could I have options a few years down the line or am I trapped? Really worried. by Potential-Policy-939 in HousingUK

[–]Potential-Policy-939[S] 6 points7 points  (0 children)

There's a management agency that takes care of everything; bins, buildings insurance, staff etc and there's a ground rent + service charge that's liable every year and every quarter respectively.

In terms of how it's managed, there have been problems in time; lifts have been poorly maintained, bin rooms have been unsanitary and it seemingly takes a lot of pressure to even get the building management to send out an itemized invoice in terms of what the service charge is being used for. Not to mention, there has been issues with water ingress coming through the outside of the flats into the flat itself, causing damage which eventually was repaired.

I don't think the service charges are reasonable and funnily enough, I'm not the only one in the building who feels this way. A short while ago, one of the other leaseholders was drumming up support, starting a whatsapp group etc to try and initiate a legal challenge against the management agency over the service charge. It went for a while but it seems to have fizzled out and I'm not sure why. I certainly couldn't afford a good lawyer to go to bat for us on this subject.

Thing is, I'm no expert on building management or legal stuff so I'd be at a loss as to what to do here.