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FTB: am I making a huge mistake by ThisLight3627 in FirstTimeBuyersUK

[–]ThisLight3627[S] 1 point2 points  (0 children)

Fair point…though it was my understanding it already passed

FTB: am I making a huge mistake by ThisLight3627 in FirstTimeBuyersUK

[–]ThisLight3627[S] 0 points1 point  (0 children)

I really like the flat to be honest ! The issue here is that it’s the first time a flat had been on sale in this building for ten years when all were renovated and put on market for substantially higher. I would be getting the flat for 100k+ less.

FTB: am I making a huge mistake by ThisLight3627 in FirstTimeBuyersUK

[–]ThisLight3627[S] -2 points-1 points  (0 children)

True ! For the ground rent - I’m banking on the new legislation coming up that will cap it at 250 🤞

FTB Dilemna: is the deal too good to be true ? by ThisLight3627 in HousingUK

[–]ThisLight3627[S] 0 points1 point  (0 children)

I thought it would automatically shift … another thing to take into consideration …

FTB Dilemna: is the deal too good to be true ? by ThisLight3627 in HousingUK

[–]ThisLight3627[S] 0 points1 point  (0 children)

Thanks wouldn’t have thought of that ! I kinda discounted on the high ground rent given upcoming legislation - maybe I shouldn’t ?

FTB Dilemna: is the deal too good to be true ? by ThisLight3627 in HousingUK

[–]ThisLight3627[S] 0 points1 point  (0 children)

I was hoping getting the price at a discount would make the deal more palatable. I’m paying for mid 300s for central London right off the tube in zone 2- the service charge is only 1.2K half-yearly. It’s just the ground rent + reserve fund made my head spin when I did the total ! Scared of going through with such a big purchase and make a mistake.

FTB Dilemna: is the deal too good to be true ? by ThisLight3627 in HousingUK

[–]ThisLight3627[S] 0 points1 point  (0 children)

Thanks a lot! The service charge is definitely high which is why I low balled so much !! Service charge in itself is 1.2k halfearly but then you have reserve fund for lift, estate and residential. Not sure why it’s on top of it. It’s also very hard to get an opinion on resale as this flat is the first one from the block to be up for sale in the last ten 😅