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The True Cost of Owning A Flat In England (Leasehold Property)
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- čas přidán 17. 08. 2024
- I've had a lot of questions about how much it actually costs to own a flat and monthly recurring costs, so today I am breaking down all the costs you incur when you own a flat in England, including variables that don't exist if you buy a house.
Do let me know in the comments below if you have any questions or I've missed out any monthly costs for leasehold properties.
• Why I Would Never Buy ...
00:00 Intro
01:05 Mortgage repayments
01:21 Council Tax
01:42 Contents insurance
02:11 Ground rent
03:18 Service charges
06:02 Utility bills - electric only flats
08:41 Parking permits
08:58 Enquiries (alterations, pets)
10:00 LPE1 form or management pack
11:11 Lease extensions
12:40 Section 20 notices
13:46 Outro
#leasehold #leaseholdscandal #firsttimebuyer
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Thanks for sharing all your experience and wisdom on this very complicated and obscure subject. Very important information for newbees!
Thank you so much, I appreciate it! :)
Thanks so much for this - I was about to get a flat with a leasehold but have now managed a negotiation to get an equal share of the freehold with no ground rent or service charge.
Well done!! Expertly done and you can enjoy your leasehold property now without worry, best of luck with the move! 😃
This is really kind and helpful. Thank you
So glad it was helpful, thanks for watching!
your knowledge on this topic stopped me from sleep walking into a leasehold. Thank you
So glad it helped and that you stayed clear of leasehold 🙌🏻
Gnome Child
I would never buy a flat the worry of service charges would keep me up at night.
100%, avoid at all costs
Perhaps The Kings speech planned for next week bans Leasehold and ground rent .
Fingers crossed for everyone, I’ll be watching
I wonder Is there any news on the implementation of the recent leasehold reform act ? Or perhaps there are things to look out for to get an idea of when this law is getting closer to be implemented?
I have an updated video on this and we they are with the reform here; czcams.com/video/zLZT85HHFfY/video.html - laws are going through right now, but timeline not clear at this stage, general election has slowed things down slightly
Hi Sleek-Chic!
I would certainly need you next to me when I purchase a property (you have so much knowledge) 😉
Much more money is needed in purchasing property in various fees some of which one finds out later down the line so videos like yours give advance warning. I find estate agents do not know some of the answers when asked. One has to do research prior to looking for property to gain a decent understanding how things operate and what to expect.
Having viewed 2 properties recently. I have some queries I would value in answering please:
1. Do you have a book that covers a-z property guide?
2. I would like to see a video on various lease extention types (99, 125, 999 years). If one has a property say 90 years remaining does this mean it would be extended to 99 years or in total 189 years? Moreover, when can one extend to 125 or 999 years?
The more videos I watch of yours/others expect more questions from me 😉. I only discovered you recently.
Thank you! I don't have an A-Z property guide unfortunately, I think I'd need to write a bible for leasehold haha. I will bear that in mind for a future video for sure - so regardless of current lease length, if you do a formal extension now 90 years gets added for flats, when the new laws come in (no date when, could be months or years) it would add 990 years onto the existing lease term. So, a 90 year lease when extended would be 180 years on remaining lease term at present, in the future it would become 1080 years. Shoot away with the questions, happy to help and good luck with your search!
@@NicoleSage thank you for explaining.
Process of buying my first home is a lot to research and aspects to consider. I'm looking to buy in London.
So is the minimum extension formally 90 years or can be more 125 then next level is 999 currently?
You mean mentioned 'formal' would the informal route be by approaching freeholder - original building owner (not vendor) directly without solicitors etc? If so would the extension years be like random years that be added 10, 20 etc years or same numeric numbers (90, 125, 999)?
@@BiscuitCookie-o4z No problem, yes, so 90 years currently is the standard lease extension length that would be added. Once the new law is passed, 90 years becomes 990 years - so if you ever had to extend in the future, you'd only have to ever do it once. Informal is direct with the freeholder, no solicitors involved and NOT a process I would recommend, whilst it can be cheaper they can sometimes slip in different clauses such as to do with ground rent and well, you have no legal protection so could cause issues if you come to sell. I believe there is more flexibility to negotiate with an informal lease at present though so you could agree to add more years than just the 90 years.
@@NicoleSagethanks. Sorry for sounding thick - you mentioned "90 years currently is the standard lease extension", does this mean this it can be extended further to say 100, 120 years or next increment has to be 125 years via formal route or only 90 years is the minimum and only option currently?
You state if the new legislation is implemented it adds 900 years does this mean a) it would be added when it's renewed or would this automatically added to all leases so essential not having to apply?
b) if say a lease is for 90 years and 5 years is passed for argument sake, leaving 85 years remaining, when 900 years is implemented would this be 900 years + 85 years or 90 (original length), I assume it's 900+85?
@@BiscuitCookie-o4z Yes, 90 years is the only option currently. The new 900 years is not something that can be added retrospectively, it would only apply when the law comes in and a lease extension is purchased. Yes, that's correct, it would be 85 + 900. Hope that helps!
😚
Are there houses in london?
Yes, there is - just massively out of budget for many first time buyers/single income owners.
@@NicoleSage 😔
Fleecehold
Flats are a con, less space, no garden and fees for the sake of fees
Yep, pretty much!
Service charge should be stopped/capped
Agreed