You are reading a single comment by @Howard and its replies.
Click here to read the full conversation.
-
ownership of leasehold isn't anywhere near as free and easy as ownership in freehold is.
With leasehold all you have to do is get your wallet out. At least you don't have to deal with builders and tendering. But you do have to deal with the nagging feeling of being ripped off.
I imagine this gets pretty wild when the block is privately owned managed - I've only ever deal with HAs and LAs who have their own curious ways of working.
Rather than doing an RA I'd try to buy the freehold - but then you are entering a whole new world of pain especially if the development is large.
Howard
I've been part of the residents group since the purchase of our apartment in January and have very quickly come to realise that ownership of leasehold isn't anywhere near as free and easy as ownership in freehold is. We're struggling to get a 60% owner represented residents committee so we actually have the right to challenge management fees etc and audit books to check our fees are being spent appropriately and that extra works and payments are being spent as advised. Until there is a 60% majority we, as owners and residents, have fuck all say on anything they charge us and they can literally do as they please with no one to answer to. I find this frankly fucking ridiculous as 1% or 100% there should be some legal obligation to recognise an owners right to challenge what he is being charged!
Not the glamorous "owning my first house" I was hoping for!
Where's my garden, my upstairs, my garage, oh, and my house?! Oh yeah, London......