Similar situation for my block - soon after I bought in 2010 major works (refurb/redecorate exterior and interior communal areas) were proposed informally and a rough estimate of costs were suggested based on the square footage of individual leaseholders apartments. Only when the management company decided that these works were going ahead (i.e. now ) did they send out the invoices and the section 20 notice. This seriously pissed a lot of the leaseholders off as many had bought since 2010 and feel that they are now expected to pay for what has been called 'historic neglect'. It has been a learning curve for some of us as we realise that this is how it works - you make a contribution to the whole block even if your place is only a small part of it - e.g. in my case I don't even need to use the communal areas.
There was/is a reserve fund but it was never enough to cover the costs as they are now ( 200k + ) and the 8 years delay has just meant the costs have increased.
But as you say it has to happen and you would have these maintenance costs anyway if you were a freeholder.
This seriously pissed a lot of the leaseholders off as many had bought since 2010 and feel that they are now expected to pay for what has been called 'historic neglect'
This is why it's fucking important to check for historic investment when buying a leasehold property :)
Agree but how do you check if any major works are in the pipeline if they are not disclosed ?
Apart from the fact that at some point in time you will have maintenance costs.
Similar situation for my block - soon after I bought in 2010 major works (refurb/redecorate exterior and interior communal areas) were proposed informally and a rough estimate of costs were suggested based on the square footage of individual leaseholders apartments. Only when the management company decided that these works were going ahead (i.e. now ) did they send out the invoices and the section 20 notice. This seriously pissed a lot of the leaseholders off as many had bought since 2010 and feel that they are now expected to pay for what has been called 'historic neglect'. It has been a learning curve for some of us as we realise that this is how it works - you make a contribution to the whole block even if your place is only a small part of it - e.g. in my case I don't even need to use the communal areas.
There was/is a reserve fund but it was never enough to cover the costs as they are now ( 200k + ) and the 8 years delay has just meant the costs have increased.
But as you say it has to happen and you would have these maintenance costs anyway if you were a freeholder.