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Getting these fixed seems a real effort and not for the faint hearted.
Can vouch for this. Utter misery each financial year. Like leasehold but shiter
no sub-letting allowed
Depends on the specifics of the lease. Mine allows it and I rented out for ten years. Duck all appreciation because leasehold new build flat though.
Howard-
Depends on the specifics of the lease. Mine allows it and I rented out for ten years. Duck all appreciation because leasehold new build flat though.
Ah yes, that was just an example of what may bite you. Obviously it will all depend on the lease but it sounds like there is scope for shared ownership to be a bit more restrictive and the no sub-letting seems reasonably common. It seems the theory is that if you're having the benefit of buying it on shared ownership you should be living there.
aggi
I've got quite a few colleagues who have done it and they're generally happy-ish but a few things seem to consistently come up.
Often errors/overcharges on service charge and rent calculations. Getting these fixed seems a real effort and not for the faint hearted. My colleagues are forensic accountants so used to doing this kind of thing for work and it still seemed a hugely lengthy process. For example one is being charged for a concierge that they can't use (the concierge is only for the private tenants) and there have been lengthy arguments about what benefit they are getting from this concierge they can't use.
One who staircased to 100% has still had issues in selling as there is no sub-letting allowed so you have to buy to live in it which cuts down the market for selling a modern flat in central London. Also issues with cladding but that seems to be everywhere at the moment.
Saying that, they are all generally happy in them. It's allowed them to "buy" places they wouldn't be able to afford otherwise. Saying that, they do seem to be generally pretty expensive but I guess that's new build flats in prime locations.