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Building insurance is included in the service charge which is good.
@EstelleGetty from what I’ve told the lift getting repaired has contributed to the increases. The building is only 5yrs old so we’d be hoping anything major would be covered by the building warranty. There is currently no sink fund so we are at risk of something unexpected. No issues with cladding.
Solicitor gave his honest opinion saying that he felt that it wasn’t a good investment, I think this is mainly from the point of view of it being potentially hard to sell in the future. Mainly due to new flats now all having 0 ground rent.
Really tricky spot, the thought of pulling out and finding somewhere new to rent in the current market is scary too haha
haveo-
Any building with a lift is a potential moneypit. When they go wrong, and they do with depressing frequency, especially on new builds built as cheaply as possible, it can cost a fortune to put things right. Not unsurprisingly, there are a lot of rules and regulations about lifts.
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I think that unless you can swing a big discount it's not going to be worth it.
The increases in GR are going to make it hard to sell in the future and the longer you hold on to it the bigger an issue it becomes
Brommers
PedallingSquare
Currently it is unfortunately the reality of newer flats, but hopefully there will be some reform in the future, particularly around ground rent.
It's worth checking if buildings insurance is included in the service charge as that was separate in my old flat and added another £3-500 per year onto our totals, i think we were paying about 3.5k per year for ground rent, service charge and buildings insurance.