Owning your own home

Alternatively, defer the payment until you move out and then take that off the price that your purchaser pays.

I'd rather just pay it. Actually that's clearly a lie- I'd rather grudgingly pay it so it's not hanging over me.

Also, I suspect that 60% of the block (30 or so flats) won't pay it, so the management company will probably get quite shouty about it.

I know that some of the flats stopped paying the maintenance charge to try to get ceiling repairs prioritised- a number of years ago.

Who are the management company? There were a lot of unscrupulous organizations who "acquired" the contracts for maintenance operations many years ago.

Ask them questions like the ones wvm mentions above.

Make sure it's not a case of "jobs for the boys" and all that.

Has the management company not got a sinking fund for such major projects?

Are all the 30 flats you mention on upper floors? It would be unreasonable to expect owners of ground floor flats to contribute towards the cost of the lifts.

I looked at an open plan two-bed flat today. I didn't manage to find the second room, but I did see a nice, wide corridor around the central kitchen. Cheeky sods. Very nice though. But it was in Upton Park. First visit today; not wonderful, is it?

Has the management company not got a sinking fund for such major projects?

Are all the 30 flats you mention on upper floors? It would be unreasonable to expect owners of ground floor flats to contribute towards the cost of the lifts.

There is quite a mix of rented and owned in this block, using ours as an example the landlord had not paid the service charge for 3 years- he cleared that when he sold the place to us.

This seems to be quite common, I think 14% of flats are in default currently on the service charge.

Sink fun - apparently not, they claim to be tapped, as KFH trousered most of the fund when they were in charge, that's why this is an additional charge to the standard maintenance.

We are on the first floor, so will get hit for lifts come what may.

Be really careful because the management company will try and pull your pants down over this. They have very little opportunity to make any money so when they do they tend to take the piss.

Anyone got any tips for buying in the Plumstead / Abbey Wood area?

So, my girlfriend and I are looking to put a holding deposit down on a new build next Saturday.

It's been suggested that we should get a solicitor involved before we even do that.

Does that sound right? If so, does anyone have any recommendations of a good solicitor?

Ta.

@NCGee: If you're moving to Plumstead, try not to move in next door to Dave Courtney. He can be a bit volatile.

Well, it's no harm in having a solicitor lined up in any case, but when I bought my new build, the holding deposit was what it said on the tin, buy it, or lose it. I'd had another purchase fall through a few days before, so I was in daily contact with my solicitor in any case.

... If so, does anyone have any recommendations of a good solicitor?

Solicitor is upwards of £1000 and your deposit is..? If the sale falls trough you are kind of screwed either way unfortunately :-/

Not sure if there is such thing as a "good" solicitor, but I used these guys and have no complaints:
http://www.wiseman.co.uk/index.htm

Anyone got any tips for buying in the Plumstead / Abbey Wood area?

In what respect?

I know the area reasonably well having spent my first 20 odd years in Abbey Wood and then Woolwich.

So me and Mrs. Spenceey are living at home with the in laws at the moment to speed up saving for a deposit. But part of me is starting to think about putting the money into a bank account once we've got a healthy deposit and not worry about buying straight away.

Would this be a bad idea?

It really depends on what house prices are doing at the time you are in a position to go ahead. If they are rising faster than inflation then you would probably be better off going ahead with a purchase. On the other hand, if the market is still flat then perhaps bide your time and wait for the right one to come along.
Why are you thinking of delaying purchasing?

To be honest It's the economy and the fact I keep hearing about house prices are going to go further down.

I wonder if saving the deposit - putting it away and then renting for a while till the prices do collapse (if they do) would be a good idea?

Where are you planning to buy?

Not in London (sorry I probably should have added that) Norfolk - most probably Norwich.

To be honest It's the economy and the fact I keep hearing about house prices are going to go further down.

How long are you planning to live there?

If you plan to make it your home for the next 10 years, then short term prices changes aren't that important (assuming you aren't forced to sell it for some reason, like losing your source of income)

Well we have plans to buy the house as a home not an investment as such. But we can't really afford a place much above 140k.

The point is that it is damn near impossible to predict price rises / falls.

And therein lies the rub.

Buy if you can afford a place to live in for the next few years. You don't know what's going to happen. You might be better off sticking into the bank and earning nothing but you might not. I'd prefer the roof over my head but I'd also only buy somewhere I wanted to live.

If you think of it as your home rather than an investment, it becomes easier to filter out the bullshit.

Neither of us want to buy a house in an area we don't like. We simply won't buy a house.

The prices of living in Norwich are more than living out in the country side but once you take in to account travel to get to work I'm sure it doesn't work out too bad.

http://www.rightmove.co.uk/property-for-sale/property-37104911.html

This place isn't the nicest area of town but I have no idea why It's so cheap. I have a few friends that live near there and we almost rented a house there.

Disagree. I'd be pissed off if I bought a two bedroom house in an area I did not like, then realised that I could have bought a 3 bed in a better area if only I'd waited 18 months.

Sure, I was working on the assumption he'd only buy a place he liked (there is always something better out there if you look hard enough, but what's the point if you like where you are).

Spence, I know 4 people who've bought generic Norwich terraced houses - you know the ones - in the last three years. They're all in negative equity. And I think prices will fall further. On the other hand, do you want to be renting for another couple of years and hoping for a few % drop?