Advice for prospective buyer

[Georgina Cox]

Hello,

 

I’m looking into purchasing a studio flat on the estate and would really like some advice on the maintenance of the estate and service charges.

 

I love the design of the flat and the estate. I spent a lot of my childhood living in the Barbican and love the area, but I’m concerned about the service charge (£3,500 for 15/16). How much notice/say do residents have in the service charge and how much does the CoL contribute to maintenance? And do you know what the CoL’s plans are for the future upkeep of the estate?

 

Any advice would be much appreciated.

 

Many thanks,

 

Georgina

[Iain Meek]

Not exactly what you are looking for?

  http://www.theguardian.com/artanddesign/2015/sep/13/who-lives-moder...

[Alan Line]

Hi Georgina - frankly you would be extremely foolish to purchase on Golden Lane given the accumulated maintenance deficit on a 55 year old estate. The £3500 a year service charge is just for cleaning and immediate repairs - as an example of long term maintenance charges, leaseholders in Great Arthur House are currently facing an additional £50,000 plus next year to bring the flats to minimum decent housing standards (thermal efficiency). Any visit to the Estate will reveal widespread issues of crumbling concrete, exposed and rusting steel reinforcement bars, not to mention the recent collapse of cladding at Stanley Cohen and electrical fires in Crescent House. It will not be to long before leaseholders face a catastrophic collapse in lease values because of the "overhang" of accumulated repair expenses - council tenants are already refusing to move here on an exchange basis because the Estate is so rundown.

[Nick Sharp]

Hi Georgina, 

You'll see various ups and downs of living on the estate on this forum!  There are definitely additional capital costs coming down the line for all leaseholders - from £5-50,000 depending on which building you are in.  You can get an estimate from your sellers' solicitors.  Broadly, if you like the flat and the estate (and I think it is a lovely place to live, despite the COL's neglect) then simply price those costs into your offer on the flat - so take the amount expected (plus some...) from the price. 

It's going to be an expensive few years, but if you budget effectively it needn't be a deterrent. [Assuming the City stick somewhere close to their estimates on the capital works...]  That said, if you are after complete certainty, GLE might not be the place for you. 

Do give me a shout if you want to discuss - I've recently moved here (and am v happy so far!).

Cheers

Nick

[Nick Sharp]

Hi Georgina, 

You'll see various ups and downs of living on the estate on this forum!  There are definitely some substantial additional capital costs coming down the line for all leaseholders - from £5-50,000 depending on which building you are in.  You can get an estimate from your sellers' solicitors.  Broadly, if you like the flat and the estate (and I think it is a lovely place to live, despite the COL's neglect) then simply price those costs into your offer on the flat - so take the amount expected (plus some...) from the price. 

It's going to be an expensive few years, but if you budget effectively it needn't be a deterrent. [Assuming the City stick somewhere close to their estimates on the capital works...]  That said, if you are after complete certainty, GLE might not be the place for you. 

Do give me a shout if you want to discuss - I've recently moved here (and am v happy so far!).

Cheers

Nick