Lease, Maintenance, Sink Fund

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    Lease, Maintenance, Sink Fund

    Hi, hope I am posting this question in the correct forum.

    I am a first-time buyer who is looking to purchase a buy-to-let flat. I am struggling to find out the cost of properties' lease, maintenance and sink fund. Has anyone here had the same issues?

    #2
    Standard pre sale enquiries for the vendor, nobody on here can tell you .......

    Comment


      #3
      You could call land registry and get the lease duration. Actual lease us also available for 7-14 pounds.

      Maintenance - it depends I would say average numbers in London between 0-2k.
      It does depend if there is a lift, concierge large territory to maintain or just 1 flat down, 1 flat up.

      Sink fund - if there are major works scheduled, lease allows it and the money in the sink fund stay with the flat.

      Comment


        #4
        All flats in E & W are sold under leasehold title which under the lease requires the flat buyer ( as leaseholder) to pay annual ground rent plus annual service charge. The annual service charge is to cover the cost of maintenance of the building and buildings insurance , and some leases may include provision for setting up sinking fund for long term repairs ( e.g replacement of roof tiles and wooden window frames. ).

        One of the morning papers ( Guardian ) reported the average service service cost in 2018 is about £1800 p.a .

        When you visit the estate agent advertising the flat, you can ask for details of the lease term,including payments for annual ground rent and annual service charge payments from seller.

        Comment


          #5
          THe freeholder has to tell your solicitor what the current and next years service charges are.
          They have to tell you ( him ) what the next 3 years service charges may be ( simple-- just like a car, you will know that in 12 months time it will need a full service, or in 5 months time you will need new tyres, and in 5 years time a new ckutch )

          All you are asking for is contained in the LPE1 form the freeholder is requested to fill in.

          Just ask your conveyencer or solicitor to forward a completed PLE1 form to you as soon as they get it.

          LPE1 form is found at
          https://www.lease-advice.org/files/2016/08/LPE1.pdf

          Comment


            #6
            ram,

            Pretty sure the freeholder is not actually obliged by law to answer the LPE1. It is of course normal to expect them to do so.

            Comment

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