Could be due to sinking fund contributions? Possibly some major work coming up.
I’d guess there is a shit ton of major works (e.g. structural work charged equally across leaseholders) to be done and this is reflected in the batshit service charge. Communal electricity, building insurance etc would never add up to that much.
Probably major works as others have said and it looks like it’s been factored into the price because £475k for an 80square metre flat in that location is way below what you would expect.
Edit: just seen its cash buyers only. Could be flammable cladding on it? And the service charge is paying towards getting that replaced?
At this point – given the increase in service charge, potential decrease in property price from this, ground rent if any, along with high mortgage rate – wouldn’t people be better off renting or is that a ridiculous remark?
It’s the subject of a leaseholder dispute regarding lift works, that may be a factor in the charges. Possibly also why it can’t be mortgaged?
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Could be due to sinking fund contributions? Possibly some major work coming up.
I’d guess there is a shit ton of major works (e.g. structural work charged equally across leaseholders) to be done and this is reflected in the batshit service charge. Communal electricity, building insurance etc would never add up to that much.
Probably major works as others have said and it looks like it’s been factored into the price because £475k for an 80square metre flat in that location is way below what you would expect.
Edit: just seen its cash buyers only. Could be flammable cladding on it? And the service charge is paying towards getting that replaced?
At this point – given the increase in service charge, potential decrease in property price from this, ground rent if any, along with high mortgage rate – wouldn’t people be better off renting or is that a ridiculous remark?
It’s the subject of a leaseholder dispute regarding lift works, that may be a factor in the charges. Possibly also why it can’t be mortgaged?
[https://www.gov.uk/residential-property-tribunal-decisions/the-barrow-stores-40-42-decima-street-london-se1-4qq-lon-slash-00be-slash-ldc-slash-2022-slash-0175](https://www.gov.uk/residential-property-tribunal-decisions/the-barrow-stores-40-42-decima-street-london-se1-4qq-lon-slash-00be-slash-ldc-slash-2022-slash-0175)
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