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Are there hidden costs?

If I buy a flat outright with no mortgage, do I have to pay any extras, i.e. Roof, lifts, gardens etc.

Asked on Jan 17 2014, General in Tidworth | Report content

Answers (3)

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  • It will depend on the property but usually if the flat is leasehold you will also have to pay an annual maintenance fee to cover things like lifts, cleaning & decorating of communal areas, gardener etc. Hope that helps. Martin & co (UK) Ltd

    Answered on Jan 17 2014, Report content
  • Always find out before a purchase hwat your costs are likely to be. You could even have the agent for copies of the costs associated. The current owner should be able to supply you with some documentation for this. You might also want to find out when the last increase to the service charge was and how much it was. It is also worth asking when the last time the big things were replaced and or checked. Such as the roof. If this has to be replaced will you see an increase in your costs each year? Have you also considered the hidden costs of purchasing? such as VAT on your solicitors fees, Stamp duty etc. You don't mention what you intend on doing with the property. Are you living in it or considering renting it out as you will have another load of costs to consider here also. I hope this has been useful. Good luck with your purchase Victoria

    Answered on Jan 17 2014, Report content
  • Hi Si4241 I've answered your question via YouTube and transcribed what I've said on our site blog. Take a look and let me know if I've answered your question with sufficient detail. If you want to know anymore then just drop me an email, tweet me on Twitter or message me on Facebook. Hope this all helps you on your way!

    Web reference: http://housebuyfast.co.uk/blog/hidden-costs-friday-qa/

    Answered on Feb 21 2014, Report content

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