Thank you for this video. I had an offer accepted on a flat last week and already had a few things in mind to check the lease for but a sinking fund and how often the ground rent increased was not amongst them but they sure are now. Good looking out, thank you 🙂
You’re welcome! Congratulations on getting your offer accepted! I’m glad to hear you found our chat helpful ☺️ How many apartments are in your building and what’s the ground rent?
Thank you so much. There are 30 flats in the block and the ground rent is peppercorn which I understand equates to is a very minimal figure but I await the lease in order to confirm exactly what that figure is. The lease is 164yrs so I’m quite happy about that.
It’s sounds like the lease was extended through the statutory route, so the ground rent should remain a peppercorn rent for the full length of the lease - but make sure you double check! With a building that has 30 apartments, a sinking fund will definitely be useful. It will protect if any works are needed to the building...
So I earn 33k and pay £950 in rent alone and have a dependant. Good credit. I'm tired of paying the amount I have in rent to someone else in an area with not so great schools etc basically I'm unhappy. I have 2k in savings at present sadly not enough for a deposit. How can I move and own my own 2bed thinking Essex areas cheaper and better schooling Colchester to be precise. Would it be possible in your honest opinion to own my own place? 1st time buyer. I'm clearly able to pay the monthly rent which when I speak to home owners they laugh because they pay cheaper in a mortgage
I think it will difficult on your salary alone to buy a place, but I would speak to a mortgage adviser about your options. There may be mortgage products available to help your affordability. There are options, such as Shared Ownership, which can be cheaper than privately renting and help you build equity. However, you need to be very careful of these schemes because they have trapped people, so do your research before using. If you can find a Shared Ownership house to your liking, I think this would generally better than a Shared Ownership flat
@@SelfInvested I've heard but things about the shared ownership, I've looked into it it's OK for couples not single people. Not to worry I will look around and try save because renting for me is not a long term plan.
Hello there , i really like your videos . ❤ I am renting the ground studio flat at the moment just recently found a big patches off mould . 😮 It’s all including and it’s costing me £1150 Please i need some suggestions. was thinking to buy shared ownership 25 percent, and live there for 5 years and sell it after . I am in two minds and a bit scared. is it worth to do that ? Thank you so much x 🙏🙏
Hi there! I cover finding a broker in this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-5cg8Y1RLxWM.html (I've timestamped the relevant part of the video). Also, here's a link to a chat I had with the broker I used (his details are in the video description): ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wRz_1S9MAUY.html
