I am interested in a property which is leasehold. How do I find out what the service charge would be? And how do I know if it’s a fair price?
Service charges can vary from property to property so it is definitely advisable to find out what the service charge would be on a property you are interested in to ensure you can afford to live there. Just ask the estate agent to find this out for you.
The service charge is for upkeep and maintenance to the building and the land eg. communal gardens, electricity bills and maintenance of communal areas, exterior walls, roofs, lifts etc. If you feel the service charge you are being asked for is too high, as a leaseholder you have the right to see a summary from the landlord on what the service charge is being spent on, how the amounts have been calculated and any receipts or paperwork relating to these costs.
8th June 2015
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