Flat buying advice
I’ve been looking for a flat to buy for a few weeks now. I think I may have finally found one I like, however I want to know if the lease, ground rent details and management should deter me.
Lease is 132 years left.
Service charge £1500
Ground rent £125 (100% increase reviewed every 10 years) (2027)
Management company - RMG
I’m not too concerned about the lease length as I’m only planning on living in this flat for around 5 years, so it would still have a good chunk when I intend to sell.
My concerns are
the service charge rising to a point no one will want to buy it when I go to sell
RMG has god awful reviews (but it seems all flats have shit management companies, I intend to talk to some current residents)
The ground rent increase, while this would be manageable to me, I’m concerned it would put off other buyers when I go to sell. I understand it says review so it’s not a definite. But would appreciate thoughts on this
Property is up for 160k and is a 1 bed in a rice area 554 sq ft
Any advice much appreciated, I’ve done a lot of research myself but this is a first time buy