The True Cost of Owning A Flat In England (Leasehold Property)

I've had a lot of questions about how much it actually costs to own a flat and monthly recurring costs, so today I am breaking down all the costs you incur when you own a flat in England, including variables that don't exist if you buy a house.
Do let me know in the comments below if you have any questions or I've missed out any monthly costs for leasehold properties.
• Why I Would Never Buy ...
00:00 Intro
01:05 Mortgage repayments
01:21 Council Tax
01:42 Contents insurance
02:11 Ground rent
03:18 Service charges
06:02 Utility bills - electric only flats
08:41 Parking permits
08:58 Enquiries (alterations, pets)
10:00 LPE1 form or management pack
11:11 Lease extensions
12:40 Section 20 notices
13:46 Outro
#leasehold #leaseholdscandal #firsttimebuyer
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[@Marijalondon]

Thanks for sharing all your experience and wisdom on this very complicated and obscure subject. Very important information for newbees!

[@NicoleSage]

Thank you so much, I appreciate it! :)

[@phylliewilly]

This is really kind and helpful. Thank you

[@NicoleSage]

So glad it was helpful, thanks for watching!

[@BiscuitCookie-o4z]

Hi Sleek-Chic!
I would certainly need you next to me when I purchase a property (you have so much knowledge) 😉
Much more money is needed in purchasing property in various fees some of which one finds out later down the line so videos like yours give advance warning. I find estate agents do not know some of the answers when asked. One has to do research prior to looking for property to gain a decent understanding how things operate and what to expect.
Having viewed 2 properties recently. I have some queries I would value in answering please:
1. Do you have a book that covers a-z property guide?
2. I would like to see a video on various lease extention types (99, 125, 999 years). If one has a property say 90 years remaining does this mean it would be extended to 99 years or in total 189 years? Moreover, when can one extend to 125 or 999 years?
The more videos I watch of yours/others expect more questions from me 😉. I only discovered you recently.

[@scapingby]

your knowledge on this topic stopped me from sleep walking into a leasehold. Thank you

[@NicoleSage]

So glad it helped and that you stayed clear of leasehold 🙌🏻

[@JoeLad9]

Gnome Child

[@NTeach10]

Thanks so much for this - I was about to get a flat with a leasehold but have now managed a negotiation to get an equal share of the freehold with no ground rent or service charge.

[@NicoleSage]

Well done!! Expertly done and you can enjoy your leasehold property now without worry, best of luck with the move! 😃

[@danceswithrats]

Perhaps The Kings speech planned for next week bans Leasehold and ground rent .

[@NicoleSage]

Fingers crossed for everyone, I’ll be watching

[@krisradjpaul278]

I would never buy a flat the worry of service charges would keep me up at night.

[@NicoleSage]

100%, avoid at all costs

[@rldme]

😚

[@mic-cb2xx]

Fleecehold

[@bodhisattva2348]

Are there houses in london?

[@NicoleSage]

Yes, there is - just massively out of budget for many first time buyers/single income owners.

[@bodhisattva2348]

@@NicoleSage 😔

[@bfrd1989]

Flats are a con, less space, no garden and fees for the sake of fees

[@NicoleSage]

Yep, pretty much!

[@The_Famous_RFC]

Service charge should be stopped/capped

[@NicoleSage]

Agreed