Maybe a new moving to Eastbourne thread would help, plenty of of people on here live there but they may not read this thread.
You’ve probably already thought of these..leasehold or share of freehold? Ground rent/service charge costs, any upcoming significant works and of course any dodgy cladding or similar!
Thanks.
sorry didn’t see your post above mine before I replied -
Thanks.
Back to @Eyeore
Eastbourne was lovely when I used to go to school there - like a ’mini Brighton’ for retirees and people that were well behaved - but that was decades ago!
Some pertinent questions come to mind when looking at flats, especially purpose builds;
a/ Does the property come with a share of the freehold - if so, what’s the annual share per flat?
b/ If not, then what is the annual maintenance? - (including for any lift maintenance, communal gardens/gardener, decoration funds and ground rent)
c/ How long is left on the lease? If you don’t want a mortgage or plan to sell in the future, it’s less of an issue but renewing a lease if you do want to sell on in the next 5-10 years can be costly.
I personally don’t bother asking what the neighbours are like - I found out many years ago, the answer is generally very subjective (or untrue !)
It's a share of freehold. 999 year lease thingy. Maintenance charge of about £1200 per year.
Seems reasonable and I think a good thing having a share of freehold and therefore a say in how the block is run.
Sounds good (if there is a lift though I’d make sure that was included - lift maintenance can run into thousands a year).
hoa.org.uk
I had a look at the accounts in company house. Looks like the Freehold surplus is £19,000 at present. I'd need to check if they are expecting significant works.
Yes, you're more attractive to a seller as a cash buyer so you should consider putting an offer in below asking price. I've just bought a flat as a cash buyer and got it 5k below asking. Not a great deal, but the property had already been reduced twice.
That will be covered in the forms they fill in for your solicitor- they are called 'Section 20' works and they have to declare them. £19k in the reserve fund is a very decent amount though.
If you like it, really want it, and can afford it, tell the seller this and offer their asking price. I think this is the best approach.
It’s okay until you want some tomato purée
One doesn’t tell the seller anything.
There‘s obviously no right or wrong here. I have bought a number of properties in my time and if I really want it I say so and offer the asking price. This has served me very well and I feel marks me out as a serious and attractive buyer…..even more so if it’s cash like the OP has.
The point I was making is you don’t make an offer straight to the seller (unless he’s selling privately) - you make enquiries whether the seller might accept a lower offer through their estate agent - that way you can find out before making a formal offer whether a lower one would be accepted for this or that reason ( and then make the offer formally through your solicitor obviously) .
We’ve been in Eastbourne for 3 years now and like it a lot. Plenty going on, nice seafront, beautiful walks on Beachy Head etc. Some parts are nicer than others of course, same as anywhere, so depends where you’re thinking of.
This.
But he would be saying “ Buy in Hove as Eastbourne is dull and hasn’t got the quality coffee shops and bakeries as Church Rd”