Over the last few years, there seems to have been an increasing number of problems arising with the sale of apartments and many of these have been historic architectural restricts, or fire, health & safety concerns. I am pleased that some of the recent apartments that we have handled have been sold a lot more efficiently and quickly.
The whole issue of living in apartments and service blocks surrounds how well the lease has been written and the quality of the construction, design and upkeep of that building.
Some of the main concerns in the past have been connected with the cladding of the building, following the desperately tragic events at Grenfell. For most buildings, this has now been overcome and the new regulations clearly understood and, where possible and necessary, those buildings have been redesigned and reclad. New apartments have taken all of this into consideration.
Problems surrounding service charges, ground rents and maintenance schedules have also been common in some of the older properties and not for the new ones. The restriction of some lenders on service charges that exceed more than 1% or 2% of the value of the building is common, however, we are trying to ensure that that is clearly understood in the future and more lenders are being more flexible.
When looking at apartment living, you need to understand that you are sharing the cost of the insurance of that building and the maintenance with your neighbours. This makes the living more affordable than if you had your own house and had to put aside an annual sinking fund to maintain and keep your walls, roof, gutters and fabric of the building, which will be borne purely by yourself. Living in an apartment means that you share it with others and if that share, service and maintenance is carried out regularly and efficiently, then it can be a lot cheaper.
Modern day apartments are built to a very high standard and the regulations are extremely strict on sound and insulation, as well as the fire, health & safety of the building, to ensure that the enjoyment of your apartment is 100% secure, peaceful and safe. The fact that you have got neighbours nearby and the ability to be close to people is, for many buyers, a positive, and the idea of sharing common areas of staircases, halls, car parking, gated entrances etc, is also very assuring keeping security, privacy and maintenance all at the forefront.
We think that modern day apartments will become more popular in the future and that the historic problems connected with cladding, building architecture and service charges will be overcome by new regulations and standards, which are much more reassuring and good for the buyer and tenant.
Apartment living gives a very flexible and attractive way to enjoy the benefits of communal gardens and grounds maintained by others and enjoyed by you without the hard work of cutting them, mowing them and digging the borders!
The prospect of ‘lock up & leave’ gives, for many people, the flexibility to travel more regularly without worrying about how your home will be kept and maintained, since it is covered by a communal service charge.
Management and maintenance companies are becoming increasingly governed and controlled in what they can charge for and it is vital that your management company is 100% responsible to you for their accounts and their servicing, as well as their sinking funds for major costs in the future. This could be the replacing of the central heating system or the air conditioning system, as well as the roof in due course, but a good management company will ensure that the money is there for when it’s needed.
The flexibility, convenience and enjoyment of a good apartment in a well maintained and kept development is extremely high and we know that apartments are likely to be very popular for many years to come.
If you’re looking to sell, buy or rent your apartment, please do not hesitate to contact my team and we would be delighted to assist. We are available on 0191 213 0033 or email contact@sandersonyoung.co.uk.
Chairman
SANDERSON YOUNG