Living in a leasehold flat: what can you do about high service charges?
If your freeholder says you should pay thousands of pounds in repairs, do you have to pay up?
In these tough times most people need to budget for household expenses; whether it’s insurance, repairs or improvements. But if you live in a leasehold flat, it’s not that easy. Although it’s your home, it’s the landlord (or freeholder) who has a big say in how much you need to spend in upkeep and repairs. But there are steps you can take if the charges are unfair. Here's what you can do.
The government says it wants to help first time buyers.
The plans would involve a government backed scheme so first time buyers would only need a five per cent deposit.
If you or your children are trying to buy a property for the first time you’ll know how difficult it can be to get a mortgage and/or to be able to afford to buy. One of the biggest problems is saving for a deposit, which can be up to 20% of the property’s value. The government says it will help up to 100,000 first time buyers in England by introducing a scheme that means they only need to come up with a five per cent deposit. The government also wants to look at giving tenants living in social housing a bigger discount if they buy.
According to one survey, buyers expect to wait until they are 38 before they can buy their first home.
With average deposits almost 20% and mortgage lending levels still low, it's not easy to get on the housing ladder.
The housing market isn't easy for anyone who doesn't have a large deposit or a hefty chunk of equity in their home. But first time buyers are particularly hard hit because their credit record can let them down. Perhaps it's not surprising that with first time buyers needing a deposit of almost 20% and mortgage lenders being very picky about who they lend to, people are putting off buying their first home.
