Parklands (Peckham Rye)

[jamespetts]

Not quite East Dulwich, but very close to it: does anyone know anything of the low-rise "Parklands" block on Peckham Rye, opposite the common? I am looking to buy a 1 bedroom flat in the area, and there is one in that block that I viewed to-day which was rather good, but I am somewhat concerned about whether the freeholder is trustworthy or competent in light of the fact that there was a hole in the ceiling in one of the common parts (apparently cut on purpose owing to its straight sides) which seemed to be connected with leaks of some sort, as there was sacking material on the floor underneath (it has been dry lately and there was no obvious water). The lettering for the word "Parklands" above the main entrance is also partly missing. Further, the annual service charge seems a little on the high side at ?2,100.

A friend who lived in a development in North London of about the same vintage tells ghastly tales of positively crooked managing agents who deliberately shirked their maintenance obligations and improperly imposed excessive charges with the aim of financial gain (she and her fiance have now bought a house in about zone 5). Does anyone here have experience with this particular block?

[KidKruger]

With no particular experience in that block I can already say walk away if you have a choice.

[Jah Lush]

I've experience of dodgy freeholders shirking their "maintenance obligations and improperly imposed excessive charges with the aim of financial gain" and will advise you not to have anything to do with them. Walk away now. You will seriously regret it if you don't.

[n_m_jones]

We were also looking at this block but the service charge is way too high! Sounds like there's something dodgy going on if, despite that kind of money, they can't keep on top of basic maintenance. We're not going to touch it.

[jamespetts]

Thank you very much for your feedback: very helpful. It is such a shame, as it is a lovely block otherwise and the flats are quite spacious inside. I had loved the fact that the interiors were so original, but I suppose that this is consistent with very little maintenance work being done.

[dimples]

Maybe Speak to someone else who lives there ?

[jamespetts]

Where might I find such a person?

[KidKruger]

If I were looking for someone who lives there I may go to the block itself as there's a good chance that someone there lives there.

[jamespetts]

KidKruger Wrote:

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> If I were looking for someone who lives there I

> may go to the block itself as there's a good

> chance that someone there lives there.

That would seem a bit impertinent, really: I don't imagine that random people would like to be disturbed in that sort of way. It seems so impolite.

[Mustard]

Put notes through some of their doors in that case.

[Alex K]

Nothing delights most people more than to be of use to someone else, to have their expertise sought. When I bought a terraced house (built 1870) in Pittsburgh, contemplating renovations, I knocked on doors all along the terrace to say -- May I learn from what you have had done? And every householder walked me from attic through cellar.

Screw up your courage to the sticking-place, and knock on a few doors. The worst that you can hear is "No".

[KidKruger]

Don't ask don't get. You know where the people with the knowledge are - you've a bona fide reason for asking them.

There's nothing impolite about it at all, being a cold-calling chugger or lay preacher - now that's impolite.

jamespetts Wrote:

-------------------------------------------------------

> KidKruger Wrote:

> --------------------------------------------------

> -----

> > If I were looking for someone who lives there I

> > may go to the block itself as there's a good

> > chance that someone there lives there.

>

> That would seem a bit impertinent, really: I don't

> imagine that random people would like to be

> disturbed in that sort of way. It seems so

> impolite.

[gpercival78]

I recommend speaking to the neighbours. You also get an insight to who lives there etc. If someone was to do it to me, I'd be more than happy to discuss issues/freeholder etc. At the end of the day you may have to live there & buying is a huge commitment. I kinda wished I'd done it...

[tallulah71]

Totally agree with KK and Alex K; it's your money. A dwelling is only worth what someone wants to pay for it: ?2,100 per year service charge? Please....

[jamespetts]

One of the leaseholders in the block kindly PMed me this morning. Apparently, the block is owned by the much despised OM Property Management Limited (http://www.theguardian.com/money/2011/feb/12/peverel-property-management-tenant-rebellion) which seems to be a highly questionable outfit, to say the least. I am told that plans are afoot to purchase the freehold from them, but such a process can be lengthy and expensive, so, sadly, whilst charming, I shall have to avoid anything in this block unless and until the freehold buyout is completed.

[KidKruger]

Or buy now and reap benefit in increased value when property mgt company changes / freehold is bought.

Remember property prices can increase as well as decrease at any time.

[NewWave]

I would go ahead and buy, as it sounds as if there is a proactive group of owner occupiers.

Any leasehold property in a multi occupancy dwelling carries an element of risk as regards rising service charges or hassle with repairs.

People who buy ex-council dwellings often get stung for massive service charges.

I would have a second viewing, put in an offer if you still like the flat and try and meet the resident who pm.d you for a drink.

Having previously owned leasehold apartments that service charge sounds pretty average esp if there is a lift or any form of gardens.

I didn't buy an apartment in a fantastic listed art deco block in Sheperds bush some years ago because I was freaked out by the ?2500 service charge (that was on a 1bed flat 7years ago) and to this day I've always kind of regretted it because it was a lovely flat.

[jamespetts]

I am very wary of this. A good friend of mine who has experience of highly questionable freeholders tells of how the situation became so unpleasant that she would rather have had a dental procedure than gone home every day. The value of the property in future is but one consideration; the quality of life in the meantime is also important, especially as acquiring the right to manage, like any legal process, can be extremely protracted and costly, and there is always the risk of it not succeeding. That, according to the Guardian article, one group of residents let off fireworks when they bought their property from an associated company gives some clue as to how arduous that the battle had been until then and how desperate that they must have been to win it. If it was just the level of the service charge, it would be a dispassionate mathematical calculus of financial cost to financial benefit, but I am very wary indeed of risking long-term quality of life.

[KidKruger]

If (I think it's) 50% of leaseholders want the freehold, the landlord has (I believe) no choice but to relent - then the collective can appoint their own maintenance company.

Rather than approach this at army's length, why not do what everyone on this thread is advising you to do and go meet the people. You wanted some advice, right ?

[jamespetts]

I e-mailed the agent this morning to ask whether the vendor knew anything about the enfranchisement process, and was told that it was now under offer.

[Medley]

I bought in a not dissimilar block fairly closeby. Talked to people already owning and living there at the time before jumping in. They already had enfranchisement under way.

That service charge is way too high, especially given the condition you're describing. If getting share of freehold or right to manage at least (where you hoof the management co out but are still with the freeholder) aren't options, partic share of freehold, then I'd probably counsel to walk away. No knowledge of the partic block, except from having cycled/driven past it lots.