I own a 2 bedroom apartment in London which i bought 2 years ago, the service charge is now about £7,000 per year, it was about £5,700 when i bought it. Does this look extortionately high? and if so what could we as tenants do about it? The estate management do provide accounts but some items look extremely high, probably their friends and relatives are the sub-contractors.
2006-06-22 22:38:33 · 2 answers · asked by Amit P 1 in Business & Finance ➔ Renting & Real Estate
Get on the committee that over-sees the spending. You have the right to question expenses on your behalf. Get as many tenants together and have a meeting. Require the board to obtain 3 bids before hiring a contractor. Get more inviolved in the process.
2006-06-23 04:37:27 · answer #1 · answered by educated guess 5 · 4⤊ 2⤋
~Duh, read your contract before you buy. If you don't like the charges, move.
2006-06-22 22:40:41 · answer #2 · answered by Oscar Himpflewitz 7 · 0⤊ 0⤋