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Run-Down Flat In Need Of Complete Refurbishment With Just 12 Years On The Lease Goes On The Market For £1.9Million

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http://www.dailymail.co.uk/news/article-2587231/Run-flat-need-complete-refurbishment-just-12-years-lease-goes-market-1-9million.html

Two-bedroom flat is in Grosvenor Square, London's most expensive

Buyer of 1950s property would also have to spend £2.7m extending lease

But London's housing market means estate agents are 'inundated'

Flat has 24-hour porter, parking space and £16,767-a-year service charge

A tatty flat which only has 12 years left on its lease and needs a full refurbishment has been put up for sale - for almost £2million.

The two-bedroom flat is on the south-west corner of Mayfair's Grosvenor Square, the most expensive square in London.

It boasts two bedrooms, two bathrooms, a kitchen, reception room, guest cloakroom and balcony - but is in desperate need of a full refurbishment which would cost around £1.5million.

Anyone interested in buying the 1950s property would also need to spend around £2.7million extending the lease to 90 years.

Despite this, the flat - which measures 1,528 sq/ft - is still being offered with an asking price of 'just' £1.95 million.

Bargain especially as you appear to need to spend £1.5m on a refurb and then £2.7m extending the lease. I'm organising a viewing now....

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.....If you said it was £3.9m, or pick a figure out of thin air some fool would buy it....they are welcomed to it, best wishes to them. ;)

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Can't believe the service charge is £17,000 per flat, whatever happened to economies of scale.

They don't even have any grounds to maintain and the communal areas look small.

Is this why London's GDP is so high, because of incompetence; you could run a place like that up north at less than a grand a flat easy.

Edited by crashmonitor

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Can't believe the service charge is £17,000 per flat, whatever happened to economies of scale.

They don't even have any grounds to maintain and the communal areas look small.

Is this why London's GDP is so high, because of incompetence; you could run a place like that up north at less than a grand a flat easy.

They spend that on fresh flowers every month.....easy come easy go. ;)

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Can't believe the service charge is £17,000 per flat, whatever happened to economies of scale.

They don't even have any grounds to maintain and the communal areas look small.

Is this why London's GDP is so high, because of incompetence; you could run a place like that up north at less than a grand a flat easy.

And yet the rich pigs squeal when they are expected to pay their fair share of council tax.

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I mean obviously you arent going to put an Ikea kitchen in a £4m flat but even so, I dont really see how you could possibly get above £100-200k or so unless you were going tor something ultra-extravagant like marble floors etc.

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It's the principle of the thing probably. Most of the ultra-rich tend to lean towards a Randian viewpoint of the world.

Could be to do with having power means you can make your own choices.....taxes are not a choice, but flushing a few notes down the bog is? ;)

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Could be to do with having power means you can make your own choices.....taxes are not a choice, but flushing a few notes down the bog is? ;)

I think the rich would rather flush their money down the bog than pay it in taxes. Don't want the little people benefiting.

If they could find a way of taking the money with them when they die, they would!

Edited by Eddie_George

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Can't believe the service charge is £17,000 per flat, whatever happened to economies of scale.

They don't even have any grounds to maintain and the communal areas look small.

Is this why London's GDP is so high, because of incompetence; you could run a place like that up north at less than a grand a flat easy.

A large proportion of that will be for buildings insurance, same thing applies to the cheap northern flat.

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A large proportion of that will be for buildings insurance, same thing applies to the cheap northern flat.

I'm guessing that those old mansion blocks probably cost a fair bit to maintain too, particularly if they're listed.

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I think the rich would rather flush their money down the bog than pay it in taxes. Don't want the little people benefiting.

If they could find a way of taking the money with them when they die, they would!

I think most rich people have no problem with helping the poorer people who genuinely need help. However we all know that a large proportion of tax revenue is spent unwisely and wasted, on numerous things from aircraft carriers without aircraft, failed government it systems, excessive pay for many senior state employees to many other things.

Edited by BalancedBear

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