Showing posts with label sinking fund. Show all posts
Showing posts with label sinking fund. Show all posts

Tuesday, February 14, 2017

Number Theory - Tuesday


The rain continues to fall as I stand under a dripping entrance canopy to a 1970s built, block of flats. The decade was almost entirely devoid of architectural merit and the building is showing signs of wear. I need to be positive when the viewers arrive, not easy with a burgeoning maintenance bill, sinking fund with a hole the size of the Channel tunnel and a tired lease with onerous ground rent terms.

I’m five minutes early for the viewing but don’t want to go inside to the relative comfort of the dated flat. Parking here is notoriously difficult, with draconian signs threatening clamping and towing screwed to the walls at the back, beside the scant number of parking spaces. A potential buyer having their car removed while assessing the friendliness of the neighbourhood won’t hasten a sale, so I’m ready to guide the viewers to a safe spot where the absent owners are allowed to park. My car is in a slightly riskier space, but the trusty Doctor On Call badge has been dusted off again. So far, so good…

‘Who are you?’ Asks a frail voice that appears to have materialised out of nowhere. Momentarily I think a ghost has accosted me. It’s fairly well known at least two residents have fallen from the upper floors of this block - not that I’m about to broadcast it. One supposedly jumped in her dressing gown and another was rumoured to have tumbled while cleaning a set of those early tilt-and-turn windows, before they added the safety bars.

Sensing movement and the faint smell of mothballs, I turn to see an elderly lady has exited the communal door behind me. She’s looking at me with a mixture of fear and suspicion, understandable at her age. A man in a suit is either an estate agent or an undertaker, neither of whom are that welcome.

I flash her my best smile, although I’ve ducked the hygienist for the last two visits. At that the price the Bulgarian woman is like a giggly vampire - having a laugh and drawing blood.

‘I’m the estate agent.’ I tell her, flashing my business card. She scowls at me and I get the impression she might have preferred the mortician.
‘Which flat is for sale?’ She demands aggressively. Bit of a dilemma, what with client confidentiality, but it’s best not to antagonise folk in these buildings. They have memories longer than the lease has left to run. I tell her.

‘Good.’ She says firmly. “They never really fitted in.’ Charming. I need to lose her before the potential buyers turn up or I might as well go home now.
‘How much are they selling for?’ Demands the fiesty old goat. She’s obviously not got the Internet or she’d know already. People under sixty seek out property porn with an insatiable vigour, but like actual porn, those involved at the proddy end get desensitised and slightly soiled. I tell her the asking price.

‘How much?’ She shouts angrily. ‘They’re giving it away.’ They’re not. The problems here are legion and I’m not sure any lender will advance on the place without an expensive lease extension from the greedy, intransigent, freeholder.

‘You lot are all just crooks in suits.’ Mutters the old bag as she wheels her tartan shopping trolly towards the entrance gate. We’re really not - not all of us anyway.

I glance at my watch and hope this isn’t going to be another no-show. The number of people who book viewing and then don’t arrive, remains constant throughout the year. In days gone by - pre-mobile phones - you’d just was until fifteen minutes after the appointed time, then go back to the office angry. Now I ring the office. Nobody answers and my mood darkens, just as the clouds do.

Where the hell is everyone? I ponder crossly. They should answer within three rings. I could be someone important wanting to give us business, not just an angsty middle-aged man who should have paid more attention at school.

Twenty minutes after the appointment time I go back to the office damp and dismal. The no-show viewer’s mobile phone is switched off.


Next time round, I’ll do my maths homework.

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Wednesday, November 19, 2014

Happy Valley Towers - Wednesday


‘Are the other residents friendly?’ Asks the pernickety daughter as she guides her elderly father along the first floor corridor of the retirement apartment block.
I’ve managed to get in the main door with the communal key and avoided the overbearing manager, who if past experience is anything to go by will try and hijack my buyer into looking at one of the many re-sales the management company - her employer - are trying to flog.

‘Oh they are a lovely bunch.’ I answer, trying to hurry the pair along the never-ending run of patterned carpet and closed sapele fire doors, with those spy holes. I expect a few ancient inmates - I mean owners - are squintily watching our progress along the interminable dark warren that resembles a budget hotel setting. No doubt if the old boy does move in he’ll be in great demand from the predominately female inhabitants. Rumour has it any reasonably able-bodied pensionable male can die with a wrinkly smile on their face, if they can last long enough and get a decent supply of Viagra.

‘What happened to the owner of this one?’ Asks the daughter as we reach the appointed door and I fumble with the keys. It’s not a great question to answer. The clue is in the name with Retirement Apartments, if they don’t get shipped out to a nursing home the occupants usually leave horizontally - on a gurney.

‘I think they went in to full time care.’ I say as vaguely as I can. It could be argued the embalmer constitutes fairly permanent full time care, but fortunately before I’m pressed further I get the door open and we move into the even darker entrance hall.

I swiftly hit the lights, but I can’t hide the musty smell and the hint of stale urine.  Always best to fit new carpets if you buy one of these places second hand. Hurriedly, as hurriedly as you can usher a man with two walking sticks and a heart condition, I bring the duo in to the living room/kitchen.
There is one window at the far end overlooking the car park and the kitchen is as dark as the hall, with just a wheezing extractor unit to pull the pong of piss from the air. I’m not a big fan either…

Window flung open as far as the restrictor will allow - jumpers can wreck the communal morale - I give the highlights of the room. The illusionary safety net of the orange emergency pull-cords that put you through to a call centre where English is a foreign language, and the waist high electrical sockets to stop rickety backs from popping out of alignment.

‘I’d like to know about the service charges.’ Presses the daughter as her father sinks into the one high-backed chair, left incongruously in the middle of the room. The beneficiaries had their pick of the furniture and jewellery and are just bitching about the asking price.

I give the woman the latest set of figures we’ve managed to prise from the managing agents. They want paying for each piece of reluctantly given information and would even charge for a phone call if they could gouge it from you.
‘It seems a lot once Dad’s paid for his electric and other costs.’ Replies the daughter accurately.
She’s not wrong, but then for years the major players who built these blocks owned the management companies as a subsidiary. Allegedly, it’s not so often the case now, but I still suspect there are mutual interest behind the scenes.

If any member of my family wanted to buy a retirement flat, I’d get our solicitor to take a good look at the lease and management costs and to ask about sinking funds and future major expenditure on maintenance projects. Better still I’d get them to hang on in their own home as long as possible. This pair are not blood relations though.

‘Is it good value?’ Asks the daughter as we stand back in the hall while her father tries out the internal bathroom. We can hear every slow dribbling drop of piss the old boy is expelling.

I’d say so.


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Thursday, August 21, 2014

Golden Oldies - Thursday


Negotiator S appears prettily in my peripheral vision and for a moment I think it’s another of those awkward dreams. Finally, I register she’s really there and the screen that had almost hypnotised me is the stark reality of my office profit and loss accounts - not one of those dodgy sites now blocked by the main server…

‘Got lovely old Mr and Mrs Lockwood in the office.’ Begins S with a winning smile. I try to surreptitiously glance round her to see the office sales area, but she’s standing sideways and it’s a big ask without appearing pervy, or dislocating a couple of neck vertebrae.

‘Err, just remind me…’ I say pathetically. I can remember just about every home I’ve ever sold but the names are too much data to keep, with my ageing hard drive.
‘From The Avenue.’ Prompts S. ‘We’ve got a sale arranged on their house but they haven’t found anything to to go to to yet.’ Of course I remember. A sweet old couple who have wracked up some of those more obscure wedding anniversaries between the precious metal milestones. I need them to find somewhere or my potential commission will be stalled forever in the sales pipeline, with no chance of converting to hard cash.

‘Great news.’ I say to S, before hesitating. ‘So…why do they need to see me?’
S sighs and smiles again. God, she’s so hot she should carry an over 18s only, certificate. ‘They like you,’ she continues. ‘They want your advice on the flat they’ve seen.’

Now I want my vendors to like me. I positively crave their affection when I’m pitching for the business against several other estate agents. But, like a serial shagger, once I’ve consummated the deed - and bagged a signed sole agency - I’m keen to move on to pastures and punters new.

I sense a dilemma looming. I’m not a big fan of shared communal space living and with the leasehold laws in the UK as they are I wouldn’t want a flat without a peppercorn ground rent, a share in the freehold and an in-house management company. At the very least.

‘Where have they found?’ I quiz S, frantically thinking of the blocks in my area that don’t have greedy freeholder issues, diminished lease terms and huge holes in their sinking funds. S tells me the name of a well known retirement home builder and I grimace.
‘Really?’ I say rhetorically.
‘Really.’ She answers unnecessarily, adding. ‘They really like it. It’s the security and the companionship.’
And the rip-off prices, I think sourly. Hoping, not for the first time, that if I make it to the Lockwood’s advanced years I won’t be too senile to remember why I hate the shrunken square footage and overpriced warrens the elderly are wont to move to.

‘So what do you think?’ Urges Mr Lockwood in his reedy voice once S has sat them in front of me with two mugs of tea, and I’ve greeted them like long lost friends. I have a sneaking feeling Mr L is not long for this world . Like many ailing partners, he’s probably trying to manoeuvre his wife into a home that will suit her once he’s gone - there’s certainly not enough room for two people for too long.

Well, he’s paying too much. The ground rent goes up regularly at punitive levels. The lease is a paltry 99 years - fine when you are looking at twenty max to live but not so great for re-sales and disappointed beneficiaries -  and the service charges are a licence to print money. And yet, it gives them something they think you can’t always put a price on. Peace of mind.

If it were my parents I’m not sure what I’d advise, but that decision is no longer one to trouble me. The truth is I might change my opinion if I make it as far as the Lockwoods. Through rheumy eyes the world might look a different - scarier - place.

‘They seem pleased.’ Says S after I’ve seen the old couple to the door. ‘What did you tell them?’
‘What I thought they wanted to hear.’


It’s the bottom line.

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Tuesday, July 30, 2013

Hungry For Business - Tuesday

‘Could you do a viewing at lunchtime?’ Asks negotiator S as I come back in the office stomach already rumbling. The bran and suspect dried fruit offering I had at breakfast, in solidarity with my wife’s family diet, has proved an inadequate substitute for a full English.

I move towards the viewing book, before spotting S’s reproachful look. I shouldn’t be cherry-picking the viewings, not a great example to the staff. Treat them as you’d like to be treated yourself I think, as another unhelpful image of S treating me, as I’d like to be indulged flits through my mind.

The silence has gone on too long and as I’ve often told S, as well as the other team members, silence is a powerful tool in selling. Make your pitch then shut up. People always feel compelled to fill a conversational void. I’m paused halfway towards my target and she’s waiting, knowing, looking. Looking pretty good, as it happens. I crumble.

‘No problem. Where is it?’
She tells me, with the hint of a triumphal smile.
‘You’re kidding?’ I grumble, stepping to the diary and confirming the worst with my own eyes. It’s a grotty converted flat in a shabby part of town, currently let to a couple of scruffy students – although I suspect there are more than two occupants most nights. It wouldn’t be the first time someone had sub-let the couch and the carpet. The landlord wants to sell when the tenancy expires, but the current occupiers have no interest in helping him - or us.

‘Have you told the tenants?’ I say cursing this wretchedly misplaced socialist attitude towards my colleagues. A dictatorship works best in sales. I should have ordered someone else over the parapet and stayed at the back like a First World War General, sipping red wine and screwing the locals.

‘They are going to be out so it’s ok to use the keys.’ Says S a trifle smugly. I scan the other appointments, short of re-arranging the diary in an obvious ploy to avoid the smelly socks and unwashed dishes I need to go. I take a sulky walk to the key-cupboard grab, a set of the details and the viewers contact details. I won’t need the rape alarm, I think absurdly, seeing the spare unit alongside the other dozens of sets of keys, but I might need the flea-spray. I’m already starting to itch.

‘Oh it’s a bit dark and dingy.’ Says the girlfriend of the slightly effeminate, posh-vowel city boy alongside her. He has that weak-chinned overfed and overeducated look of someone used to privilege and spending his parents’ money. If he works for one of Daddy’s friends, as he’s unemployable anywhere else, I suspect they’re not paying enough if this dump is all he can afford for his weekend shag-pad.

‘The communal areas are due a spruce-up.’ I tell the woman with a smile I hope isn’t as sickly on my face as it feels looking out. They’ve been due a redecoration for at least three years but the residents are in dispute with the freeholder. He wants to appoint his own building company to do the work, then doubtless stiff the sinking fund with an over-inflated invoice. No change there then.

Dodging a couple of grubby prams, both empty this time, and a rusty bicycle, I reach the landing just as the light-timer pops off and we’re plunged into semi-darkness. Hurriedly I stab the button and the greasy landing light wheezes back to a low-energy, low wattage puddle – it’s certainly not a pool – of light. My stomach rumbles like a Tube Train passing under the foundations.

I tap the door than work the flimsy lock.
‘I’m really not sure about this one already.’ Trills the girlfriend with the double-barrelled surname. God, if he ever does marry her they’ll need a whole page in the phone book to themselves.
‘It’s nicer inside.’ I say then remembering how quick people are to sue now with all the no-win-no-fee shark solicitors around, I add. ‘Or will be once you’ve decorated to your own taste.’

‘Did they like it?’ Asks S on my return.

 Not a lot.

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