Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • lisyloo
    • By lisyloo 12th Sep 17, 9:21 AM
    • 21,148Posts
    • 10,131Thanks
    lisyloo
    Zone 3 - wheres the catch?
    • #1
    • 12th Sep 17, 9:21 AM
    Zone 3 - wheres the catch? 12th Sep 17 at 9:21 AM
    https://www.galliardhomes.com/


    westgate house, ealing, W5, zone 3, 6 minutes from hangar lane
    In todays metro, £225K for "suite" (studio) and £350K for 1 bed apartment.


    Seems very cheap for London commuter belt.
    Where's the catch?


    A bit dependent on central line and will have high charges if there's gym/sauna, but can't really see a big catch.
    Seems too cheap.
    What am I missing?
Page 1
    • Doozergirl
    • By Doozergirl 12th Sep 17, 9:24 AM
    • 23,738 Posts
    • 66,064 Thanks
    Doozergirl
    • #2
    • 12th Sep 17, 9:24 AM
    • #2
    • 12th Sep 17, 9:24 AM
    Are these the ones going up *right* on the A40?

    Might explain something.
    Everything that is supposed to be in heaven is already here on earth.
    • AlexMac
    • By AlexMac 12th Sep 17, 9:29 AM
    • 1,888 Posts
    • 1,659 Thanks
    AlexMac
    • #3
    • 12th Sep 17, 9:29 AM
    • #3
    • 12th Sep 17, 9:29 AM
    No catch at all if you don't mind the service charges for gym, sauna, concierge, landscaping, repairs and sinking fund... Oh, and management fees and ground rent.

    Which mates of mine paid £5-6k p.a. for in a Docklands flat they bought in 2003. They sold recently, but over the past 14 years, paid well over £100k more than me, as we bought a period Victorian property for exactly the same price, also in zone 3, just across the river!

    Which is almost what we spent on our mortgage in that period
    • Minkybob
    • By Minkybob 12th Sep 17, 9:34 AM
    • 53 Posts
    • 91 Thanks
    Minkybob
    • #4
    • 12th Sep 17, 9:34 AM
    • #4
    • 12th Sep 17, 9:34 AM
    The catch is Hanger Lane, if you haven't been there...

    https://s1.reutersmedia.net/resources/r/?m=02&d=20071212&t=2&i=2467008&r=2007-12-12T142103Z_01_L12536220_RTRUKOP_0_PICTURE0&w=1280
    "Meow meow meow? Meow meow-meow meow!" - Minkybob
    • lisyloo
    • By lisyloo 12th Sep 17, 9:38 AM
    • 21,148 Posts
    • 10,131 Thanks
    lisyloo
    • #5
    • 12th Sep 17, 9:38 AM
    • #5
    • 12th Sep 17, 9:38 AM
    Postcode is W5 1YY, so not sure if they are right on the road or the other side of the central line, but pretty close to A 40.


    I'm not personally that put off by those fees (although to be confirmed what they actually are). We're currently paying £19,500 annually in rent, but it's a good point if that devalues the development from the point of selling it on. Fortunately it's one that can be easily quantified.
    • AdrianC
    • By AdrianC 12th Sep 17, 9:42 AM
    • 15,045 Posts
    • 13,368 Thanks
    AdrianC
    • #6
    • 12th Sep 17, 9:42 AM
    • #6
    • 12th Sep 17, 9:42 AM
    Have you actually looked at the brochure?

    https://www.galliardhomes.com/sites/default/files/documents/developments/CKEIwZxPZWO/Westgate%20House%20Brochure.pdf

    The smallest "suites" are tiny. 32m2. Then there's some that are only fractionally bigger - 33m2, but on the inner core of the building, so the only "view" is of the internal well. Near the bottom of an 8-storey building, that's not going to be exactly joyful. These will be the ones for £225k. I suspect even the nicer studios go north of that loss-leader price rapidly.

    The one-bed aren't much bigger, 44m2 or 46m2 on the inner core. There are a good number of much nicer bets within a short distance, even two bed.

    Two lifts servicing 269 flats - before the three upper floors are developed. Which won't be for a while, as they're still just "proposals".

    The postcode is the site in the armpit of the A40/Hanger Lane sliproad. Niiiice. Is there even a figure for the service charge?
    • Cornucopia
    • By Cornucopia 12th Sep 17, 9:52 AM
    • 9,161 Posts
    • 8,611 Thanks
    Cornucopia
    • #7
    • 12th Sep 17, 9:52 AM
    • #7
    • 12th Sep 17, 9:52 AM
    You hear the Galliard ads on the radio with very attractive-sounding price points, and on the couple of occasions I went to have a look at their website, they turned out to have some kind of catch (size, location, time to completion, not yet released...)
    I'm a Board Guide on the Phones & TV, Techie Stuff, In My Home,
    The Money Savers Arms and Food Shopping boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views (especially those on the UK TV Licence) are mine and not the official line of moneysavingexpert.com.

    Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • davidmcn
    • By davidmcn 12th Sep 17, 10:04 AM
    • 5,775 Posts
    • 5,528 Thanks
    davidmcn
    • #8
    • 12th Sep 17, 10:04 AM
    • #8
    • 12th Sep 17, 10:04 AM
    on the inner core of the building, so the only "view" is of the internal well. Near the bottom of an 8-storey building, that's not going to be exactly joyful.
    Originally posted by AdrianC
    On the plus side, they'll be well-insulated from the traffic noise...
    • lisyloo
    • By lisyloo 12th Sep 17, 10:20 AM
    • 21,148 Posts
    • 10,131 Thanks
    lisyloo
    • #9
    • 12th Sep 17, 10:20 AM
    • #9
    • 12th Sep 17, 10:20 AM
    Thanks for all the very good points.
    Some of them don't matter that much for a weekday bolt hole e.g. size, although we do need separate living space so I don't like studios.
    It's a bit different if it's not going to be your home, but all points taken on board.


    I did rent at St Georges Wharf near Vauxhall and it was very noisy and that prevents you opening windows in hot weather.
    Much prefer living on a quiet back street even if further from the tube.
    • AdrianC
    • By AdrianC 12th Sep 17, 10:23 AM
    • 15,045 Posts
    • 13,368 Thanks
    AdrianC
    BTW, you do realise that nobody's going to be moving in until 2020 (at least...)?
    • lisyloo
    • By lisyloo 12th Sep 17, 10:28 AM
    • 21,148 Posts
    • 10,131 Thanks
    lisyloo
    No, not much point for us then (as looking to move from London in 2021 when DH is 55).
    • AdrianC
    • By AdrianC 12th Sep 17, 10:32 AM
    • 15,045 Posts
    • 13,368 Thanks
    AdrianC
    https://www.galliardhomes.com/westgate-house
    "Estimated completion Q3/Q4 2020", right at the very top of the page.
    • agrinnall
    • By agrinnall 12th Sep 17, 11:41 AM
    • 18,406 Posts
    • 14,122 Thanks
    agrinnall
    No, not much point for us then (as looking to move from London in 2021 when DH is 55).
    Originally posted by lisyloo
    Does that mean you're looking to buy somewhere now and only own for 4 years? I'd think very carefully in the current market about whether that's the best idea, as I could see you losing money after fees, stamp duty, service charges, etc., and that's not taking into consideration who might want to buy it from you and for how much when you come to sell.
    • bouicca21
    • By bouicca21 12th Sep 17, 11:44 AM
    • 3,096 Posts
    • 3,819 Thanks
    bouicca21
    As others have said its right next to the A40 and a particularly nasty polluted bit at that.
    • lisyloo
    • By lisyloo 12th Sep 17, 12:02 PM
    • 21,148 Posts
    • 10,131 Thanks
    lisyloo
    Does that mean you're looking to buy somewhere now and only own for 4 years? I'd think very carefully in the current market about whether that's the best idea, as I could see you losing money after fees, stamp duty, service charges, etc., and that's not taking into consideration who might want to buy it from you and for how much when you come to sell.
    Originally posted by agrinnall

    We have a permanent home elsewhere and plan A is to return to that home in 4 years (when DH is 55 and hopefully somewhere near LTA).
    We currently put a lot of our disposable income into pensions which is tax efficient as my partner runs a limited company and I have access to salary sacrifice with 45.8% tax relief (20+12+13.8).


    So far we have rented, partly because we don't know with absolute certainty we'd be in London (although it's likely) and I also did some calculations comparing putting our money into pensions (with tax relief) vs putting it into a second property (where CGT and extra stamp duty applies).


    My calculations showed in our circumstances i.e. being a second property and having to pay higher rates of tax to liquidise income to pay a mortgage that the cut-off point was 9 years.
    i.e. before 9 years renting is cheaper.
    This is longer than normal, but as I said we can otherwise avail ourselves of tax advantages if we use the money for pension income.


    So far we have rented and aligned our rental period with the contract, so if the contract ends we can pretty much walk away with our suitcases.


    You are probably right, but sometimes pictures of nice properties catch my eye (as the marketing is intended to), especially when considering we'll spend upwards of £80K of rent over the next 4 years.


    We wouldn't HAVE to sell after 4 years. The option of renting out and selling at a better time is there, but I have to say I'm not a fan of being a landlord especially if it's not close to "home".
    Last edited by lisyloo; 12-09-2017 at 12:07 PM.
    • Crashy Time
    • By Crashy Time 12th Sep 17, 12:02 PM
    • 4,781 Posts
    • 2,104 Thanks
    Crashy Time
    "ideally suited for first-time buyers, post graduates, house movers or investors"...Dog Groomers, bakers, candlestick makers, ex-HPC members,....anyone...please! The catch is no one wants this rubbish in a declining market.
    • Crashy Time
    • By Crashy Time 12th Sep 17, 12:05 PM
    • 4,781 Posts
    • 2,104 Thanks
    Crashy Time
    We have a permanent home elsewhere and plan A is to return to that home in 4 years.
    We currently put a lot of our disposable income into pensions which is tax efficient as my partner runs a limited company and I have access to salary sacrifice with 45.8% tax relief.


    So far we have rented, partly because we don't know with absolute certainty we'd be in London (although it's likely) and I also did some calculations comparing putting our money into pensions (with tax relief) vs putting it into a second property (where CGT and extra stamp duty applies).


    My calculations showed in our circumstances i.e. being a second property and having to pay higher rates of tax to liquidise income to pay a mortgage that the cut-off point was 9 years.
    This is higher than normal, but as I said we can otherwise avail ourselves of tax advantages if we use the money for pension income.


    So far we have rented and aligned our rental period with the contract, so if the contract ends we can pretty much walk away with our suitcases.


    You are probably right, but sometimes picture of nice properties catch my eye (as the marketing is intended to), especially when considering we'll spend upwards of £80K of rent over the next 4 years.


    We wouldn't HAVE to sell after 4 years. The option of renting out and selling at a better time is there, but I have to say I'm not a fan of being a landlord especially if it's not close to "home".
    Originally posted by lisyloo

    Sorry, did I miss the link to the "nice" property??
    • AdrianC
    • By AdrianC 12th Sep 17, 12:08 PM
    • 15,045 Posts
    • 13,368 Thanks
    AdrianC
    The catch is no one wants this rubbish in a declining market
    Originally posted by Crashy Time
    I suspect you'll be proven wrong on that.
    Sorry, did I miss the link to the "nice" property??
    Originally posted by Crashy Time
    Certainly wouldn't be my choice, but it will be many people's.
    • mugatool
    • By mugatool 12th Sep 17, 12:11 PM
    • 7 Posts
    • 3 Thanks
    mugatool
    It's small, the service charges will be huge and it's going to be loud, but they'll still probably sell all the flats before the first phase is completed. Lived in Greater London for 2 years and the lack of affordable housing puts people into very desperate situations
    • Crashy Time
    • By Crashy Time 12th Sep 17, 12:17 PM
    • 4,781 Posts
    • 2,104 Thanks
    Crashy Time
    It's small, the service charges will be huge and it's going to be loud, but they'll still probably sell all the flats before the first phase is completed. Lived in Greater London for 2 years and the lack of affordable housing puts people into very desperate situations
    Originally posted by mugatool

    Sometimes they even get desperate enough to...shock horror...actually LEAVE London!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,237Posts Today

8,192Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin