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FTB lost in London!!!

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  • patch3228
    patch3228 Posts: 202 Forumite
    Pinkshoes what a nightmare to have to wake up to your neighbours daily toilet run!


    Yeah I will be going in armed with a "want & need list":


    Need:

    - Location has to be zone 1-3
    - Either South or East london
    - Minimum 2 bed
    - Not part of large block council estate
    - Not shared/ part ownership
    - Range £100k to £140K
    - Service charge < £1000 / yr


    Want:

    - Prefer house conversion flat to just a flat
    - Have reception/ lounge
    - Not ground floor
    - Prefer EA rather than auction route
    - Quiet enviroment
    - Close to local amenities
    - Have GCH


    The lists are prioritised and I think they are achievable.

    My golden source is RightMove so will be keeping a close eye here!
    Find a job you like and you add five days to every week
  • hethmar
    hethmar Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Car Insurance Carver!
    Good luck then but Id personally be looking at the repos in the brand new blocks round canary wharf area which should have better soundproofing and facilities than a conversion - and a lot of the new flats have heat pump systems which whilst electric are apparently produce energy 3 to 5 times higher than electric units? Worth having a look and a think.

    Id find it all a bit too claustrophobic and personal to be in part of a converted house, you have to see/hear the neighbours and if you dont like them .........
  • pinkshoes
    pinkshoes Posts: 20,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    patch3228 wrote: »
    Pinkshoes what a nightmare to have to wake up to your neighbours daily toilet run!

    It always coincided with being a few minutes after my alarm had gone off, when I was enjoying those last few minutes tucked up in bed before dragging myself to the shower... and then the tinkling sound interupted what was left of my dream! Definitely male peeing... I always wanted to ask him if he wouldn't mind peeing on the toilet sidewalls rather than directly onto the water, because it wouldn't make as much noise... (I didn't dare!).

    I like hethmar's suggestion of looking for Canary Wharf repos, as you could potentially get yourself a bargain in a great location.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • patch3228 wrote: »
    Kythina what you say is very true and resonates my OH's thoughts on this, as she would prioritise family home over investment potential. So basically a quirky little flat as opposed to a larger run down ex-LA

    Stephen509 I would be happy to take on debt up to £170K. However, saying this my OH would prefer to borrow up to £140K as she has fewer savings and a smaller salary. Which is why I would focus more on the size of the property rooms (for potential rental/ lodger) rather than a smaller but much nicer quirky flat.

    Prav it seems a little trickier with the freehold situation, but I'll take on board to check whether the council have any planned works on the horizon.


    I have narrowed it down to 2 Mortgage Brokers:

    1) Charles Cameron & Associates - No brokerage fee option

    2) McHALE HEANEY BROKERS LTD - No fees

    I'll have to get back to the thread on the 2 quotes!

    Yes, please do. I am looking forward to hearing what those 2 brokers suggest. I would like to jump onthe FTP wagon this year too and although my financial situation is not identical to yours, your feedback should help my decision-making a lot.
  • patch3228
    patch3228 Posts: 202 Forumite
    Hi Blakalycious, I am going to pop out for my lunch soon and so will drop the Mortgage Brokers a call and pass on what they suggested.

    Just out of interest are you buying alone or with a partner? I am not sure if this is common protocol but we have decided to go halves...like properly:

    So on a £140K mortgage we unofficially split it £70k each and so I may end up paying my half a lot more quickly than my OH...but at the end we are equal...not very romantic but quite a fair way?

    Buying a place in Canary Wharf would be a dream and I intend to keep all options wide open!

    Pinkshoes, if I were you I would give him a stern telling off and tell him to sit on the seat if he can't hit the sides! ;)
    Find a job you like and you add five days to every week
  • hethmar
    hethmar Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Car Insurance Carver!
    If you dont mind going furthe down river, have a look at the dockside properties in Woolwich - there is a river taxi to Canary wharf and a new DLR
  • pinkshoes
    pinkshoes Posts: 20,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    patch3228 wrote: »
    Hi Blakalycious, I am going to pop out for my lunch soon and so will drop the Mortgage Brokers a call and pass on what they suggested.

    Just out of interest are you buying alone or with a partner? I am not sure if this is common protocol but we have decided to go halves...like properly:

    So on a £140K mortgage we unofficially split it £70k each and so I may end up paying my half a lot more quickly than my OH...but at the end we are equal...not very romantic but quite a fair way?

    Buying a place in Canary Wharf would be a dream and I intend to keep all options wide open!

    Pinkshoes, if I were you I would give him a stern telling off and tell him to sit on the seat if he can't hit the sides! ;)


    Me and OH do everything 50/50. We have a joint account where we pay an equal amount each month, and then this account is used for mortgage, bills, food shopping etc... Anything we have left over in our own accounts is for spending ourselves. It might not be romantic, but it works! I used to earn a lot less than him, so it was always tight for me, but my new(ish) job was a big pay rise, so I have more spending (saving) money now!

    Thankfully that converted house is long gone in my life! My reasons for not saying anything was that if I could hear him, he must be able to hear me in the bathroom...! :rolleyes: I live in a new build flat now (bought), but with excellent sound proofing, so very peaceful.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • hethmar
    hethmar Posts: 10,678 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Car Insurance Carver!
    2 bed overlooking the Thames?

    http://www.manncountrywide.co.uk/property-details-MKT_RPS-WWM080446

    Offered chain free is this two bedroom, purpose built, ground floor apartment which forms part of the ever popular King Henry's Wharf development. Located on the banks of the River Thames the accommodation briefly consists of; Communal hall, entrance hall, lounge with bay window facing the river, kitchen, master bedroom with ensuite shower room, second bedroom and the bathroom. Additional benefits include double glazing, off street parking bays and entry phone security system in the block.
    • Entry Phone Security System
    • Riverside Development
    • Ensuite Shower Room
  • patch3228
    patch3228 Posts: 202 Forumite
    Hethmar you have chosen such a tempting property and great value for money! :) I will discuss with OH and post back, as we were dead set on a property in close vicinty to a tube station (omitted from the "Needs List" - my bad)

    Pinkshoes SNAP that's exactly what we did! Life is a lot easier with a Joint Account and makes me look uber generous every time I whip out the Joint Account card to pay for restaurant meals/ treats/ etc lol


    Got off the call to the Mortgage Brokers:

    1) Charles Cameron & Associates - they do charge a fee...

    2) McHALE HEANEY BROKERS LTD - all advisors were at lunch :rolleyes:


    Regarding Charles Cameron & Associates:

    They do charge an Advisory fee, but my employer benefit means I have no fee charges.

    It was a very quick call and she took all the basic details, but what interested me the most was a financial agreement in principle (to show EA I am good for the money and so they will take me seriously) and informed me that our student debt would not be counted.

    Then she arranged to meet me at Canary Wharf on Monday to sit down and discuss in person.

    I will take full advantage of this offer, as they offer free advice multiple times further down the line all for free :T


    Will update thread on Monday as to what she suggests I can borrow...and may give the other broker a call if they have finished their 5-course meal
    Find a job you like and you add five days to every week
  • Doozergirl
    Doozergirl Posts: 34,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    patch3228 wrote: »
    Just a quick scenario - what is better:

    Property A: Freehold £135K, 2 bedroom flat in a house conversion

    Property B: Leasehold £120K, 2 bedroom flat in a house conversion

    Property B has larger sized rooms, although both are in same location and same condition...?

    I want to clarify this for you a little. On face value, flat B is actually the better option provided the lease is of, say 90 years or more. Share of Freehold doesn't tangibly make a flat worth more money. If both flats were entirely identical except for lease/freehold situation then you would pick SOF and *possibly* pay a little more depending on the amount of ground rent payable but there is no true value to SOF - you can run a leasehold in exactly the same way. The case is more that a short lease devalues a property than SOF increases value.

    It's wrong to say that you have to use a management company as another poster has suggested, nor do I have any idea where the idea comes from that it's like leasing it off again. Apart from the fact that many small conversions of two or three flats don't use managing agents at all, if you do have one, in a small conversion the simple answer is to sack them and DIY.

    It doesn't matter therefore whether the flat is share of freehold or leasehold because either way you can manage the building yourself if you choose (which honestly, as a money saver, you should)

    Ideally you're simply looking for a flat with around 90 years or more on the lease - if it's less than that then it wouldn't necessarily make 15k worth of difference, it will depend on the actual length. I'd post back here if it's less than 90 just so we can explain more - don't assume it's a problem though :)

    Every time you see a leasehold property you should ask what the length of lease is - it should be in the HIP.
    Everything that is supposed to be in heaven is already here on earth.
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