should i buy this flat?

iandavidcassidy

i have sold my present flat for £192k good price as the lease is 62 years.

I now have the trouble of finding a flat in central london. I say trouble becouse there is a mini boom going on. No offers accepted and places going in 1 day.

I saw this place today
http://www.foxtons.co.uk/SS/chpk0131594

it was the best place i have seen in 2 months of looking.

My question would be.
At 290k is it overpriced?
would it be a bad idea to rent and gamble on the market changing? (sellers packs etc)
Also - as i need to pay 3% stamp duty, should i look to get something under 250 (not much around) or add it to my mortgage.

any help would be thankfully received as my head is spinning.

thanks ian

iandavidcassidy

anyone? please....

also can you add stamp duty to the mortgage?

chhers

v0n

I can think of places in London where £290k would easily buy you river views or quiet mews. Personally I don't see Kilburn as area worth that kind of money. But that's just me...

lynzpower

No V0n its not just you.

I like KIlburn but at the end of the day, crime rate is pretty bloody high. I wouldnt live there.

290 I think is a rip off, theres no outside space or anything. As you say, if the place is in a boom, why would you want to buy now? Stuff is overpriced.


I think foxtons are overpriced as well, they know who thier customer is and they try to be select, but in this case, just end up expensive.

AFIAK you cant add stamp duty to your mortgage, although Im not 100%

iandavidcassidy

V0n -

where are the areas you would suggest?

btw - i made 70 on my east london flat, and in the same time, the flat in queens park has rose only slightly, so its not so overpriced

lynzpower

I do tend to think that a 2bed flat in a fairly *lively* neighbourhood with no garden or even balcony is overpriced at almost 300k.

Is this to live in or rent out?

meanmachine_2

So you've got the top floor of a place - 650sq ft in Kilburn...Kilburn?!! Foxtons aren't even trying to pretend that it's West Hampstead!

Of course it's overpriced. That's crazy money. But that's just me.

To be honest, you could get a 2 bed anywhere for 290K.

Man, this market is crazy.

iandavidcassidy

i don' t want to talk myself in to this. but my 2 bed flat in went for 195k and was a 1h30min commute to central london.

so to me 300k for a flat that is a short cycle or walk to work, and that achieves £1800 pcm in rent (vs £900 on my old flat) if i needed to rent - seems a better bet?

i am i still being stupid. does no one agree?

lowis

gosh that is alot - you could get a nice 2 bed place in islington (hackney borders) with a garden for that sort of money - and an even nicer place in stoke newington, just half a mile up the road.

something like this maybe http://www.rightmove.co.uk/viewdetails-6953701.rsp?pa_n=2&tr_t=buy

foxtons always overprice property, look at this 1 bed flat in a tower block in EC1 as an example. the tower block in question is quite ropery too.
http://www.rightmove.co.uk/viewdetails-5174065.rsp?pa_n=1&tr_t=buy

iandavidcassidy

just 2nd viewed the flat and the estate agent said that i could get it for £275k is this better?

also saw a nice place in west hampsted which would go for £280k but need TOTAL referb. but may be better option as it is in a nicer location.

thanks guys!

meanmachine_2

I have a friend in West Hampstead. Large two bed flat. Rental - 1200pcm.

You're very unlikely to get 1800pcm for a two bed in Kilburn - unless the rental market has gone mad in the last few weeks.

Which it hasn't.

S'up to you man. Gordon Brown would love you to buy it - more tax for him.