Help! Offer accepted but local authority search reveals planned future major works

ILW

wuzzlefazza wrote: »

It's a 2 bed flat in Hampstead, NW3, just off Finchley Road. I was talking to the estate agent again the other day as we went back to measure the place for furniture and enquired how busy he was - the response was that there's a lot of buyers but no sellers so it kind of seems the opposite of the market norm for the area.

Honestly, you need your head examined buying a flat in a block which is a third social housing for that price. But then again, if the estate agent says it is a good deal, I must be wrong.

BitterAndTwisted

The flat is in Hampstead, the most expensive area in London after Mayfair! To my mind, anyone prepared to pay £328k for a leasehold property who is not an eccentric millionaire wants their head examining! Being near work and family is all very well but there are lovely places, well-served by public transport where a freehold property could be bought for less.

sunshinetours

kmmr wrote: »

don't suppose you could send (or PM) a link to the property? Can give you a slightly more informed opinion on price/location?

Took me 10 seconds to find on Rightmove with the info provided so have a look. Sure if the Op wants to post the link he will

I don't understand London prices so it seems an insane amount of money for something so small but as mentioned the area is one of the most expensive in London

We live a 40 minute commute from the City of london and prices like that easily get you a period detached 3 bed house or non period 4 bed detached house

Madness!

kmmr

sunshinetours wrote: »

Took me 10 seconds to find on Rightmove with the info provided so have a look. Sure if the Op wants to post the link he will

I don't understand London prices so it seems an insane amount of money for something so small but as mentioned the area is one of the most expensive in London

We live a 40 minute commute from the City of london and prices like that easily get you a period detached 3 bed house or non period 4 bed detached house

Madness!

Good point. I have found it too. It is small - but that is the cost of the area.

I think for 2 people, without kids, location is more important, and you really don't need that much space. So I can understand the decision. However, living in West London, I am starting to look enviously at the large houses available further out, and I suspect my next move will be to a house - complete with commute!

Fire_Fox

kmmr wrote: »

What is it worth now?

Patently obvious that the flat is worth less than £250K!

kmmr

Fire_Fox wrote: »

Patently obvious that the flat is worth less than £250K!

Really?

http://www.home.co.uk/guides/asking_prices_report.htm?location=wimbledon&all=1

Average price of a flat in Wimbledon is now £313k. Average for a 2 bed (anything) is £322k. Sounds like he got a bargain to me!

I know there are lies d**m lies and statistics and all that... but it is pretty hard to argue that house prices in London haven't bounced above the lows of last year.

But this is a conversation probably best undertaken in the debate area!

Catti

One other point to consider is the six month rule for Lenders. Has your solicitor reported to your lender that the seller has owned it for less than six months? Beware of having the offer withdrawn.

carefullycautious

I cant believe what I am reading on this thread.

people saying that they would not touch this flat due to one flat being a LA Tenant. Sooo what has happened to the other two who were tenants but have used their right to buy? Have they suddenly become respectable owner occupiers and not the two headed monsters they were previously as council tenants.

The bigoted stereotypical assumptions of people never cease to amaze me.

Sorry for the rant op. I hope you make the right decision based on your needs. There is also the right after a couple of years to buy the freehold and manage yourselves. Do take Firefoxes advice and read the Leasehold web site

carefullycautious

Quote

LA tenants can have a bad rep. However, private tenants and homeowners can also be horrible neighbours and some councils are good at dealing with 'problem' tenants (though many aren't). Some LA tenants, of course, can be lovely neighbours.[/QUOTE]

Thank God the voice of reason

puddy

have you considered just a couple of stops down the same line but in a cheaper direction, either the tube line or the train. obviously you would need to factor in train costs but im sure it wouldnt be as much as you might save by moving just a few miles out of that area.