Still looking since February

loulou41

I am still looking to buy for daughter in Harrow. Ideally a flat would be ideal as she is single rather than a family house, but I would rather she does not have to pay management fees and ground rent and then it is leasehold. Therefore my first choice is a house.The houses I have seen are getting more expensive, there is one I like at 325k which I could strectch but deep down I know the house will be too big for a single person but it is nice and only 0.2 miles from Harrow & Wealdstone Station. Her brother might stay with her for a little while whilst he looks for job in London but does intend to stay in Harrow. I also say she could rent a room, but how do you choose your lodger, hubby says you could have more problems with a lodger. The other option is to buy a flat in London, and at 325k can only buy a flat but after paying maintenenace and fares, she will not have left to live on. I am now looking in Harrow, but she works in Bloomsbury and I do not know where to look there. Would be glad for advice where to look for propery to buy. Thanks

lynzpower

I dont understand are you looking for a home for her and you as guarantor or are you paying the whole of the mortgage off for her and she wont be contributing.

there are lots of flats in london round the 150 mark, whats the prob with Service charge? I pay it at 75 a month, includes security of the block (* private secured block) cleaners, lift maintainence and buildings ins for the block ( not the flat) and includes water rates. Its not such a bad deal- as water would be 30 on its own at least I suspect.

LeanneF

You would not necessarily need to pay management fees for a flat if it's not in a block. Ground rent is usually very little or 'peppercorn' and is unlikely to be more than a couple of hundred per annum. Not wanting to pay management fees sounds like it might be a psychological obstacle rather than an economic one...any savings made by not paying fees/ground rent could easily be negated by paying the higher rate of council tax.
Harrow is a good location transport wise, it's very quick to get into town (& probably Bloomsbury) from Harrow-on-the-Hill..certainly quicker than from H&W (alot fewer stops on metropolitan line compared to bakerloo), but flats/houses more expensive because of this.

Kaminari_2

You'll need to look at transport links. The main train stations close to Bloomsbury is Kings Cross and Euston. I would look on the lines coming into those stations and work about half and hour travel time back to find a suitable area. Or with underground lines you could choose almost any. The central line comes into Holborn which is only a short walk to Bloomsbury and there is still a lot of cheaper housing in Eastern London. Also the Victoria Line is super quick from the north east and it comes into Kings Cross. There is still cheaper housing up there as well. £325k is a huge budget that should go a long way, just open your choice of areas and work out travel time back from where she works to find places.

JennyW_2

LeanneF wrote:

You would not necessarily need to pay management fees for a flat if it's not in a block. Ground rent is usually very little or 'peppercorn' and is unlikely to be more than a couple of hundred per annum. Not wanting to pay management fees sounds like it might be a psychological obstacle rather than an economic one...any savings made by not paying fees/ground rent could easily be negated by paying the higher rate of council tax.
Harrow is a good location transport wise, it's very quick to get into town (& probably Bloomsbury) from Harrow-on-the-Hill..certainly quicker than from H&W (alot fewer stops on metropolitan line compared to bakerloo), but flats/houses more expensive because of this.

just to add to this. We're purchasing a flat and there are no management fees (we're not in a block) and our ground rent is a peppercorn fee (something like a £1 a year).

I think a flat would be an ideal investment for your daughter :T cheaper to run and maintain.

sarah_elton

JennyW wrote:

I think a flat would be an ideal investment for your daughter :T cheaper to run and maintain.

Absolutely, even if there are management fees you save on other things. I do pay management fees, and relatively high ones at about £800/year (paid monthly). But for this the communal areas are cleaned weekly, garden areas kept well maintained, etc. Plus it goes into a pot towards redecorating internally and externally every few years.

The savings by having a flat rather than a house are garden, any exterior maintenance (roof problems, guttering, drainage systems, repainting.....), and buildings insurance, all of which make it worth considering a small maintenance charge/ground rent.

loulou41

Thanks for all your good advice. At the moment, she catches the fast train to Euston which makes it ideal for work. As she is living in North Harrow, that's where we are looking as we have no idea where to look and she is too busy herself. Paying management fees for £75 or £100 seems fine, but what do you get for them, do you still have to pay council tax? I was quoted more than £2000 a yr in management fees and the ground was not that cheap. The location of the Apartment was near H & W station. We will be helping her to buy in joint name with her brother. Thanks again.

sarah_elton

You still have to pay council tax in a flat, agent should be able to tell you what band it is, though in mine a 1 bed is band A and a two bed band B.

What you get for the service charge varies - as I said mine includes weekly cleaning of communal areas, gardens being tended, site being kept tidy (we all got a letter a little while ago telling people to stop storing prams, bikes etc in hallways), and painting of building and communal interiors every few years.

It varies though, some even include security staff.

I get an annual bill for around £800, but there's an option to pay it in ten monthly installments, same months as council tax.