Moving into London this fall, recommendation for buying property

limsk63

just to copy out a few i saw...looks like im missing something huge here..sorry, first timer.

www(dot)rightmove.co.uk/property-for-sale/property-32805874.html

www(dot)rightmove.co.uk/property-for-sale/property-32800255.html
this one looks super creepy tho

www(dot)rightmove.co.uk/property-for-sale/property-33425596.html

www(dot)rightmove.co.uk/property-for-sale/property-35424485.html

sorry cant post links ((

GDB2222

https://www.rightmove.co.uk/property-for-sale/property-32805874.html

This one is cheap because it's a short lease. It does not say how long, but supposing it's just 5 years then you would have to give the flat back to teh freeholder for nothing at the end of 5 years.

Sorry haven't looked at the rest.

Cissi

quest_5692 wrote: »

just to copy out a few i saw...looks like im missing something huge here..sorry, first timer.

www(dot)rightmove.co.uk/property-for-sale/property-32805874.html

www(dot)rightmove.co.uk/property-for-sale/property-32800255.html
this one looks super creepy tho

www(dot)rightmove.co.uk/property-for-sale/property-33425596.html

www(dot)rightmove.co.uk/property-for-sale/property-35424485.html

sorry cant post links ((

I haven't got time to check out the individual areas but yes, you can probably get a small 2-bed flat for around £150k - but you were talking about your parents lending you £60k, where is the rest going to come from? You won't be able to get a mortgage on a student allowance. As for buying together with friends, a lot of people have advised against it but of course to each their own. Personally I wouldn't do it, certainly not in the current market where you all risk being stuck together far longer than you'd like.

GDB2222

http://www.rightmove.co.uk/property-for-sale/property-35424485.html

You are seriously thinking of living in Stonebridge Park? :eek::eek::eek::eek::eek:

Just how tough are you?

kmmr

http://www.rightmove.co.uk/property-for-sale/property-32805874.html
I thought this looked quite nice for the money! But it's a short lease, probably sub 50 years as it says cash buyers only. That means it's unmortgagable, and probably unsellable in a few years.

http://www.rightmove.co.uk/property-for-sale/property-32800255.html
Just putting up the link. I don't know this area. I suspect the lack of interior shots means its in a very bad state

Cissi

http://www.rightmove.co.uk/property-for-sale/property-33425596.html

The particulars state: "This property is of a non standard construction and is for cash buyers only" - so there is your explanation why this one is cheap - it's unmortgageable for some reason. Probably not the best investment even if you and your friends can come up with the cash.

kmmr

http://www.rightmove.co.uk/property-for-sale/property-33425596.html
Good location, but again it's not possible to get a mortgage on this property. If you have cash and it looks better in person than the pictures it may be possible. Remember anything that can't get a mortgage is VERY VERY hard to sell. So if you have the cash be aware it will be hard to sell later on.

http://www.rightmove.co.uk/property-for-sale/property-35424485.html
I had to zoom out for ages before I worked out where this was! I can't speak for this one, but people above can it seems.

Just FYI - purpose-built in London means it is ex-council. No problem with that, just some are better than others. It's worth going and seeing what the estate is like day and night.

Non-standard construction, or short lease all mean that you can't get a mortgage. So will be a bit cheaper, but very hard to sell.

richardw

kmmr wrote: »

Just FYI - purpose-built in London means it is ex-council.

er nope.

Purpose built is just that, can be private or ex council.

kmmr

richardw wrote: »

er nope.

Purpose built is just that, can be private or ex council.

Oh - genuinely didn't know that! They always seem to be ex-council around here.

GDB2222

To the OP: a 3 bed flat that you can share with a couple of friends, in a reasonably decent area, will cost in the region of £250-300k minimum. That will involve a significant train journey each day, as flats in the South ken area are probably 5-10 times that price.

Most of the properties you linked to are on really notorious council estates. Stonebridge Park, for instance, has a terrible reputation. There are major problems with buying on such estates. One non-obvious one is that you will tend to get very, very large service charge bills from the council.

What i suggest that you and your friends do is rent for the first year, or stay in a hall of residence. Then use that time to look around carefully for somewhere to buy and see if that makes sense.