Buying an ex Council flat for investment in Wood Green

Lilly_L

Hi Everyone my 1st time on the site so thank you for your time reading this!

I'm interested in buying a 2 bed maisonette located in Wood Green N22 5HB, it is ex council building block for £205k and I am feeling nervous about it because I'm not too sure how good the return will be on ex council flats plus the social stigma associated with them and I don't know North London well...

and the maintenance charge is £1300 per year seems a bit high with an OK lease of 95 years.

from outside it looks fairly councilly and Ok maintained I'd say, the decoration inside is gorgeous tho, with bus stops right opposite and 2 tube stations(wood green/Turnpike lane) about 11min walk. I have been there twice on a Saturday night to investigate the neighborhood seemed fairly peaceful and quiet. I also heard Wood Green is up and coming due to people being priced out of Muswell Hill and Crouch End??

Can anyone give me some advice? like what I should watch for or whether this is a good deal?? or maybe a bit overpriced for ex council? and is the Lordship Lane side of Wood Green OK?

Thank you!! any answers much appreciated!

silvercar

Lilly_L wrote: »

Hi Everyone my 1st time on the site so thank you for your time reading this!

I'm interested in buying a 2 bed maisonette located in Wood Green N22 5HB, it is ex council building block for £205k and I am feeling nervous about it because I'm not too sure how good the return will be on ex council flats plus the social stigma associated with them and I don't know North London well...

and the maintenance charge is £1300 per year seems a bit high with an OK lease of 95 years.

from outside it looks fairly councilly and Ok maintained I'd say, the decoration inside is gorgeous tho, with bus stops right opposite and 2 tube stations(wood green/Turnpike lane) about 11min walk. I have been there twice on a Saturday night to investigate the neighborhood seemed fairly peaceful and quiet. I also heard Wood Green is up and coming due to people being priced out of Muswell Hill and Crouch End??

Can anyone give me some advice? like what I should watch for or whether this is a good deal?? or maybe a bit overpriced for ex council? and is the Lordship Lane side of Wood Green OK?

Thank you!! any answers much appreciated!

Council flats run the risk of the council deciding to upgrade the block and owners having to pay £££ for their share.

It can be problematic to get mortgages - but not always. Depends on things like the height of the block and the number privately owned. If it is a maisonette, does it have its own front door? Who is responsible for the building, the roof common parts etc

If you don't know the area, how do you know you want to live there?

The price should reflect the fact that it is ex-council and that will put some people off.

Check out what similar properties have sold for.

I like about 10 miles from Wood Green, I know that some parts have a very bad reputation, but I don't know what parts they are.

phill99

Come home to a real fire. Buy a flat in Wood Green.

Lilly_L

thank you for your reply, the block itself is only 4 floor in total, yes the maisonette has its won front door(is it a good thing or bad) on the ground floor with bedrooms on 1st floor?

I think it's some private company managing it and the proposed work by the council is replacement of UVPC windows and some roof works something like that within the next 5 years.

When I viewed the property I liked Wood Green instantly it is a bit rough but very easy for shopping and transport plus I intend to rent it out after a while so the focus is more on BTL return rather than a good home.

Lilly_L

:-( no good then?

Debt_Free_Chick

Sandra Close?

I quite like the look of it. Everywhere in London has its "rough spots"

Wood Green tube is not bad for the City/Canary Wharf.

Have you looked on Rightmove for what similar properties in this area let for?

Lilly_L

Thanks it is indeed Sandra Close, I did quite a bit of digging on Rightmove the average rent around there ranges from £1100 to £1300.

and I am still a bit gobsmacked with London prices that was actually the cheapest ex council I saw other ex council flats were all above £210k.

I know many people would suggest going to Crouch End or Muswell Hill side coz it's nice and trendy but I don't have £300k budget....

silvercar

Are you buying it to live in or to rent out?

If renting out check what the council will pay in LHA/ HB. Not because you know that you will let to benefit tenants, but because that will increase your rental market and you may find tenants who need to claim housing benefit even if they are working.

silvercar

phill99 wrote: »

Come home to a real fire. Buy a flat in Wood Green.

All though this is funny....or not.

I used to teach young adults and some were.....thinks of right words..... the sort that you may feel safer crossing the road if you were walking home at night and saw them.....some of them said they would avoid parts of Wood Green.

So you do need to be careful. If things are cheap there is usually a reason.

Lilly_L

This flat is to let out completely after 6 months per se, never claimed a single penny benefit so I don't really know how HB works does that mean if its higher I can rent it for better money?

I think £205k for an ex council is not excatly cheap its in fact more expensive than privately built properties with good decorations in South London(Croydon/Sutton etc) and certainly a lot dearer than most parts in East London. thats why Im worried that it might be a bit overpriced but then all the other council flats on Lordship Lane is £10k dearer!

Lilly_L

I have done extensive surfing on the net to see which are the no go parts in Wood Green but still no clue. Could you give me a rough direction where I should Look?