Please help me decide.

Tiger_greeneyes

Buy the older flat and renovate it.

I got the wrong end of the stick!

My relatives are extending the old one to 70 years I believe, regardless of who buys it I think

It's got to be worth asking the freeholder how much it will be to extend the lease, you'll struggle to get a mortgage on the flat, otherwise. I sold my first flat with an 81 year lease remaining - and it caused a few problems with the building society.

typeractive

Tiger_greeneyes wrote: »

It's got to be worth asking the freeholder how much it will be to extend the lease, you'll struggle to get a mortgage on the flat, otherwise. I sold my first flat with an 81 year lease remaining - and it caused a few problems with the building society.

:eek: Typical - there's always another bloody problem! :S

lotto-dreamer

Buy the older flat and renovate it.

I've found this website regarding length of leases etc http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=10207

"A quick phone around reveals that the Woolwich doesn't lend on property with a lease less than 30 years longer than the term of the mortgage, (making it 55 years on an average 25-year mortgage).

The Halifax asks for 35 years longer (so, 60 years), and the Bristol and West draws the line at 70-year leases.

So, particularly if your lease is less than 70 years, it may make sense to apply for an extension before marketing your property".

I can't vouch for this site and I haven't read through everything but it might be helpful.

Yes, there is always 'another bloody problem' and dealing with conveyancing every day leaves me with no illusions. But rather get your facts straight now to enable best decision for what you want.

I still think the older flat sounds far better - and it is a smaller block. It might be worth also looking to see what possibilities are for buying out freeholder in future perhaps. I know nothing about this but assume it can be done. Might be worth a fortune in years to come.

Tiger_greeneyes

Buy the older flat and renovate it.

There never used to be a definitive structure in place for extending leases, it's only in recent years that there have been laws about it. What used to happen is that freeholders didn't have to extend leases, and at the end of the lease they could legally snatch-back the property.

There's one problem less for you, Typeractive

firesidemaid

Buy the older flat and renovate it.

re: lifts

they can add quite a bit to the annual/monthly maintenance costs, such as lift insurance, lift maintenance and repairs and provision for lift replacement!

AnW'sMum

Buy the older flat and renovate it.

The older flat, reasons: designated parking space, loft space (assuming it's yours) for storage, garden area, village location, character and probably larger rooms.

I personally would never consider a flat over commercial premises for many of the reasons stated ie possible change of use plus what noise/smells imght great you when you open your windows. Could therefore be difficult to sell on irrespective of what you do to it. There are 19 others in the block many/all of which (I presume) are not over commercial premises and therefore more attractive. No designated parking could cause all sorts of problems.

Before you make any definate decisoins check everything out including council tax banding.

But all that said you should go with your gut feeling! Please let us know what you decide.

Milky_Mocha

Buy the older flat and renovate it.

I'm probably not going to be very popular but I'm a new build kind of gal. However I'd never pay the going price. Not many people know that with new builds there is plenty of scope to bargain and bargain hard, especially if you are in no chain and have an AIP. Having said that, I would only go for a new build house not a flat and only if it has spacious rooms, which is becoming extremely rare. Also there is plenty of scope to put your own stamp on a new buid. Someone said they are boring and soulless, that's because its a blank canvas waiting for your imagination to add soul to it. Old houses tend to have all sorts of issues coming up during valuation - underpinning, damp, rot, extensions that didn't have the right planning permission, etc etc.

If I was buying a flat I'd go for a 2-bed and not a 1-bed. 2-bed prices tend not to be much higher than 1-beds - better value for money.

For the above reasons I'd personally buy neither of your two options but if I was in your position and with your preferences the old house appears to offer better value for money.