Should we buy our London council flat?

spacey2012

Concrete has a 50 year life span.
How old are the flats ?
a 100 year lease is a bit optimistic.
What happens if the block is deemed structurally sound due to corrosion of the Iron reinforcements.
What compensation will you get ?
How long do you have to remain before you can sell the lease ?

gaz141

which part of London are you in?

bangersnmash

It may be worth finding out about and considering doing a swap with a ground floor place and then buying that, if you could port your discount. If you'd lose the discount then, obviously, perhaps not.

Failing get a mortgage perhaps consider raising the money via loans, credit cards, credit union, zopa, family, friends, fundraising websites etc.

More expensive than mortgage but if you're likely going to be able to cover it off the proposed rentals and still make profit then it might be better than not bothering, despite the extra cost.

gettingready

Londonflats wrote: »

in London

.....


- The flat is valued at £100,000

What flat is that and where in London?

I live in a small 2 bed in zone 3 (East) and my flat was valued at 180k

No, I would not buy a flat in a tower block, no matter what the discount may be. Just really not worth the hassle of future "repairs".

Friend of mine bought hers and she got a 30k bill for "new lift". Yup, 30k.

gfplux

First thing.
Forget what "someone" says it is worth.
What is it worth to you or more importantly your parents.
First law of buying - ignore what "someone" says it WAS worth.
If you watch TV, Can you imagine paying the price for a sofa that "they" say it will/was before/after the sale. Ha ha ha.

For sale a flat in a high rise in a London borough for £30000. You (your parents) have lived there for ages, they know the area, they know the people.
This is a no brainer.

However who is this person who talks about renting it out. Do your parents talk about that.
I thought they wanted to get on the property ladder by buying a property they know more about than anyone else.