help I'm new to this!

zcrat41

Hi, I'm looking at buying my first flat in London. Looked at a few ex local authority flats which are really nice inside. Do any of you more knowlegable people know whethere buying in a high rise is a good or a bad move?
Thanks!

wecanhelpu

My instincts would say bad move.

Any more details?

silvercar

the problem with LA flats is the maintenance. If the LA decide on a major refurbishment, you will be billed your share. Now LAs have deep pockets, if they decide to spend half a million on a block of 20 flats, you get a bill of 25,000!

Another problem with LA flats can be getting a mortgage. A lot of lenders won't look at tower blocks and some require a certain percentage of the block to be privately owned.

Go for an ex-LA house.

cattie

As silvercar mentions, ex LA flats are not an ideal buy. Many high street lenders won't grant a mortgage if the block consists of over 4 floors. Many tower block flats are sold to cash purchasers only for this reason.

A high rise will always be a b* to sell, even if you manage to secure a mortgage from somewhere eventually. Look for a flat in a smaller block if your finances won't stretch to a flat in a private block or converted house.

Any block will carry service charges, which can be extortionate, but if you were to buy a conversion then the charges wouldn't be so high.

Melissa177

I'm inclined to agree with the above comments - high rise LAs are a bit dodgy. I always think that you can make one look really nice inside, but at the end of the day, you're still in a concrete block.

That said, I live in an ex-LA property. It was built in the early 90s, looks modern, is superbly insulated (a bit too well insulated, to be honest), and there are only 6 flats in my block. It was comparable in price to some of the high rise LA flats I looked at, so it might be worth your while looking around.

Whereabouts in London do you want to live?

zcrat41

Thanks for all your advice - the 3 I've looked at are all described as ex local authority - and in high rise. I won't have a problem with a big deposit but would want to resell in 2 years. I'm moving to London from Bristol for a job in oxford St so will look at anywhere I can travel to there easily from - any suggestions?!