FTB - house or flat? Opinions please!

benjus

The culture in this country is that houses are always better than flats, and that's reflected in the replies to this thread.

Yet when we were looking for a place to buy last year, we looked at all sorts of different properties, including several houses, and ultimately decided to buy a flat (which actually cost more than several of the houses we saw).

Why? Because it gave us an opportunity to live in a lovely big period building with high ceilings and a spacious feel (in contrast many of the houses we looked at felt rather cramped), the floor area was bigger than any of the houses we saw, and it was set in lovely grounds rather than a street of identikit terraced or semi-detached houses. It has shared gardens and the maintenance company is run by the residents. In short, we liked it much more than any of the houses we saw. A flat doesn't have to be second-best.

AlexMac

Several people above have mentioned the crucial factors re. a flat; but do ask-
- how long is the lease, as anything approaching (several years off ) the minimum viable 80 years will cost an arm and a leg to extend (or you'll be left with something unmortgageable when you try to sell on). See advice on this website at http://www.moneysavingexpert.com/mortgages/extend-your-lease
- how much are the annual service charges, what do they cover, is there a maintenance 'sinking fund' and/or are costs levied as a big shared hit for major works like external/communal decorations (every 5-7 years) or window replacement, roof or damp work (when needed) and when are these planned in the next few years?
- who owns the freehold ('shared' by residents so you have control, or by an absentee freeholder or Company who will only be in it for the money), is there a managing agent and are they effective?

Some vendors are shy about this info, or pretend not to know, or refuse to give it to anyone other than your solicitor after they've accepted your offer. (as happened to me once, so I did some independent research digging, then walked away). So by the time you get the full picture, you're committed to legal fees.

And whereas you could argue that shared maintenence, insurance, etc costs on a flat are no more than on a house, at least with a freehold, you choose when and who... And if the service charge is a grand or two (or worse) a year, think how much more mortgage that would service! that