Buying a flat in Laindon essex help and advice

Russellgrd

Hello - I work in Central London, i have been granted a mortgage in principal for 149k, so my max budget is 165K with my deposit. I have been looking further out of London so i can get a bigger place. I viewed a lovely 1 bed flat in a town called Laindon in Basildon essex (SS15) for £160k - it is a new build, top notch flat, nice quiet area, however i went to the town centre shopping centre and it is completely run down, having googled the town centre, they are talking about regenerating the whole shopping centre but nothing has happened for years of false promises. The train station is 21 minutes walk (i don't drive) and it will cost £360 a month to travel into central London each month. Would this be a bad choice to buy, in the hopes they regenerate the town centre? Also the travel costs are extremely high but is it worth paying the price to have a nice spacious 1 bedroom with parking, and communal gardens for £160k which would buy you a tiny little studio box in London? Unsure whether or not to put in an offer.

Any advice would be appreciated from any one who knows the area, or where to buy for my budget and what to look out for?
thanks,
Russell

phatbear

When you say the town is run down do you mean Basildon or Laindon?

Basildon is a cheap part of essex to live for a reason and it, along with places like canvey were filled up many years ago by people being pushed out of London and moved into essex therefore the towns (basildon/canvey) have always had a rougher edge but this is reflected on what you can get for your money.

The upside is basildon is well connected for the Fenchurch street line so you can be in town in 40'ish mins.

Have you considered looking on the liverpool street line, for example wickford, as liverpool st is far better connected if you need to use the underground.

Russellgrd

hi phatbear - thanks for the reply - the rundown part i was referring to was called Laindon shopping Centre, it has a very run down feel, and full of graffiti and most of the shops are boarded up and closed. I haven't considered the Liverpool street line but now that you mention it i will certainly have a look. Appreciate the advice!

Thanks,
Russell

phatbear

youre welcome.

basildon town centre isnt half as bad as laindon, few people bother with laindon for shopping due to the closeness of basildon and lakeside therefore shops do close down which thus encourages grafitti etc.

another option is grays, on the fenchurch street line and closer to london, however, and probably like most towns, there are some properly grim parts and some very nice parts too, and you're then close to lakeside for shopping and theres also a large tesco and a morrisons too.

Mrs_pbradley936

I have just but your budget into right move and found a couple of places in Bishop's Stortford which is a much better area than Laindon and easy for Liverpool Street.

Russellgrd

thanks Mrs Pbradley936 - Bishop Stortford is a lovely area, slightly further out but might be worth paying the extra travel fees to live in a much nicer area. I think i will cross Laindon off my list though and as you guys said move to a train line to liverpool street

marksoton

When you did the AIP were similar travel costs taken into consideration and can you afford them at the max mortgage you're looking at? You say it's nice to have communal gardens etc but bear in mind properties that have these sort of amenities tend to have much higher service charges and ground rent.

Russellgrd

my AIP was done with me living in zone 5 London, so paying more for travel means I can't save as much money but didn't think that would affect the AIP amount?

marksoton

Russellgrd wrote: »

my AIP was done with me living in zone 5 London, so paying more for travel means I can't save as much money but didn't think that would affect the AIP amount?

It may not have affected the AIP but it MAY affect your full application when they do the affordability checks. Just something worth bearing in mind, especially if you're borrowing near the maximum of what the lender will give you.

Did you go direct to the lender or use a broker?

Russellgrd

Ah ok thanks will keep that in mind. I went through a broker for my mortgage.

marksoton

Russellgrd wrote: »

Ah ok thanks will keep that in mind. I went through a broker for my mortgage.

That's probably a good thing, as long as you're honest they should be able to guide you as to your chances of acceptance and avoid lenders that may refuse for whatever reason Good luck.