First time buyer – should I continue with my purchase?

Cakeguts

You need to sit down and have a good think about this. What do you want to do? Do you want to buy a flat or do you want to have children soon? Decide that first. Children are expensive. Do you want to bring up your children in a flat without any outside space or would you like a garden? If you have children are you sure that you would want to stay in the area you are in now?

AnotherJoe

I agree with everyone else, there are far too many significant negatives to this property including a move planned within two years because the flat is wholly unsuitable for you with children.
You shouldn't even be looking at places like this. 2 bed minimum with outside space.
Brexit is probably fortuitous for you causing at least a temporary halt in the crazy rises, and if you are lucky a fall making property and maybe houses more affordable.

paisted

AnotherJoe wrote: »

I agree with everyone else, there are far too many significant negatives to this property including a move planned within two years because the flat is wholly unsuitable for you with children.

This seems to be the common theme, and one which makes sense to me, hard though it is to hear.

Are there any dissenting views, or anyone wanting to play devil's advocate?

ukcarper

I'd normally say ignore brexit and buy as it's difficult to know what effect it will have but buying with the intention of selling in a couple of years it's not a good idea.

smile88egc

Selling again in such a short space of time puts you at serious risk of negative equity, making a loss or being stuck and unable to trade up.

Unless you can get a significant discount in light of brexit and dropping prices (I'm talking more than 5%) then I'd walk away.

Kynthia

There is hardly ever a good reason to buy a property that won't meet your needs for at least five years. Needing to sell in the short term means you'll be more impacted by short term value drops as you won't have time to gain much equity or wait them out. You are gambling that the cost of buying and selling this flat, plus the mortgage interest, service charges and maintenance costs for two years will be less than the equity you'll gain and your rent for two years. Have you done any maths to see what these figures are likely to be to get an idea of how much you need the flat value to increase by to make it worth it?

AnotherJoe

paisted wrote: »

This seems to be the common theme, and one which makes sense to me, hard though it is to hear.

Are there any dissenting views, or anyone wanting to play devil's advocate?

I'm going to be a reverse devils advocate

You buy.
Prices fall so you are in negative equity and cannot move.
The money your relatives gave you has been pretty much lost.
You wish to have kids but cant (or you end up with a child anyway and are now stuck in a one bedroom flat with no external space).
And it could get worse after that if one of you wished to buy the other didn't and then the blame game starts.........

The only reason I can think of that you would even consider buying now is that psychologically you've locked yourself into that frame of mind.

I think you need to reconsider and then discard your underlying assumption which is locking you into even considering this purchase when its plain its a terrible idea. "We like the area and it is important to us to be in Lewisham/Lee/Hither Green"

In the immortal words of The Stones "You cant always have what you want". Look further out to where you can afford at least two beds and preferably a house.

Clutterfree

I don't think the referendum has any bearing on your decision tbh.
Do people really buy a property thinking they will have to move in 2 years?!
Moving is an expensive business and, Brexit or not, you'd lose out on costs after just 2 years.

We lived in our first home for 11 years, next home for 14 years, and the one we are currently buying we plan to live in for the foreseeable future.

bravotango

If you want to buy it, then buy it.

However, I think as everyone has said on this post, your "potential" plans of moving to another place in about 2-3 years time makes it not a great idea to buy somewhere now.

If you weren't planning to move for at least another 10+ years, then I'd say buy this flat now.

Thrugelmir

That if prices do drop, we might be able to secure something better for a lower price

There's the key. Trading up is better in a falling market. Keep paying down the mortgage as quickly as you able.