Buying a flat outright-benefits?

densol_2

Id say a "cash only" flat will almost certainly have a short lease ( or be structurally defective/ non standard build ) and thus not be mortgageable. Now whilst you dont need a mortgage - if you need to sell you will find a very restricted market to sell to ( like cash only/ auction)

cromwell1986

The cash only flat is in a tower block. It's near where I'm from so I know it's OK to live there and it looks nice inside. But I guess that's why it's cash only because it'll be difficult to get a mortgage on and therefore to sell. I'll rethink

SailorSam

densol wrote: »

Id say a "cash only" flat will almost certainly have a short lease ( or be structurally defective/ non standard build ) and thus not be mortgageable.

That depends on the area the Op is buying in.
The are flats by me for £50k, you can get new-build that are only in blocks 3 story high, for £70k. I'm sure they're not defective and people normally buy with mortgages.

PasturesNew

cromwell1986 wrote: »

The cash only flat is in a tower block.

Please, walk away from this one.

This has the potential to make you wish you'd just died ....

Tower blocks are notorious for having HUGE repair bills put against owners. This is something you cannot control. Imagine moving in, then on your first Xmas stooping to the mat to pick up what you think is your first cheery Xmas card, only to discover it's a £20k bill for work you don't want, don't need and can't afford.

RUN.

Please, run from this one.

What you have is a great idea; don't ruin it with blinkered thinking and in a rush.

teddysmum

You really do have to be careful about charges for the maintenance of the outside of the block and shared internal areas.


A poster in the buying and renting forum section is horrified at how their costs are spiralling out of control. (They had to pay for the repair of a lift which they don't even use).


A small terraced house would be a better purchase and all yours with no responsibility to pay unknown, possibly large, future bills. Maintenance of the exterior of a tall block will be especially expensive, because of the problems with access and health and safety.

prosaver

also flats charge a monthly maintenance fee, checkout if its freehold.
btw you might have noisy neighbours which are worse in flats. maybe hang around outside and see what type of people live there.

Owain_Moneysaver

PasturesNew wrote: »

If you wish to sell up you can move "down" from £50k to £35k and pocket £10k. If you buy at £35k now that £15k difference could be frittered away too quickly.

And in the meantime £15k savings will result in a significant deduction from means-tested benefits.

I would also say, if at all possible, get a 2-bedroom, or at least a 1-bedroom with a separate lounge and kitchen. That way there's the option of taking in a lodger for some income as a last resort.

Owain_Moneysaver

Housing Options Scotland advise people with disabilities about housing, including house buying on benefits.

For outside Scotland the buying process is different, but the information may still be useful.

Smodlet

I agree with the above. If you can find any way to buy house, rather than a flat, please, please do so. Even a mid-terrace (which, depending on area and condition, can actually be as cheap or cheaper than a flat) will likely be freehold outside of London and, if you can possibly live with your parents/rent cheaply for a while, might be within your reach.

You will still have the potential for noisy neighbours either side but at least, not from above and research/reconnaissance can give you some indication of what an area is like, as can the crime map at police.uk. I suggest, if you decide to use that, that you have two versions open and compare your prospective area with one you know well, to get a perspective. You could be amazed with what goes on on your doorstep without disturbing you... and don't give yourself nightmares, please.

I wish you well and the best of luck with your search.

Anchoress

PasturesNew wrote: »

Please, walk away from this one.

This has the potential to make you wish you'd just died ....

Tower blocks are notorious for having HUGE repair bills put against owners. This is something you cannot control. Imagine moving in, then on your first Xmas stooping to the mat to pick up what you think is your first cheery Xmas card, only to discover it's a £20k bill for work you don't want, don't need and can't afford.

RUN.

Please, run from this one.

What you have is a great idea; don't ruin it with blinkered thinking and in a rush.

I agree with the above. A friend of mine bought her flat from the council where she'd lived for many years. A couple of years later she was hit with a £28k bill for repairs and building a bin store with more works in the pipeline and the prospect of more huge bills. It wiped out all her savings and has made her flat virtually worthless. She's now a pensioner with the constant worry of what's going to happen.

Be very, very cautious about this OP'er.