Flat viewed, now not sure which one to go with

bikeman17

Went to see our first 4 flats over the weekend. 2 are no and 2 are yes.

1st flat details
275k 1st floor 2 double
fitted kitchen
House needs refurnishing, paint, carpet, new bathroom
Sits on the main road
98 yrs on lease
Good transport links

2nd flat
280k ground floor 2 double
House in modern condition fitted kitchen and bathroom, decent carpet too
108yr on lease
Good transport links

We are a couple, looking to stay for roughly 10yrs, max 15. Taking into factor number of years the lease left, will we struggle to sell either of the flats?

zagubov

bikeman17 wrote: »

Went to see our first 4 flats over the weekend. 2 are no and 2 are yes.

1st flat details
275k 1st floor 2 double
fitted kitchen
House needs refurnishing, paint, carpet, new bathroom
Sits on the main road
98 yrs on lease
Good transport links

2nd flat
280k ground floor 2 double
House in modern condition fitted kitchen and bathroom, decent carpet too
108yr on lease
Good transport links

We are a couple, looking to stay for roughly 10yrs, max 15. Taking into factor number of years the lease left, will we struggle to sell either of the flats?

Probably not.
2nd flat sounds a lot less hassle. If you can afford it, you'll have fewer "if only" regrets.

tacpot12

Yes, flat 2. The longer lease, ground floor and not on a main road make it more valuable. The condition is just a bonus.

I would get straight on with extending the lease though, +25 years should be sufficient for most eventualities.

Hope you you get it.

bouicca21

Can you cope with the hassle of refurbishment? Will flat 1 gain in value sufficiently to justify the cost of refurbishment? Does being on the main road mean it is noisy?

Does flat 2 have any other advantages over flat 1, e.g. Direct Access to a garden or better sized rooms?

What are the neighbours like? Is one area better than the other? Are the running costs the same for both?

amateur_house

The main road would put me off the first one if there's a lot of traffic noise. The shorter lease might make it more difficult to sell in ten years too. Neither lease seems particularly long, but I know nothing about flat leases.

ERICS_MUM

Have you factored in the ground rent and management fees ? Do the exteriors of either block look like they need re-painting or other maintenance in the near future and are the residents required to pay extra to cover ?

Is parking important to you ? Are the grounds and common parts well-maintained ? What about location - is one in a 'better' area, e.g. Quality of other housing, local amenities ?

If you are of the age and intending to have a family, what about schools ?

Apols if you've already considered all this stuff in arriving at these 2 possibles.

Good luck !

bikeman17

Thanks for all your prompt replies.

Flat 1 has larger living, bedroom and kitchen space compared to flat 1. Has a communal area where you can put out your washing on a line. There are 4 freeholders living in the block.

Flat 2 is ex-council property, current owner has been living in her for 10yrs plus. Also has access to communal garden and private storage area.

Is extending the lease with council an easier procces compared to dealing with private/management company?

BJV

It is all about location. If flat 1 is a better location and it would be worth more renovated I would say flat 1. But if the locations are the same flat 2.

Flat 2 is turn key move in ready and you are paying for someone else's renovation. Flat 1 is it all about how you want it to be done.???

The one thing you can not change is the location so always go for location above anything.

getmore4less

No mention of parking?

Slinky

With flat 2, are all the flats in the block ex council. Who is the freeholder? Could you have the council insisting on communal repairs at your expense?

aneary

Who overlooks you?

One flat is on the ground floor where are the bedroom windows?