FTB: leasehold flat - what to avoid when looking

Ogriv

Hello
I've been lookingn for a leasehold flat for just over a year.
I have had two fall through, with another about to do so I think.
* First flat was no good as non-standard construction so unmortgageable (silly me)
* Second flat - I think the sellers ultimately wanted a cash buyer to get around the fact that the 2005 conversion was far from adhering to building regs.
* Third flat - this has got a section 20 consultation hanging over it, and I'm on the verge of pulling out.

So I'm back looking for a property again, I think.
In your experience, what are particular types of buildings and/or freeholders and/or sellers to avoid?
Or, in your view, is it completely unpredictable?

Cakeguts

I would avoid ex local authority flats and any type of conversion.

eddddy

You might have ended up with 3 'problem properties' because they seemed to give you 'more property for your money'.

i.e. They are only in your price range because they have problems. Similar sized flats without problems might not be in your price range.

For example, unmortgageable flats will always be much cheaper than similar mortgageable flats.

So you might have to consider looking at smaller properties, or perhaps cheaper areas, to find 'problem-free' properties - in your price range.

Ogriv

Cakeguts wrote: »

I would avoid ex local authority flats and any type of conversion.

Thanks -
Ex-LA I don't think I can get anyway cos I've only saved a 10-15% deposit, and lenders want more to mitigate the perceived risk.

Conversions: yes, I must admit I have had terrible luck so far with conversions.

Ogriv

eddddy wrote: »

You might have ended up with 3 'problem properties' because they seemed to give you 'more property for your money'.

i.e. They are only in your price range because they have problems. Similar sized flats without problems might not be in your price range.

For example, unmortgageable flats will always be much cheaper than similar mortgageable flats.

So you might have to consider looking at smaller properties, or perhaps cheaper areas, to find 'problem-free' properties - in your price range.

Yes, good point.
I am happy to look at small properties; and I'm now targeting a cheaper area along with my preferred area.