New build - unseen flat? Risky?

anniemals

Hi guys, I'm a first time renter and I just have a few questions regarding a new build I've just seen in London.

The new build is close to completion - I've been told 22 July - and I have seen a show flat but been told the others are also completed. The building looks 90% completed but they have yet to put down carpets in the hallways and take covers off/place furniture.

The issue is that I am unsure:
(1) if the building will complete on time - my boyfriend's tenancy ends 31 July and we would like to avoid moving in with my parents if possible. The estate agent told me that he has been told he can tell people that date is definite, but I know it has already been moved back once and as nice as he was, I'll never trust an estate agent as far as I can throw them
(2) about the fact that I do not see my flat until the week of the 22 July, when I have to go and view and pick from the 36 available. I am 16th on the waiting list, so 15 other people have priority over me. The odds are fairly high that I would like one, but it just seems strange to me and a risk. I loved the show flat so my thinking is the others cannot be that different, but I have no experience with this.
(3) if the price will stay the same - I'm nervous that when it comes to it, what was advertised as a £1335 flat will jump up to £1500.

We have seen another place that we like, but it is not as nice, but I am thinking that for security we may end up going with that one.

All in all it is a risk, but I'm just wondering how much of a risk.

jonnygee2

So confused by this. Firstly who is renting 36 flats which are not even completed yet? Normally new builds are sold onto people who either live in them or rent them out individually. You seem to be saying the whole block is being let by one landlord. That's unusual surely?

Secondly I've never heard of a waiting list for a tenancy. Why would you bother joining a waiting list when they cannot even confirm the date or the price of the tenancy? Why would 15 people join such a list?

Do you have a link to the property and/or the agency?

anniemals

The place is called The Forge in Upton Park - it is listed on Rightmove (I can't post a link but type in The Forge Upton Park and it should come up) and it is being constructed by Telford Homes. Liv are the estate agents.

As far as I know a certain number of the flats were sold to M&G to rent, but I'm not sure who the landlord is exactly.

anniemals

To be clear, we are not being asked to sign a lease agreement or to rent a flat before we have chosen one - we are essentially being asked to wait until 22 July to go and view the completed flats and then choose the one we want. We would then sign a lease and move in week after. That is what I have been told, but my boyfriend did point out the admin in that single week will be insane so he was sceptical.

jonnygee2

I think your biggest problem with this one is it's £1335 for a flat in Plaistow. I think most people would pay that to never have to live in Plaistow. If you have a decent budget why aren't you looking at better areas?

Anyway.

To me, I wouldn't bother. Renting should be simple - you see a place, you rent it. If they cannot give you an exact move in date or cost then there's not much to make a decision on. Sounds like they are relying on a lot of flashy marketing to coax you in.

anniemals

i wish it were that easy - I cannot find anywhere decent (read: modern and double glazed) within our budget that is also in a good location. The draw of this place was that it seems a fantastic offer, so I am wondering whether to gamble with location. It's all a bit stressful tbh.

Thanks for your help!

sal_III

If you are not signing anything in advance the only risk is of having to move in with your parents for a couple of weeks until you can get in this one or some other place.

No one but you can answer if this risk is acceptable.

For what is worth I doubt you will be able to pass referecnes checks etc. in a week after 22 July, so you are likely to have to move in with your parents regardless

hazyjo

jonnygee2 wrote: »

I think your biggest problem with this one is it's £1335 for a flat in Plaistow. I think most people would pay that to never have to live in Plaistow. If you have a decent budget why aren't you looking at better areas?

Anyway.

To me, I wouldn't bother. Renting should be simple - you see a place, you rent it. If they cannot give you an exact move in date or cost then there's not much to make a decision on. Sounds like they are relying on a lot of flashy marketing to coax you in.

Couldn't agree more.

OP - do you know the area well? (The actual streets, not the shiny new place.)

Have you walked down Green Street at night?

My FIL lives several streets away. It's really not very nice. Are you SURE there's nowhere nicer for your budget?

Where do you need to get to in London for work?

If these are all being rented, are you sure they're not council-let? (Not saying council-owned.)

If you do sign up, for god's sake make sure you have a break clause at 6 months.

muhandis

Having lived in various bits of Newham (East Ham, Upton Park, Stratford) over the years I lived in London, the rent you have quoted is not excessive at all (assuming its a 1-bed), considering the "premium" that these sort of properties charge for the new build factor. The area is perfectly liveable and as safe (or not) as many other heavily residential areas in Greater London.

Connectivity wise, the location is excellent and very well connected to the City and Central London - 20 minutes to Liv Street. If you like eating out, there's plenty of good value to be found in the area

It is heavily multicultural and with a lot of first generation immigrants from poorer parts of the world so if you are uncomfortable with that sort of vibe, you might not like it. But that (like in many other parts of east London) has been rapidly changing over the last few years with gentrification and a lot of new-build flats.

BUT, I don't see why you would want to commit to rent something without seeing it or (worse) run the risk of it not being ready on time when you've already given notice on your existing flat. To me, the whole point of renting is the flexibility and in this case, you won't have any.

That budget should get you a decent range of flats to choose from in zones 2-3, I don't see why you would need to take a punt on this property being ready in time.

SneaksyWhippet

You say your boyfriend's tenancy ends on 31st July...is there the option to let it become a rolling tenancy, so he would only have to give a month's notice? Then you can just decide nearer the time if you want to rent one of these new flats or not, give notice if so or keep looking if not.