First time buyer: one bedroom in London

hazyjo

Crashy_Time wrote: »

https://www.rightmove.co.uk/property-for-sale/property-78570365.html

75k price drop, how long can the London bubble last at this rate?

Under offer immediately it seems. Perhaps it was to encourage a bidding war. Perhaps it was horrendously overpriced to start with. One property does not reflect the entire market LOL. There are others on here posting that they can't buy quick enough as properties are selling.


Really don't know why you're so obsessed with the property market if you are never going to buy. Strange.

VincentVincent

jonnygee2 wrote: »

Most councils have ten year, interest free repayment plans on repairs. Try getting that from a private management company.

The money you save on purchase price vs non-council in London will easily cover a 10k bill anyway.

Well it's nice to have that option but locking homeowners into a decade long repayment plan for something they generally don't want/don't need/is overpriced doesn't really make the scenario sound better. Arguably, it's worse than having to pay upfront.

A £10k bill isn't really what people are concerned about. Horror stories like these aren't unusual:

https://www.theguardian.com/money/2019/may/18/a-terrible-shock-council-flat-owner-bill-tustin-estate

https://www.hackneygazette.co.uk/news/london-fields-leaseholders-1-52million-bill-tower-block-bricks-fall-100ft-1-5788425

redefinr

So when you buy a flat in a council block do you still have to deal with the council after you bought it?

hazyjo

redefinr wrote: »

So when you buy a flat in a council block do you still have to deal with the council after you bought it?

Presuming they are the freeholders/in charge of maintenance, they will decide on what needs doing to the block. If they want to replace the windows, paint the building, replace rather than repair the roof or a lift breaks down/needs repairing or replacing, they will arrange for someone to do the repair and send you the bill for your share.

Crashy_Time

hazyjo wrote: »

Under offer immediately it seems. Perhaps it was to encourage a bidding war. Perhaps it was horrendously overpriced to start with. One property does not reflect the entire market LOL. There are others on here posting that they can't buy quick enough as properties are selling.


Really don't know why you're so obsessed with the property market if you are never going to buy. Strange.

https://www.rightmove.co.uk/property-for-sale/property-67607143.html
75k price drop on this one, one not far away looks like a 95k drop, and loads of 25k and 50k price cuts. When people see this they start to realise that the bubble is unsustainable, and that causes the opposite of a bidding war, bidding wars only happen when people think the purchase will be more expensive in future.

hazyjo

Crashy, please stop quoting me. You've been like a broken record for the last 5 years. I really cannot be @r$ed to sit here and chat s**t.


I have also been saying since before Brexit that prices will be static and drop but will pick up again later. It really ain't rocket science mate. I have also said many times I don't care if prices drop. I do not live/own in London. I have over 90% equity in my property. Now I'm the broken record... I'm sure nobody else wants to hear it time and time again on every thread you comment on.

Crashy_Time

hazyjo wrote: »

Crashy, please stop quoting me. You've been like a broken record for the last 5 years. I really cannot be @r$ed to sit here and chat s**t.


I have also been saying since before Brexit that prices will be static and drop but will pick up again later. It really ain't rocket science mate. I have also said many times I don't care if prices drop. I do not live/own in London. I have over 90% equity in my property. Now I'm the broken record... I'm sure nobody else wants to hear it time and time again on every thread you comment on.

It`s really not any kind of science, or sensible financial planning either though is it, because Brexit is an unknown quantity? And how many people concerned about Brexit have 90% equity in their house anyway? You can`t generalise your situation to the whole market either LOL. The price drops in London though, some of them enough to buy a house in cheaper parts of the country are more than one house, they are on loads of houses and in loads of areas, meaning that something is definitely happening in London,and less "equity" in London means lower prices in places where London sellers buy.

hazyjo

Crashy_Time wrote: »

It`s really not any kind of science, or sensible financial planning either though is it, because Brexit is an unknown quantity? And how many people concerned about Brexit have 90% equity in their house anyway? You can`t generalise your situation to the whole market either LOL. The price drops in London though, some of them enough to buy a house in cheaper parts of the country are more than one house, they are on loads of houses and in loads of areas, meaning that something is definitely happening in London,and less "equity" in London means lower prices in places where London sellers buy.

I was not generalising. I was pre-empting your usual statements about how I live in London (I don't) and how I don't want prices to drop (I do).

What is it you don't get? Yes parts of London are dropping. If someone wants to buy a HOME, then buy a poxy HOME. ARGHHHHH. Yes, they may go down a bit. They may go down a lot. If you have nothing relevant about the actual area and price range the OP is looking in then why are you still here?

DONE - I ain't getting into this tiresome boring tennis match with you.

redefinr

I was trying to get a viewing for this flat:

https://www.rightmove.co.uk/property-for-sale/property-83378555.html

It seems like a big space in pretty good condition. There area too is alright for me (I used to live around).

The EA said the flat is a "lps concrete construction" and he said lenders are usually not giving mortgages for this type of properties. Didn't really understand the meaning behind it and he wasn't too clear about it either - he just advised me to speak with my mortgage lender in order to save my time.

It's an ex-council but i think is looking pretty alright, it has a balcony too. Service charge are £2000/year and includes how water, ground rent £10/year.

EA said there is currently an offer but because of this 'lps' apparently people cant get mortgages for it?

Can anyone shed a light into this?

Thanks

muhandis

This method of construction was quite widely used for council housing during the 1950s and 1960s, there are several variants - both houses and flats (low and high rise). Generally this type of construction is not acceptable to mortgage lenders.

Might be best to steer clear.

redefinr wrote: »

The EA said the flat is a "lps concrete construction" and he said lenders are usually not giving mortgages for this type of properties.