First time buyer: one bedroom in London

jimbog

numbercruncher8 said:

I don't think you should stop looking, and keep searching for other areas. If the deal ends up taking months I think it's pretty likely something better will come on to the market. 

 

^^this

redefinr

Yeah I think this tenant situation it's a bit of a problem...the EA hasn't follow up any update (surely it wouldn't take half a day to find out). Gutted....I'm takin the advice in and keep looking around.

redefinr

I'm losing my patience with these houses. basically, the vendor came back with a counter offer of £260k (full price) after I accepted their counter offer of £257k.
And since they are not even guarantee they can empty the house by Christmas I withdraw my offer.
Back to square one...

numbercruncher8

I bet you, they will be back.
TBH if you're happy with that area, there are others. Living between New Cross/New Cross Gate transport-wise is better than the DLR (unless you want the stations that the DLR goes along). The trains go to London Bridge and Cannon Street, which is virtually next to Bank.
For example
https://www.rightmove.co.uk/property-for-sale/property-82152040.html, 
or
https://www.rightmove.co.uk/property-for-sale/property-82152040.html
The layout is a bit thin, and obviously the chip-board finish is quite funny. But it contains more space, and the outdoor area is more flexible than a balcony.

Looking at these prices a 1-bed might only be a little more than a studio but IMO offers more flexibility and is less risky.

redefinr

numbercruncher8 said:

I bet you, they will be back.
TBH if you're happy with that area, there are others. Living between New Cross/New Cross Gate transport-wise is better than the DLR (unless you want the stations that the DLR goes along). The trains go to London Bridge and Cannon Street, which is virtually next to Bank.
For example
https://www.rightmove.co.uk/property-for-sale/property-82152040.html, 
or
https://www.rightmove.co.uk/property-for-sale/property-82152040.html
The layout is a bit thin, and obviously the chip-board finish is quite funny. But it contains more space, and the outdoor area is more flexible than a balcony.

Looking at these prices a 1-bed might only be a little more than a studio but IMO offers more flexibility and is less risky.

There's definitely a good selection in the area - I like that property you listed although next to the chicken shop it will have a 24/7 smell of fried chiecken but that outdoor space...wow! really nice!
I will have to up the price to £300k now...

Crashy_Time

redefinr said:

I'm losing my patience with these houses. basically, the vendor came back with a counter offer of £260k (full price) after I accepted their counter offer of £257k.
And since they are not even guarantee they can empty the house by Christmas I withdraw my offer.
Back to square one...

If there is a second lock-down the tenants are not going anywhere for a long time IMO, and the house will be cheaper in future after another lock-down anyway, so although they are preventing you getting what you want right now the tenants may be doing you a financial favour? Of course if your rent is "3 times the mortgage" or whatever you will want into one of these overpriced boxes ASAP?

Crashy_Time

numbercruncher8 said:

I bet you, they will be back.
TBH if you're happy with that area, there are others. Living between New Cross/New Cross Gate transport-wise is better than the DLR (unless you want the stations that the DLR goes along). The trains go to London Bridge and Cannon Street, which is virtually next to Bank.
For example
https://www.rightmove.co.uk/property-for-sale/property-82152040.html, 
or
https://www.rightmove.co.uk/property-for-sale/property-82152040.html
The layout is a bit thin, and obviously the chip-board finish is quite funny. But it contains more space, and the outdoor area is more flexible than a balcony.

Looking at these prices a 1-bed might only be a little more than a studio but IMO offers more flexibility and is less risky.

Both links are to the same flat? They have had the sense/decency to knock 15k off so far but IMO buying that for 300k will probably mean a loss when you come to try and sell it, maybe not though.....hard to tell in this insane and heavily rigged market.

redefinr

The problem with all these new builds are Service Charge...they are all quite high. I'm alright with £1400pa when it's a new build with concierge etc...but some of those are reaching £2400 etc. it's quite crazy.

blue_max_3

redefinr said:

The problem with all these new builds are Service Charge...they are all quite high. I'm alright with £1400pa when it's a new build with concierge etc...but some of those are reaching £2400 etc. it's quite crazy.

So, you're unhappy about the additional £1k per year? Just knock 20 years worth off the asking. And make it clear that's why you are doing it. Or move onto the next one. 

redefinr

blue_max_3 said:

redefinr said:

The problem with all these new builds are Service Charge...they are all quite high. I'm alright with £1400pa when it's a new build with concierge etc...but some of those are reaching £2400 etc. it's quite crazy.

So, you're unhappy about the additional £1k per year? Just knock 20 years worth off the asking. And make it clear that's why you are doing it. Or move onto the next one. 

That's not a reasonable offer. Despite what a lot of people says 'market is frozen', 'houses are overprices' etc etc in the real world you can't knock like £20k off a property right now, unless maybe it's been on the market for years.