Buying first house (Budget 300K) - opinions would be really appreciated.

AndreeaG

After years of renting we are finally looking for a house to buy. So being FTBs, this is where the MSEs' expertise comes forward - I really need a second opinion.

Both myself and my partner will need to commute into London daily.

We have seen a first-floor maisonette, which is close to the Greenford station and we like the area. Is currently listed for £307,000 and it comes with 100 years of lease. What do you guys think what are the advantages/disadvantages of buying a first-floor maisonette?

We would like to buy a house instead of a maisonette, however, because of our £300,000 budget, we struggle to find a 2bed house with a garden. Do you have any suggestion on areas that we should be looking to buy a house within our budget e.g. (Watford)? Should we also wait to see what happens with Brexit?

Thanks for any input!

hazyjo

Is it 100 years of lease - in total, or remaining?

Yeah I like a maisonette. Own front door and all that. Are there just two in the block, or a few? Is there a freeholder, or is it what's generally known as 'Share of Freehold'? If the latter (which I suspect it will be), maybe check things like accounts and maintenance are dealt with properly (your solicitor will check anyway, but I'd be asking the seller and maybe even a neighbour how efficiently it's run). There should be a fund of sorts for the building even if no major common parts. Shared gardens? Does it look well kept?

I'd not wait, but that's me. I don't think people know why they're waiting. Which leads me to believe that after the deadline (if a deal is actually agreed), the market may see a slight rise while people start buying again. Personally I don't think it will last and I think they'll dip again. Just my opinion though!

Can't advise re areas as don't know that side of London hugely well.

cattie

I'm a fan of maisonettes & as you say you like the area, I'd seriously consider going for it if it offered pretty much what I needed & looked well cared for. Brexit would be of no concern to me as I'd be buying a home to live in & nobody knows what will happen & how things will pan out. Whilst paying a mortgage you'd save on rent, so I think it's all pretty academic anyway.

As hazyjo mentions though, first you need to find out the actual length of lease remaining as personally I'd not consider anything less than 99yrs. Share of freehold would be a big bonus & you'd need to find out cost of any service charges & ground rent too. Service charges often include buildings insurance, but less common, there are some flats where leaseholders have to arrange their own buildings insurance.

AndreeaG

Hi hazyjo, cattie,

Thank you for your messages.

The maisonette currently has 76 years of the lease, however, the vendor will extend to 100-years.

The land is owned by a freehold which I believe is a company. In addition, the maisonette has a shared garden, ground rent is £50/year and £350/year service charge which includes building insurance.

Cakeguts

Are you already living in Greenford? I assume you are if you say you like the area? I don't like Greenford very much but I don't have your budget.

bouicca21

The vendor will extend? Or simply serve the requisite notice? Who will pay and what will the terms be? If it is an informal extension the freeholder has an opportunity to change the ground rent and possibly put in regular increases. You need to know - or get the benefit of the service of notice for a statutory extension that will lose the ground rent altogether and do it yourself, making the vendor reduce the price accordingly.



What other clauses are in the lease - pets allowed? subletting allowed?

AndreeaG

Hi bouicca21,

Thank you for your message.

The vendor will be extending the lease upon completion to 100 years. Some more information that we know is that the downstairs flat is currently rented. We will need to find out in regards to the clauses that are in the lease.

gwynlas

There are a number of 2 bed maisonettes in Greenford in your price bracket. I would look for the one with the best floor plan and visual appearance,
Other outer London areas could be considered but this would depend on your place and hours of work as well as cost of commute.

Bossypants

Where in London do you need to commute to and how short do you want your commute to be? Are you committed to living in London itself? My commute into Canary Wharf from Horsham in West Sussex is about the same as my colleague's who commutes from Richmond. Needless to say, I get a lot more house and garden for my money than he does.

AndreeaG

We work in Shoreditch and we need to travel daily to Liverpool Street Station OR Shoreditch High Street Station.

In regards to the journey time, we are looking at around 1hour 30min max per journey.

We have looked at Horsham and we like the properties which are within our price bracket. However, the train ticket (inc Zone 1-6) will cost around £450/month.

bouicca21

Personally I’d prefer somewhere like Manor Park (I don’t much like Greenford either, though it is many moons since I have been there and it may have changed).

I’d also be wondering about using Thameslink