First time buyer in London - single occupant

Trillionski

arthurdick said:

I think my own situation of looking for a large studio or 1 bed flat was ruling my  thinking behind thoses areas I mentioned, you are of course right about being way too pricey for any 2 bed  freehold house.

I see around Norwood Junction has been mentioned, that doesn't seem too bad and has good connections, I may even include that in my own search, also Anerley looks ok but would much rather be near Crystal palace park.   I have not got any experience of living in those areas but used to go through close to  around those areas on the school coach for Swimming at Crystal palace.

Good luck OP on where ever you find and when you do find somewhere, could you please pop back on here and keep us updated, who knows, where you find might even be a place for me to consider?

Yep, will defo report back when I'm in the stage of viewings etc. I've just had a thought which could help me and it's that if I cannot afford within <1.0m to the station that I want being maybe a mile or so away might not be that bad it it's a straight line journey on the bus. Where we live it's 20 mins to the station because the bus goes winding down each route but I have seen a couple which do 1m in <10mins.

Just some food for thought but hopefully I get some more progress in the coming months.

hazyjo

Personally, I'd rather live further out than have to rely on a bus and a tube

I have lived around 0.8m to a station and it's lovely to be able to hop onto a bus when it's coming (there were around 7 in North Chingford that went down Station Road and I could get any), but I would hate to have to rely on them every day on top of a tube journey!

bouicca21

I’m with HazyJo, I would always want to be within a 10 minute walk of a station.  Adding a long walk or bus ride to a commute is really, really depressing.

hazyjo

If you could stretch to £325k (or wait a while and see if this would drop), this would be a really good option:

https://www.rightmove.co.uk/property-for-sale/property-68830743.html

bouicca21

https://www.rightmove.co.uk/property-for-sale/property-80765708.html

Trillionski

What have people's experiences been with owning leaseholds?  I've always been cautious of them.

hazyjo

My first and second properties were flats (leasehold). It's the way many of us start out. 

Location location location.

I would rather a flat in a nice area which tbh is likely to increase more than a house in a crappy area. And it's not all about investment, but I cannot imagine living in a dive compared to some of the nice areas I've lived in. Quality of life counts for an awful lot!

Trillionski

What's the non negotiables for a leasehold? 
Make sure there is no doubling of ground rent/service charge and something which is 100 years plus?

hazyjo

Not sure it's poss to think of everything, but look out for these.

I'd prob buy 90+ years.
Cladding! (It needs some certificate or other.)
Careful of things like absent freeholders, no funds, neglected building, no service charge, ex-LA flats, major works planned, etc etc
Parking may be an issue
Shared space may be problematic (gardens, parking, etc)
Floor - top is generally best. But can be a lot of stairs if over 2nd floor. Ground: you have the noise of everyone walking past, having a cig outside your window or the doorway, slamming communal entrance door, bins... the list goes on.

Just exercise common sense really!

Trillionski

Cheers so even if I bought let's say with 100 years on the lease it wouldn't necessarily mean that the price depreciates in the next 10 years.