First time buyer in London - single occupant

bouicca21

Given the budget OP is almost certainly going to be looking at leasehold flats.

Read the lease!
Check length of lease and ground rent. Doubling ground rent can be ok if every 25 to 30 years but not if 10-15 years.  

Check possibly onerous clauses - e.g. no pets (if you might in the future want one).
Ask to see service charge demands.  Lifts are expensive to maintain (as are concierge services, onsite gyms and swimming pools).

I’ll differ to HazyJo about ground floor, as I am ground floor and have no problem with smokers or noise.  I do however have virtually a wall of window and have put up privacy film to stop people being able to look in.  The bonus is that I have direct access to the garden and a bit of it is all mine.  

Skiddaw1

hazyjo said:

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!

Absolutely agree. We started out with a flat too.

hazyjo

bouicca21 said:

I’ll differ to HazyJo about ground floor, as I am ground floor and have no problem with smokers or noise.  I do however have virtually a wall of window and have put up privacy film to stop people being able to look in.  The bonus is that I have direct access to the garden and a bit of it is all mine.  

Not saying don't buy first floor. I would probably want one. Just that you have to engage your brain when buying ground floor. Common sense and all that.

Trillionski

I think what makes it difficult is that I don't have a preference for any particular area obviously barring the expensive ones.

hazyjo

Get yourself out there then. I bet you'd soon have a preference for an area if you actually start looking