Ground Floor Flat: Need to know

Explorer87

Hi
So finally again on the search for a place, found a ground floor flat. Place looks good, new kitchen, walking distance to work, neighbours are ok, price seems cheap definitely at the bottom of my budget which is great. The couple have been there for 2 years and looking for a new build, they want a quick sale no chain.

Is there anything I should know, it's not going to be a permeant place but just somewhere to get me on the ladder for a year or 2 and then either rent out or sell.

What sort of things are there to know? What experiences have you guys had? 
I know the ground and service charges, seem reasonable. 

Thanks!

greatcrested

Ground floor.

Security? Bedroom window open at night in summer?

Obviously lease obligations/liabilities (you've mentioned GR an services). Block management.

Utilities.

MovingForwards

Layout of the flat, compared to what's next to it, I would never do bedroom by neighbours bedroom again after the last rental (neighbours from hell). Nor would I do bedroom anywhere near the communal stairs / door because of people coming / going at all hours.

How many flats in the block?

Charges may be reasonable now, but how do they increase and how often.

Explorer87

Layout: its on its own, one shared wall and that's the front door. 3 flats per floor and 4 floors.
I'll ask about the charges.

Utilities were told are cheap by current owners. 
@Greatcrested what do you mean by block management.

AdrianC

Explorer87 said:
it's not going to be a permeant place but just somewhere to get me on the ladder for a year or 2 and then either rent out or sell.

No, don't do it.

The costs of buying and selling make very short ownership work out to be ridiculously expensive, even assuming the sale goes smoothly - which it won't necessarily do. The only time it may make sense is in a rapidly-rising market. Small flats, currently, are proving hard to sell as the pandemic makes people want to move to places with outdoor space, ideally outside urban centres - so the market is as likely to fall as rise.

As for renting it out... Do you WANT to run a residential letting business? Have you factored in the +3% SDLT you'd pay on your subsequent purchase? What net yield do you foresee from this flat? Would it hamper your ability to finance your onward purchase?

cattie

Wanting to downsize but still wanting outside access for my cat, I bought a 2 bed ground floor flat on a sought after development in my area. I intend to see my days out here with luck & not wanting to be sleeping in a stuffy bedroom in the summer, I did what many other ground floor flat owners did here & had retractable security gates fitted to the bedroom windows. Luckily It's very quiet where I live as most people who bought here were downsizers like me & there are very few children here.

As somebody who mostly owned houses in the past, I'm more than happy to pay service charges to enable somebody else take on the responsibility of any repairs,maintenance & upkeep of the grounds. We all have a share of freehold & the development is handled  by managing agents, so do get to make some decisions regarding this sort of thing.

Would it be possible for you to be able to ask any of the other residents their opinion of living in the block as this could give you an idea of how it is to live there.  I had people advising me not to buy a flat, but I certainly don't regret it. There is much less stress in my life these days & I'm lucky to live somewhere with good & considerate neighbours.

eddddy

Explorer87 said:

The couple have been there for 2 years and looking for a new build, they want a quick sale no chain.

Are the couple prepared to go into rented or stay with family etc., until their newbuild is ready?

With newbuilds, the developers often want a quick exchange of contracts (28 days), then a long period before 'completion on notice'.

So you need to ask the sellers whether they will move into rented/family, or whether they hope (or expect) you to agree to a fast exchange with 'completion on notice' - and what the planned timescales are.

hazyjo

Agree with the stairs comment - if your living space is near the stairs, communal entrance door, hallway, etc, then have a rethink.

People won't always be considerate. You may find it's you getting up and down taking in deliveries, or having people stand outside the door or even under your window etc having a cigarette and/or chat. Where are the bins? Anywhere near your windows or walls, that will be very annoying. If there's a lift, that's also annoying (not to mention costing you loads although you won't need it). Will cars/cabs be bibbing or hanging around outside your window? Not sure how far from the street it is.

Not saying don't buy it, I'd quite like a garden flat if I were in your shoes, but just be very aware of all around it.

As AdrianC says - it's not likely to be worth buying if you're only intending staying there for a year or two! Nobody would advise doing that unless maybe when the market is rising at a ridiculous pace.

princeofpounds

Moles. Watch out for moles.

Msjf

My first property was a ground floor flat in London. Negative equity hit soon after purchase in the early 1990s, but as I planned to be there long-term, this wasn't a problem, and I eventually sold at a healthy profit in the mid-noughties. In the current economic circumstances, buying with the intention of selling in a couple of years seems a really risky bet.  Are you paying astronomical rent?  If not, I'd recommend waiting.

I echo earlier posters re: deliveries, proximity to the front door/lobby, cars, etc, and the increased burglary risk being on the ground floor. Have you looked at insurance costs?  The ground rent and maintenance charges for my flat were reasonable, but the freeholder's agents arranged buildings insurance, with the cost split amongst flats, and that was astronomical.  Each flat was responsible for its own contents insurance - and that alone cost more 16 years ago than I and my OH currently pay for combined buildings and contents insurance for a freehold house in a town in Kent.

theoretica

Also don't assume just because you are on the ground floor that you won't be affected by bills for the roof etc - does the service charge cover a sinking fund?  What condition is the rest of the building?