Buying house: What would you do?

TrudieinLondon

Looking at the plan, the house looks more like a typical three bedroomed house than four bedroomed. I think most people looking for a four bedroomed house would expect a bigger downstairs. It's crying out for one of the small bedrooms to be changed into a bathroom.

FTB_Help

ChewyyBacca said:

So, here is the house in South East London, that has bags of potential once done up (don't know if this is the optimistic great house giveaway talk)
I will layout the problems I see and feel free to share your thoughts, advice etc

1. This is a probate sale, grant of probate is pending. Should we even consider this house? I have read on this forum that probate sales are extremely time-consuming and messy. Also will re-iterate - sale is subject to the grant of probate being issued.
2. The house is stuck in a time warp. Needs full updating every room, ripping out kitchen, new bathroom, so not exactly love at first sight with this one. Would you suggest this for FTBs who have almost non-existent DIY skills and no renovation experience?
3. There is no bathroom upstairs, which is a Must have for us. What if the smaller bedroom at the rear of the house is converted to a shower room? This would mean turning a 4 bed house to a 3 bed. So while we gain a much needed upstairs bathroom, we lose a bedroom. What reduction in the house price does that translate to? Im sure adding a shower room upstairs adds value, is it equivalent to losing a small bedroom?
4. This question is for council tax. When the house is converted from 4 bed to 3 bed, would there is be a council tax re-banding? How easy or difficult or impossible is it to achieve this? A preliminary google search indicates this property is on Council tax D - £1745

Here is the floor map

What about this one https://www.rightmove.co.uk/properties/73607826#/

4 bed and a bathroom upstairs, 0.2 miles away from the one you're looking at

lincroft1710

Converting a small 4th bedroom to a bathroom would probably make the house most valuable. Council Tax band though would probably not increase.

AdrianC

The description says central heating. The photos do not show one single radiator.

DayDreamerandGeneralWaster

In London in a property like that l would expect an upstairs bathroom. It would definitely be worth losing a bedroom. No family home is good enough in this day and age without an upstairs bathroom. Way too much hassle with little tots needing the loo in the night.

MFWannabe

FTB_Help said:

ChewyyBacca said:

So, here is the house in South East London, that has bags of potential once done up (don't know if this is the optimistic great house giveaway talk)
I will layout the problems I see and feel free to share your thoughts, advice etc

1. This is a probate sale, grant of probate is pending. Should we even consider this house? I have read on this forum that probate sales are extremely time-consuming and messy. Also will re-iterate - sale is subject to the grant of probate being issued.
2. The house is stuck in a time warp. Needs full updating every room, ripping out kitchen, new bathroom, so not exactly love at first sight with this one. Would you suggest this for FTBs who have almost non-existent DIY skills and no renovation experience?
3. There is no bathroom upstairs, which is a Must have for us. What if the smaller bedroom at the rear of the house is converted to a shower room? This would mean turning a 4 bed house to a 3 bed. So while we gain a much needed upstairs bathroom, we lose a bedroom. What reduction in the house price does that translate to? Im sure adding a shower room upstairs adds value, is it equivalent to losing a small bedroom?
4. This question is for council tax. When the house is converted from 4 bed to 3 bed, would there is be a council tax re-banding? How easy or difficult or impossible is it to achieve this? A preliminary google search indicates this property is on Council tax D - £1745

Here is the floor map

What about this one https://www.rightmove.co.uk/properties/73607826#/

4 bed and a bathroom upstairs, 0.2 miles away from the one you're looking at

This ones much better imo 
Better kerb appeal and less work to be done 

JGB1955

AdrianC said:

The description says central heating. The photos do not show one single radiator.

I thought that too, then spotted one in photo 4.  None in the 'obvious' places i.e. under windows.

ChewyyBacca

AdrianC said:
Probate sales are common. Most are absolutely straightforward.

The only issue for you is the timescale not being in your hands - everything else is the vendor's problem.
You have three choices.
1. Learn...
2. Spend a fortune on labour every time you want anything done.
3. Buy a different property.

Obviously, there are jobs that are beyond all but the most dedicated and experienced DIYers - kitchen, bathroom, plastering, anything structural.
But you would be astonished how easy things like painting and decorating are, with just a little bit of application - and how expensive. Especially in London. And that's before we consider the ongoing maintenance jobs...
Hold on while I just find a tape measure for this piece of string.

The floorplan you've provided is not dimensioned. What size is that room? It looks tiny to the point of just about unusability as a bedroom.
Rebanding because of work done to the property triggering an Improvement Index flag (usually anything involving planning permission) would not happen until the next change of council tax payers - so when you sell.

Band D means a 1991 nominal value of between £68k and £88k. No more than that. "Number of bedrooms" does not factor directly into the banding.
Where in that band did it sit in 1991?
Would changing that bedroom for an upstairs bathroom have reduced or increased the 1991 value?
BTW, you don't need to do "a preliminary google search" to "indicate" anything - just put the address into https://www.gov.uk/council-tax-bands and find out the absolutely accurate authoritative answer.

Through my limited understanding and self-educating here on the forum: Probate sale would mean there is an executor of the will, however multiple parties with interest in the sale proceeds. Making all these minds arrive at a decision, or resolve the discord between them, should one arise, would be a difficult and time-consuming process. So yes, as you said, more time will be an obvious given in such sales. No expectation of a quick turn around.
@DIY: ''Learn'' is the new mantra. While there is hesitation to get my hands on complex tasks - I am certain, painting, peeling of wallpapers etc can be handled. Also, the astounding painting quotes are a great motivation to grab hold of those paint brushes. 
@ Dimensions: Yeah none given in the RM listing, so there is a disadvantage here.
Lastly: CT banding - I get my information here http://www.mycounciltax.org.uk/
Thank you for the link, https://www.gov.uk/council-tax-bands It appears I have to delve a little deeper on this topic. I was under the impression that no of bedrooms dictate CT. I now see there are many factors, need to read more on that

mattyprice4004

ChewyyBacca said:

AdrianC said:
Probate sales are common. Most are absolutely straightforward.

The only issue for you is the timescale not being in your hands - everything else is the vendor's problem.
You have three choices.
1. Learn...
2. Spend a fortune on labour every time you want anything done.
3. Buy a different property.

Obviously, there are jobs that are beyond all but the most dedicated and experienced DIYers - kitchen, bathroom, plastering, anything structural.
But you would be astonished how easy things like painting and decorating are, with just a little bit of application - and how expensive. Especially in London. And that's before we consider the ongoing maintenance jobs...
Hold on while I just find a tape measure for this piece of string.

The floorplan you've provided is not dimensioned. What size is that room? It looks tiny to the point of just about unusability as a bedroom.
Rebanding because of work done to the property triggering an Improvement Index flag (usually anything involving planning permission) would not happen until the next change of council tax payers - so when you sell.

Band D means a 1991 nominal value of between £68k and £88k. No more than that. "Number of bedrooms" does not factor directly into the banding.
Where in that band did it sit in 1991?
Would changing that bedroom for an upstairs bathroom have reduced or increased the 1991 value?
BTW, you don't need to do "a preliminary google search" to "indicate" anything - just put the address into https://www.gov.uk/council-tax-bands and find out the absolutely accurate authoritative answer.

Through my limited understanding and self-educating here on the forum: Probate sale would mean there is an executor of the will, however multiple parties with interest in the sale proceeds. Making all these minds arrive at a decision, or resolve the discord between them, should one arise, would be a difficult and time-consuming process. So yes, as you said, more time will be an obvious given in such sales. No expectation of a quick turn around.
@DIY: ''Learn'' is the new mantra. While there is hesitation to get my hands on complex tasks - I am certain, painting, peeling of wallpapers etc can be handled. Also, the astounding painting quotes are a great motivation to grab hold of those paint brushes. 
@ Dimensions: Yeah none given in the RM listing, so there is a disadvantage here.
Lastly: CT banding - I get my information here http://www.mycounciltax.org.uk/
Thank you for the link, https://www.gov.uk/council-tax-bands It appears I have to delve a little deeper on this topic. I was under the impression that no of bedrooms dictate CT. I now see there are many factors, need to read more on that

CT calculations are quite complicated - if it was done by bedrooms, a one-bed flat in the cheapest areas in the UK would pay the same rates as a one-bed 'apartment' in Kensington.

Quite good value for money in that area, given the proximity to London - I imagine prices will creep north in the coming years leading to a good increase in value.

I do like the house FTB_Help linked to, though - I'd give that a look too.

ChewyyBacca

hazyjo said:

Would you consider these?

Much better long term value.

https://www.rightmove.co.uk/properties/96845882#/

https://www.rightmove.co.uk/properties/98187770#/

https://www.rightmove.co.uk/properties/100155434#/ (lost out on a house in that street myself once).

Thanks for the links @hazyjo
How do you arrive at long term value? (genuinely asking)
No intention to offend anyone, I am not looking at Eltham though. Eltham has a very high concentration of council and social housing. There are a lot of great houses there, but I fear resale value will not be high. You can change everything in a house you own, except for the location. I genuinely liked this house https://www.rightmove.co.uk/properties/80380126#/
though worried what value will it fetch when we are ready to sell it off in 7-10 years.