To buy or not to buy? Any thoughts welcome.

NameUnavailable

I'm after some impartial opinion if anyone feels inclined to offer theirs.

I'm quite knowedgable on property matters generally but had an absolute nightmare at my last place with freeholder issues and sold up due to the stress it created (this was after several years of trying hard to resolve the issues) and have been renting since and looking for my 'new' home.

I decided I wanted a change of area, for a few reasons, and as my only tie is needing to be able to commute to work within an hour that opened up quite a wide (very wide) area to look at.

Given my last experience as well as the EWS1 and ground rent issues with flats I also decided I would only buy a freehold house or share of freehold flat, so that I would have some control over matters in the future, however my budget means freehold properties in the areas I'm looking at are few and far between.

A larger apartment came up the other day which I was told was shared freehold. It was in the wider area I was looking in, an area I don't really know, but I'm told it's desirable, and the property looked a great buy, but needs general updating throughout (it still has the original kitchen fitted in the 60's which I'm thinking I could make a feature of!).

Since offering I found out that it's not a shared freehold at all. It seems there is an arrangement that the leaseholders arrange the maintenance although not a formal RTM arrangement, but they pay a monthly amount which I'm assuming covers the insurance and basic maintenance (mowing the lawn etc).

I'm having second thoughts now because of the sense of deja vu I'm getting over the maintenance arrangements which aren't unlike the last place and the worry that the freeholder might suddenly decide to take matters over. Also the area being unknown to me (no connections etc.) am I really buying in a 'nice' area! So, trying to decide if I proceed anyway, given that the situation I was in before was quite nuclear and hopefully unlikely to happen in such a way again. After a makeover there is potentially £30K 'profit' to be made on the place so I could just see it as a project and move on again if I didn't like it I guess. Or do I make the most of my current situation, not needing to move in a hurry and with the money in the bank and wait for a 'better' opportunity, given that I'm feeling sure that prices will drop after the new year......

It's so difficult!!

tigerlily74

I would keep waiting til you find a place that ticks more boxes, it doesn’t sound like you are desperate to buy.

MFWannabe

NameUnavailable said:

I'm after some impartial opinion if anyone feels inclined to offer theirs.

I'm quite knowedgable on property matters generally but had an absolute nightmare at my last place with freeholder issues and sold up due to the stress it created (this was after several years of trying hard to resolve the issues) and have been renting since and looking for my 'new' home.

I decided I wanted a change of area, for a few reasons, and as my only tie is needing to be able to commute to work within an hour that opened up quite a wide (very wide) area to look at.

Given my last experience as well as the EWS1 and ground rent issues with flats I also decided I would only buy a freehold house or share of freehold flat, so that I would have some control over matters in the future, however my budget means freehold properties in the areas I'm looking at are few and far between.

A larger apartment came up the other day which I was told was shared freehold. It was in the wider area I was looking in, an area I don't really know, but I'm told it's desirable, and the property looked a great buy, but needs general updating throughout (it still has the original kitchen fitted in the 60's which I'm thinking I could make a feature of!).

Since offering I found out that it's not a shared freehold at all. It seems there is an arrangement that the leaseholders arrange the maintenance although not a formal RTM arrangement, but they pay a monthly amount which I'm assuming covers the insurance and basic maintenance (mowing the lawn etc).

I'm having second thoughts now because of the sense of deja vu I'm getting over the maintenance arrangements which aren't unlike the last place and the worry that the freeholder might suddenly decide to take matters over. Also the area being unknown to me (no connections etc.) am I really buying in a 'nice' area! So, trying to decide if I proceed anyway, given that the situation I was in before was quite nuclear and hopefully unlikely to happen in such a way again. After a makeover there is potentially £30K 'profit' to be made on the place so I could just see it as a project and move on again if I didn't like it I guess. Or do I make the most of my current situation, not needing to move in a hurry and with the money in the bank and wait for a 'better' opportunity, given that I'm feeling sure that prices will drop after the new year......

It's so difficult!!

I think from what you’ve written you’ve decided what to do 🤔 
carry on looking until you find a property you really really want 

NameUnavailable

Thanks for your thoughts. I'm not desperate to buy but am looking for something quite specific and this ticks quite a few boxes. It's also available to me at about £50K less than a very similar property sold for recently (it needs general updating throughout which I'm estimating will cost me less than £20K) so potential to gain from it longer term.

I'm just so nervous about gettting involved in leaseholder/freeholder issues again I guess but I'm struggling to find a house in my budget. It's not easy!