Buying in London - what would you do?

beaming

Hello all

I’m trying to work out the smart decision. I feel like I’ve done a fair bit of research but still haven't decided on a strategy. 

With a mortgage, I have a budget of around £425k. 

I'm hoping to buy in London and plan to keep the property for a long time (10years+). Whilst I’ll start by living there, I’d be open to renting it out later. 

I’m more familiar with North London and ideally would be keen for North of the river. 

For long term investing, what would you recommend? 

Some things I’ve been looking for: 

- at least 2 bedrooms 

- bath (not just a shower)

- avoiding ground floor flats 
- lease at least 80years + 
- less than 15 mins walk to nearest station 
I’m finding it hard to decide whether to buy a house in the suburbs or to buy as centrally as possible (and probably then a lot smaller) for my first property. 
I've also been reading the thread about EPC so am thinking to add EPC rated C and above to my list. 

Any up&coming areas you’d recommend looking at or any other things to seriously consider (eg. don't bother with a lease and just get a freehold)

Thanks for reading

hazyjo

How far away do you want to be? Where do you work near?

I'd buy leasehold in Wanstead. Always a pricey popular areas but I think its levelled out a bit in recent years with surrounding areas that have "up and come" so may be due a bit of a boost again in the next 5 years or so.

Alternatively, Highams Park, North Chingford, or travel out to Leigh-on-Sea where I am and probably just about afford freehold. Only usually 43-50 mins on C2C to Fen St. It's a lovely place to live.

beaming

hazyjo said:

How far away do you want to be? Where do you work near?

I'd buy leasehold in Wanstead. Always a pricey popular areas but I think its levelled out a bit in recent years with surrounding areas that have "up and come" so may be due a bit of a boost again in the next 5 years or so.

Alternatively, Highams Park, North Chingford, or travel out to Leigh-on-Sea where I am and probably just about afford freehold. Only usually 43-50 mins on C2C to Fen St. It's a lovely place to live.

Work location varies (move locations with the contract) but mostly commutable from North London. I’m keen to get a base now, somewhere. 

Thanks - I’ll have a look around Wanstead. 

At this stage of life (thirtyish), high up on the list is easy access to central London and transport that goes until late. 

NameUnavailable

Some leases prohibit subletting, most will require freeholder consent (and fees!).

At least 80 years lease? I would want over 100 years, if you are thinking you might sell in 10 years, otherwise you would be looking at the cost of a lease extension on top and they get significantly more expensive when the lease drops below 80 years.

Other issues with leasehold are service charges, ground rent (and whatever clause the lease contains regarding increases) and now EPC's (must be at least C to rent from 2025). 

That said if you are letting then a flat is beneficial in that you don't have to worry about maintenance of the building/grounds and you'll probably get something in a better location (near train stations etc) with allocated parking which might appeal to renters more that a terraced house further out. 

bouicca21

So much depends on the type of area you want to live in.  Acres and acres of suburban housing and little else?  Cafes, restaurants?  Green space?  Diverse demographic?  Quirky shops?  And then there is the time and cost of getting into Town - and deciding which bit of Town is going to be best - City or West End?

when we know the answers to those questions people will be able to advise further.

beaming

bouicca21 said:

So much depends on the type of area you want to live in.  Acres and acres of suburban housing and little else?  Cafes, restaurants?  Green space?  Diverse demographic?  Quirky shops?  And then there is the time and cost of getting into Town - and deciding which bit of Town is going to be best - City or West End?

when we know the answers to those questions people will be able to advise further.

My ideal place to live would be around Kings Cross. I love the cafes/restaurants, near the canal, superb for travelling whether that's across the UK or getting  the eurostar to Europe. I see that’s pretty unrealistic though with regards to my budget ( a decently sized 2 bed flat with a good lease)

I guess my query is more about investing wisely for the long term. I’m fortunate to have £420k to spend on property. I can be flexible with location, good transport links is really my only non-negotiable (eg. 10mins walk to station)

I'm interested in other people's views. Should I try and buy as centrally as possible (likely small leasehold flat)... Or prioritise getting a freehold 

bouicca21

There’s no point living somewhere you don’t like for the sake of the sake of a notional investment.  No one knows what the market will do - whoever thought that Bermondsey would go upmarket?  

The vibe you want almost certainly means a flat in or near central London.  You’d have to a long way out to get a house - unless you are prepared to look at an older terrace in the nicer bits of Croydon or South Norwood (fantastic transport connections from East Croydon or Norwood Junction).  Abbey Wood (cross rail) might also be worth a look.

zagubov

I don't know north London well enough to recommend areas to live but I'd give a big vote for looking for bargains south of the river.
Earlsfield, Southfields, New Malden, parts of Croydon all have good transport links.

Zinger549

Wanstead is nice (My home town) but it's expensive. Property prices have gone up a lot in the area. It's on the Central line has good schools and lots of open spaces. Wanstead flats, Wanstead park (part of Epping forest).

theoretica

Why 2 bed?  You might find it worthwhile to also look at larger 1 bed and see what is available.  Occasionally it is the same property, just described/used differently.

beaming

theoretica said:

Why 2 bed?  You might find it worthwhile to also look at larger 1 bed and see what is available.  Occasionally it is the same property, just described/used differently.

Hoping to have a 2nd bedroom for guests. Not essential but highly desired