What are your thoughts on purchasing Flats vs Houses these days?

[Deleted User]

Two things to consider with flats.

1. The cladding/fire safety crisis. Unless the property has been fully inspected and any remedial work done, don't buy it. In fact, even if it has been sorted out you may find it's very hard to get a mortgage because banks aren't willing to take the engineer's word for it.

I'd say that before buying a flat you would want to have your own detailed survey done to identify any potential fire safety issues, and even then it's a gamble.

2. Leasehold is a very poor system and really needs to be replaced. In most countries flats are freehold. In the UK, even with freehold flats there can be ridiculous charges that double every N years, or maintenance contracts where the company just collects the money and doesn't maintain anything.

Probably best to wait and see if there are changes to the law that sort these issues out.

rexmedorum

[Deleted User] said:

Two things to consider with flats.

1. The cladding/fire safety crisis. Unless the property has been fully inspected and any remedial work done, don't buy it. In fact, even if it has been sorted out you may find it's very hard to get a mortgage because banks aren't willing to take the engineer's word for it.

I'd say that before buying a flat you would want to have your own detailed survey done to identify any potential fire safety issues, and even then it's a gamble.

2. Leasehold is a very poor system and really needs to be replaced. In most countries flats are freehold. In the UK, even with freehold flats there can be ridiculous charges that double every N years, or maintenance contracts where the company just collects the money and doesn't maintain anything.

Probably best to wait and see if there are changes to the law that sort these issues out.

Indeed, where I grew up (not UK) flats are run by owners committees and service charges are due to these. It works quite well as they are able to spread big maintanance out and generally act in the best interest of owners. Of course it does come with the usual dynamics of committee-anything but still.

lookstraightahead

Re noise. In my experience flats have living noise, but depending on the block (eg if there's only a few apartments) I did it's minimal.

on the other hand, the experiences I have found with house noise are:

Other people doing up their houses - if houses are quite old virtually all the time
People pulling up on their driveways
main roads 
garden parties
The (naturally) noise from children and pets

So it depends what type of noise affects you.

Scotbot

lookstraightahead said:

Re noise. In my experience flats have living noise, but depending on the block (eg if there's only a few apartments) I did it's minimal.

on the other hand, the experiences I have found with house noise are:

Other people doing up their houses - if houses are quite old virtually all the time
People pulling up on their driveways
main roads 
garden parties
The (naturally) noise from children and pets

So it depends what type of noise affects you.

Indeed. Outside noise doesn't bother me as good double glazing minimises it and it is rare that it happens late at night but party wall noise drives me insane. You can get antisocial neighbours in a house or flat but the noise is more bearable  in a detached house

Crashy_Time

hazyjo said:

Not everyone can afford a house either. Many of us start off with flats, so of course there will always be a demand for them.

Not at current prices though......

https://www.plumplot.co.uk/house-prices-by-region.html

rexmedorum

Crashy_Time said:

hazyjo said:

Not everyone can afford a house either. Many of us start off with flats, so of course there will always be a demand for them.

Not at current prices though......

https://www.plumplot.co.uk/house-prices-by-region.html

Interesting link but can't see what that has to do with any "lack of demand". 

Crashy_Time

rexmedorum said:

Crashy_Time said:

hazyjo said:

Not everyone can afford a house either. Many of us start off with flats, so of course there will always be a demand for them.

Not at current prices though......

https://www.plumplot.co.uk/house-prices-by-region.html

Interesting link but can't see what that has to do with any "lack of demand". 

What is your take on "demand" for flats?

rexmedorum

Crashy_Time said:

rexmedorum said:

Crashy_Time said:

hazyjo said:

Not everyone can afford a house either. Many of us start off with flats, so of course there will always be a demand for them.

Not at current prices though......

https://www.plumplot.co.uk/house-prices-by-region.html

Interesting link but can't see what that has to do with any "lack of demand". 

What is your take on "demand" for flats?

None specificaly, not something I have looked into. I'm just pointing out that a particular level of all house prices is not an indication of demand for one specific type (just flats).

Having said that you would thing the ongoing issues must have an effect. I certainly wouldn't buy one right now! Although I'd happily rent one (if I was to look at renting).

OceanBlue

Would love to own a dog one day so flats are a no from me

NameUnavailable

I vowed never to buy leasehold again due to problems with my last place (mostly to do with a dodgy freeholder).

I have been looking for my new home for ages (currently renting) and am proceeding with the purchase of a flat, however it is a shared freehold and there is a management company in place, a low rise block with no cladding etc., and it has had a lot or work done on the building in the past few years (new roof, windows etc).

My choice came down to a flat in a very nice area, or freehold house in a less desirable area, further away. I won't know if I've made the right decision until I'm living there!

Simple fact is that for many people freehold is simply not an option due to the cost of property. If you have to buy leasehold I would avoid anything that could cause problems later (private freeholders, no maintenance arrangements, lease less than 120 years, high/increasing ground rent, high maintenance property, anything with cladding).