What to look out for when buying a flat

alreeve27

Hi there,

I sold my house chain free recently and am living with friends whilst monitoring rightmove etc. Given the issues with cladding etc I am thinking that buying a house would be perhaps more problem free than a flat, alongside having no service charge etc. However if I want to move to London then a flat is the best option affordability wise.

I don’t think my next move is likely to be for too many years, so I need to make sure I can sell it on fairly easily further down the line. What should I be looking out for in terms of danger flags re the cladding issue and anything else that could cause problems when selling? Is there a particular year/period after which developments would be a safer bet?

I have owned a flat before, out of London, but want to know what I’m getting into.

many thanks

Slithery

Personally I wouldn't buy any flat for the next few years.
Until the new legislation is brought in you have no idea what costs you'll be liable for.

IAMIAM

FLATS
Service Charges and how it escalates, new builds seem cheap to start but soon double in the first two, three years
Leasehold Length and who are the management company
Ground Rent Charges and how it escalates 
What type of block is it, all new builds seem to be investment only, extortionate and full of Air B n B Rentals. 
Car Parking included or extra
Electric Car in the future, where to charge.

bouicca21

I think it’s easy enough to avoid cladding issues.  There are all sorts of low rise blocks that aren’t problematic, though you maybe have to hunt a bit more carefully.

My concerns would be
1) length of lease (though if you are a cash buyer and do your sums right, you could pick up something with a short lease and extend).
2) ground rent
3) service charges (if you want a concierge, gym and swimming pool, you’ll Pat through the nose)

4. and of course, location, location, location.

IAMIAM

I do find, correct me if wrong, mill conversion type blocks etc seem to be the type without issues usually

Skiddaw1

If at all possible, I'd be inclined to buy a house rather than a flat, especially as you're likely to be looking to sell again within a few years.

hazyjo

Rarely advisable to buy for the short term. Buying/selling is an expensive business.

What sort of budget? Do you earn decent money that's likely to increase?

Top floor in a low block is prob best. Or a conversion, perhaps with a split or shared garden. Would avoid ex-LA and anything with a lift.

alreeve27

Thanks for the replies everyone. Budget is around 350k and will be buying alone. Went through a divorce last year so reason for not thinking too long term is mainly that I want to invest in something but realistically if I settled down with someone in a few years I might not necessarily want to keep it, as it is likely to be not my ideal location because it’s just what I can afford.

Previously lived in Essex and could easily buy a 2 bed in a lot of areas there, but would like to get closer into London.

From everything above I think a house probably is more sensible. Not in a mad rush but would like to invest in something fairly soon, and get a bit settled.

Rosa_Damascena

alreeve27 said:

Thanks for the replies everyone. Budget is around 350k and will be buying alone. Went through a divorce last year so reason for not thinking too long term is mainly that I want to invest in something but realistically if I settled down with someone in a few years I might not necessarily want to keep it, as it is likely to be not my ideal location because it’s just what I can afford.

Previously lived in Essex and could easily buy a 2 bed in a lot of areas there, but would like to get closer into London.

From everything above I think a house probably is more sensible. Not in a mad rush but would like to invest in something fairly soon, and get a bit settled.

Stick with Essex if you can cope with the commute, so much nicer (unless you are looking to move to Basildon ).

alreeve27

Rosa_Damascena said:

alreeve27 said:

Thanks for the replies everyone. Budget is around 350k and will be buying alone. Went through a divorce last year so reason for not thinking too long term is mainly that I want to invest in something but realistically if I settled down with someone in a few years I might not necessarily want to keep it, as it is likely to be not my ideal location because it’s just what I can afford.

Previously lived in Essex and could easily buy a 2 bed in a lot of areas there, but would like to get closer into London.

From everything above I think a house probably is more sensible. Not in a mad rush but would like to invest in something fairly soon, and get a bit settled.

Stick with Essex if you can cope with the commute, so much nicer (unless you are looking to move to Basildon ).

😂 Lots for sale round there! If I could actually decide on an area that would help really!

RAS

OK, so if you want to be closer to London, start with looking at transport networks, and work outwards. Go on a day trip and check out locations, rather than just Rightmove. 

Do you still have social contacts where you lived before, with whom you want to keep contact? Otherwise, you have ore options.