Have I overpaid on this flat?

Sarah1Mitty2

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

snowqueen555

Sarah1Mitty2 said:

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

Yeah they are pressuring me a bit now as I've said I won't go further until the bank offer comes through.

The paperwork came through and I am still tempted, it's 3.25%. I have gone back and asked for a lower price.

But going by all the forums posts I've scoured on there, the price isn't anywhere near low enough, though it evidently passed the bank's independent valuation.

I also note the paperwork says 85 years left so it looks like the new 999 lease hasn't been put on yet.

As I am on the bottom of the market, any flat at this price will fill me with concerns as it is a case of having to settle for what I can get in this price bracket.

Thanks.

NameUnavailable

snowqueen555 said:

Sarah1Mitty2 said:

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

Yeah they are pressuring me a bit now as I've said I won't go further until the bank offer comes through.

The paperwork came through and I am still tempted, it's 3.25%. I have gone back and asked for a lower price.

But going by all the forums posts I've scoured on there, the price isn't anywhere near low enough, though it evidently passed the bank's independent valuation.

I also note the paperwork says 85 years left so it looks like the new 999 lease hasn't been put on yet.

As I am on the bottom of the market, any flat at this price will fill me with concerns as it is a case of having to settle for what I can get in this price bracket.

Thanks.

Sounds like you have made your mind up to proceed on this purchase. Good luck with it. You are certainly aware of all of the pitfalls by now, so going into it with your eyes wide open at least.

Sarah1Mitty2

snowqueen555 said:

Sarah1Mitty2 said:

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

Yeah they are pressuring me a bit now as I've said I won't go further until the bank offer comes through.

The paperwork came through and I am still tempted, it's 3.25%. I have gone back and asked for a lower price.

But going by all the forums posts I've scoured on there, the price isn't anywhere near low enough, though it evidently passed the bank's independent valuation.

I also note the paperwork says 85 years left so it looks like the new 999 lease hasn't been put on yet.

As I am on the bottom of the market, any flat at this price will fill me with concerns as it is a case of having to settle for what I can get in this price bracket.

Thanks.

As mortgage rates have risen isn`t it more likely that better flats will appear at your price level as people withdraw from purchases?

snowqueen555

Sarah1Mitty2 said:

snowqueen555 said:

Sarah1Mitty2 said:

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

Yeah they are pressuring me a bit now as I've said I won't go further until the bank offer comes through.

The paperwork came through and I am still tempted, it's 3.25%. I have gone back and asked for a lower price.

But going by all the forums posts I've scoured on there, the price isn't anywhere near low enough, though it evidently passed the bank's independent valuation.

I also note the paperwork says 85 years left so it looks like the new 999 lease hasn't been put on yet.

As I am on the bottom of the market, any flat at this price will fill me with concerns as it is a case of having to settle for what I can get in this price bracket.

Thanks.

As mortgage rates have risen isn`t it more likely that better flats will appear at your price level as people withdraw from purchases?

We shall see. I pulled out of the purchase. My heart wanted it but my brain won out.

Sarah1Mitty2

snowqueen555 said:

Sarah1Mitty2 said:

snowqueen555 said:

Sarah1Mitty2 said:

AFF8879 said:

snowqueen555 said:

Hi

Just an update, looks like the mortgage went though so just waiting on the paperwork. In the last month I've been on the lookout and have only had one flat come up to view So there are not many coming up on the market. That flat I viewed had parking and gas connection. Problem is it's on a private road and it looks really rundown and the management company has awful reviews so that put me right off. The service charges and ground rent were quite high.

Back to my original flat as shown on the first post, I had originally settled on rejecting this flat but I also am worried that if nothing much comes up to just go with this. It's a shame I have noone IRL to talk these things through.

Main downsides are it's above a shop (with a flat below me so not directly below). There is no parking and no garden etc. It's electric heating.

Positives are it's close to the city centre and I do like the area. There would be minimal work needing to be done. 

Whilst I don’t necessarily subscribe to the theory that every house you buy should make you feel tremendously warm and fuzzy inside, you really seem like you’d be a very reluctant purchaser of this flat above a shop… how long do you see yourself living in this place? 

Honestly, if I were you I would hold off. House prices certainly seemed to have cooled off and even if they don’t drop, don’t look as though they’re going to rise much over the coming months. All it takes is for one perfect flat to come on the market and you’d have massive regrets. Buying your first home should fill you with excitement not dread…

Yes, they sound almost like they are being pressured into buying this flat somehow, not a good approach.

Yeah they are pressuring me a bit now as I've said I won't go further until the bank offer comes through.

The paperwork came through and I am still tempted, it's 3.25%. I have gone back and asked for a lower price.

But going by all the forums posts I've scoured on there, the price isn't anywhere near low enough, though it evidently passed the bank's independent valuation.

I also note the paperwork says 85 years left so it looks like the new 999 lease hasn't been put on yet.

As I am on the bottom of the market, any flat at this price will fill me with concerns as it is a case of having to settle for what I can get in this price bracket.

Thanks.

As mortgage rates have risen isn`t it more likely that better flats will appear at your price level as people withdraw from purchases?

We shall see. I pulled out of the purchase. My heart wanted it but my brain won out.

Sounds like the best move, I don`t think you will regret it.