FTB: How much should we offer for a flat with (potential) flaws?

TripleH

Use of space is personal preference. Having spent lockdown in a 60sqm flat, if you are working permanently from home, then having the office and guest room as the same with a closable door is key.

I worked in the lounge kitchen and when I finished work I couldn't escape my workspace as it was in eyeline. In a small flat this is mentally draining.

NameUnavailable

TripleH said:

Use of space is personal preference. Having spent lockdown in a 60sqm flat, if you are working permanently from home, then having the office and guest room as the same with a closable door is key.

I worked in the lounge kitchen and when I finished work I couldn't escape my workspace as it was in eyeline. In a small flat this is mentally draining.

My solution was buying an antique bureau desk, the type that fold away and look like a nice chest of drawers. It sits at the end of the lounge/diner and takes up minimal space but holds all my work stuff. When I close the desk flap that's work over!

Tiglet2

NaeClue said:

@Deleted_User lease is down to 88 years now and would be extended by 90 through the statutory process. There's a freehold going one road down, also with garden albeit slightly smaller (45sqm, that's including a 5sqm shed though) - went on the market for 395k today. Price per sqm with the shed would value the property we're interested in at about 425k, without the shed at 475k but that doesn't take into account that the other one is a freehold. 

Flats in London are not freehold.  The other flat is probably a share of freehold, but that's not always a good thing.  You would need to understand the set up for both to be able to compare.  

88 years remaining is not that bad.  You could comfortably live in the property for a couple of years before starting the statutory route for yourself or when you come to sell and you assign the extension to the new buyer.  80 years is when marriage value kicks in and it will become more expensive to extend and some mortgage lenders may refuse to lend.

eddddy

NaeClue said:

Quickly answering the question re. Lease extension ( @eddddy) :
The current owners would kick off the statutory lease extension process for us so that we wouldn't have to wait for 2 years to do so ourselves. They have spoken to the landlord about the cost we'd be looking at and came back with round about 11k. As far as I understand, this is reasonably common practice but please do correct me if I'm wrong. I appreciate there's the potential for us to just wait for 2 years and do it ourselves, we'll certainly think about this more. What I'm not clear and slightly worried about is any increase in service fees that we might be looking at, can the service fee be increased any time or only when a lease is extended? 

It sounds like you're saying the current owner said to the landlord "How much would a statutory lease extension cost?" and the landlord answered "£11k".

That's really asking your opponent for an opinion (you could almost say it's like 'asking the enemy') - it's risky to rely on their opinion. You should only really rely on advice from knowledgeable people who are on your side.  


Maybe start by looking at some of the online lease extension calculators:

https://www.lease-advice.org/calculator/
https://myleasehold.co.uk/lease-extension-calculator/
https://www.freehold-sale.co.uk/calculators/lease-extension-calculator/

You can google 'lease extension calculator' and find lots more.