Advice for a first time buyer - London - help please!!!

herebeme

Also. Just because you *could* borrow 400k, doesn’t mean you have to. There are 1216 listings for 2 beds with a balcony at 350k or under for sale in London on Rightmove right now. Some of them look decent enough though most have leases around 90years so you need to factor in 8 to 10k for the lease extension once you’ve lived in the place 2 years. But even a quick searches showed a few priced at 300k with long leases. Not being financially stretched has a lot of advantages. 

bouicca21

I think it’s doable though it will cost more than your current rent and it will probably be at least zone 4.  You need to think about your commute - where do you need to get to, how (car, train, bike?) and how long are you prepared to travel?  How do you expect your careers to develop as in where are you likely to be working in 5 years time? 

RedFraggle

In the civil service London weighting is based on where you live. 

gwynlas

Are you currently living togther and paying £800 each? Whilst you would like a 2 bed with outdoor space you could get on the property ladder by purchasing a 1 bed which would both test that your relationship is long term and allow you to save amd hopefully build equity. New builds have a premium built in so you would probably be better off looking at a purpose built or converted property with appropriate acoustic insulation. Factor in ground rent, service charge, sinking fund, cost, ttme and ease of commute ensuring that area offers the amenities you would like. You might have certain areas in mind based on your current knowledge but be open to looking at alternatives locations that might equally suit your needs.

Sarah1Mitty2

gwynlas said:

Are you currently living togther and paying £800 each? Whilst you would like a 2 bed with outdoor space you could get on the property ladder by purchasing a 1 bed which would both test that your relationship is long term and allow you to save amd hopefully build equity. New builds have a premium built in so you would probably be better off looking at a purpose built or converted property with appropriate acoustic insulation. Factor in ground rent, service charge, sinking fund, cost, ttme and ease of commute ensuring that area offers the amenities you would like. You might have certain areas in mind based on your current knowledge but be open to looking at alternatives locations that might equally suit your needs.

Can`t see a London 1 bed being a way to "build equity" now, and risking negative equity to "test" a relationship doesn`t sound like good advice to me.