Apartment converted from offices - anything to be aware of?

Emily_Joy

Ditzy_Mitzy said:

 Have you thought about renting a one bed of your own within commutable distance of the new job?  The whole business of trying to buy a flat adds many  layers of complexity.  

Yes, I have thought about renting one bed on my own, it would not be any cheaper than a mortgage. If you mean renting a room, then I elaborated on this here: https://forums.moneysavingexpert.com/discussion/comment/79787080/#Comment_79787080

Thank you for the comments on the lodger idea.

Emily_Joy

ComicGeek said:

fryedslyce said:

Is this the property?

https://www.rightmove.co.uk/properties/124264799#/?channel=RES_BUY

Some more interesting inf about the development:

https://media.onthemarket.com/properties/3383728/doc_0_0.pdf

If it's that development, then the EPCs show that the flats have electric heating and hot water - expensive at the moment.

It is this development I am puzzled as to why the agent said it is mortgageable.

RedFraggle

Could it be a ground rent multiplier issue that makes it unmortgageable? 

TripleH

Emily_Joy said:

ComicGeek said:

fryedslyce said:

Is this the property?

https://www.rightmove.co.uk/properties/124264799#/?channel=RES_BUY

Some more interesting inf about the development:

https://media.onthemarket.com/properties/3383728/doc_0_0.pdf

If it's that development, then the EPCs show that the flats have electric heating and hot water - expensive at the moment.

It is this development I am puzzled as to why the agent said it is mortgageable.

If being sold modern mortgage, then maybe to draw people in so they can earn their £10k each time?

GDB2222

Just looking at the RM advert, it looks like a nice enough flat in an attractive block. There’s nothing obviously wrong with it, judging from the pictures and the RM description. And the location seems nice, by the river.

I wonder whether there’s been a flooding problem?

Anyway, as it is modern auction, I would not touch it. 

Emily_Joy

I went to look at it. I feel a bit sorry for the owner. It appears the building is not only converted from offices, but also has cladding; most windows do not open, but there are two small-ish that do. The windows are facing the river. Overall it probably used to a be a lovely place to work... There is electric heating and some sort of air cleaning system. The estate agent says there are people with mortgages living there, but it is not of course clear whether these are residential mortgages or BTL and whether any sensible lender will offer a mortgage now and in the future. The location of the kitchen also does not help...