thanks

i_like_cats

Thanks for the help 

El_Torro

Neither sound particularly appealing to me. Hard to say without photos though. The way you've described it sounds like Flat 1 is your preference, that doesn't necessarily mean it's the right one to go for.

Regarding the BTL mortgage, it makes sense to get an interest only mortgage, even for the flat where the buyer has enough cash to have no mortgage. 

El_Torro

Some lenders will give BTL mortgages for life. Though I'm not sure whether they would give them to someone who is already 76. 

Why does she want to get into BTL at all? Sounds like a lot of hassle for someone starting out at 76. Wouldn't it be better for her to live off her money that she already has? The likelihood of her living another 30 years is low. 

Albermarle

El_Torro said:

Some lenders will give BTL mortgages for life. Though I'm not sure whether they would give them to someone who is already 76. 

Why does she want to get into BTL at all? Sounds like a lot of hassle for someone starting out at 76. Wouldn't it be better for her to live off her money that she already has? The likelihood of her living another 30 years is low. 

As above in bold.
I think if I was you I would be putting her off the idea altogether . Unless maybe she has other properties and is an experienced landlord?
With all the taxes, maintenance and regulatory costs. BTL is not anywhere near as attractive as it used to be. 
A lot easier to have some savings and investment accounts.

london21

I will opt for freehold over a leasehold if possible. 

EssexHebridean

If there is £450k in the budget with a mortgage then I'd look at just outside London, and freehold. If 20 minutes walk from a station with easy links into central London is the criteria, then there are options available to the north east for sure. 

EssexHebridean

Hertford, Chadwell Heath, Romford, Dagenham (nowhere near as grim as it used to be, although you'd want a good look at the area) Hoddesdon...maybe Stevenage?

Woodford Green is lovely but pricey. Having said that, there are a couple of options up there at the moment under £450k. 

If you are meaning "play music at a reasonably high volume" then don't buy a flat, as even if you can do that in the winter without upsetting neighbours, you can't in the summer. Dogs in flats are a nightmare - even as a dog lover the regular "I need to go for a wee" barking is an irritant. Plus, it's far better to be able to open the door and turf it into the garden for that late night/pouring with rain/got a stinking cold and don't want to go out toilet business. 

I'm a Londoner born and bred. I'd LOVE to be able to live in Chingford for example, in a nice house with a garden and lovely neighbours. Or maybe some of the nicer bits of Leytonstone - Bushwood area is fab, and right on the central line. I don't have the budget though - we could afford somewhere shoe-boxy maybe, but that's not a compromise we'd be willing to make over a bit of space, a garden etc. And that's the thing - your budget decrees quite how much choice you actually have when it comes down to it. otherwise, there are always going to be compromises to be made. 

gwynlas

Do you have to be in central London for work or is it a desire to relocate there?
It sounds as though you might be single through choice or are you keen to form a relationship?
There are many commutable areas that might offer two bedrooms together with a decent area and some people  ot the forun would be harry to house search if you laid out your criteria.
Are your parents actively looking for an investment property to boost their income?
Would they be prepared to subsidise your housing in order to get their own space back?
ideally as an adult you should be self sufficient but I understand that these days it is extremely difficult to get on the property ladder as a singleton.

EssexHebridean

As a first point Hertford to Central London is under an hour on the train - not sure where your  idea of three times that comes from! 😉 The fares, well those aren’t going to be cheap if you are commuting, no. Being close enough to work to walk or cycle is lovely, but can come with negatives too - increased living costs sometimes, decreased value for money on your accommodation, and also possibly even that being the closest to the office might come with some expectations that when someone is needed to just pop in for some reason you will be the obvious target! 

I’m not sure why you feel that being single without children is a reason why you wouldn’t feel comfortable in a suburban type area either? My street has a real mix of people - from families through to single women, retired couples, a multi-generational household…it’s a proper mix, but ultimately that doesn’t make much difference to us anyway as although everyone is friendly enough,  we’re all neighbours, not “friends” - the mix just makes it a nice place to live! 

My feeling is that while I lived in a studio years ago, I wouldn’t want to do it long term as a grown adult. I love books, and have a lot of them, our current house has enhanced that as it has a LOT of bookshelf space which is wonderful. Although I wouldn’t say “things” bring happiness, I certainly want scope to be able to own more of them than most studios will allow! 

Normally if renting you’d be able to take a view of moving on if it proves that the place isn’t suitable for you, but that will be trickier if it’s a property bought specifically with a view to renting to you - you probably need to think quite carefully about how that might be managed. 

dinosaur66

i like wanstead/snaresbrook/woodford/loughton/buckhurst hill/epping / all central line mostly bigger sized rooms

and all have cafe type culture and green parks everywhere and leafy and as safe as london can get

i like romford /always busy great town /

blackheath /maze hill /clockhouse/crystal palace although i would not like to ride a bike in those areas to hilly but nice places to live

notting hill always loved the area  and cycling bayswater and the park would be nice

my favourite is primrose hill but to expensive

edgware road from maida vale to cricklewood or go towards golders green /spaniards way .

i can think of whole trenches of nice places off the a2 but i have always prefered north side of the river .

my only misgiving is i refuse to buy leasehold / hope the law changes very soon as in places like london 90% of propertys that people can afford are leasehold

 

Yorkie1

Is the intention that your parents may get a BTL on a flat which you would then live in?

If so, I believe this may cause difficulties because it would become a regulated BTL. Others with more experience would be able to give more details if this is the case.