What’s wrong with this property

GDB2222

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

That’s fine, but there are loads more to look at. I’m not saying that you should buy it, especially as it is suspiciously cheap. However, you should really be looking at alternatives, even if that just confirms your preference for new build. 

As far as I know, you haven’t looked at a single property, yet you sound like you may buy an off plan flat at the Tramshed development, if they’ll give you a small discount/incentive.

Ybe

GDB2222 said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

That’s fine, but there are loads more to look at. I’m not saying that you should buy it, especially as it is suspiciously cheap. However, you should really be looking at alternatives, even if that just confirms your preference for new build. 

As far as I know, you haven’t looked at a single property, yet you sound like you may buy an off plan flat at the Tramshed development, if they’ll give you a small discount/incentive.

I’ve looked at a few and it’s only confirmed I want a new build. I like the wider corridors in new builds, the aesthetic, the compliance with the latest building regs etc. However, if I do buy a new build I want to know that I’m getting the largest discount possible. 

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

GDB2222 said:

I can see older flats, in good condition and with long leases, for around 30% less. 

But if you have done the research on newer flats, then you have answered your own question. Just bear in mind that the older flats were once new.

30% less, wow. The OP really needs to be careful here.

And a Skoda costs less than a Bentley. I'm not sure what the point is here. 

It was a general point about value based on the OP saying;

"A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. "

ReadySteadyPop

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

Spikeygran

I think you are getting bogged down on prices, market trends and looking at far too wide a search. You are looking for a needle in a very large haystack.

I would suggest going back to basics. Find an area you really like, factor in things like how far in walking distance from a station or local shops, pubs, restaurants you want to be and what decent parking is available, a bit of green space in a big town is always a bonus. Go for some walks about the area at different times of day, weekend etc and rule out things like noisy roads, schools,  facrtories, rough pubs etc.  Then having narrowed your chosen area down do a property search to see whats available there and view all suitable ones. If nothing else it gets you used to spotting potential problems, and seeing exactly what you do or dont like.

If the prices are too high, widen the search slightly, but once you start moving out of your chosen area, your 2nd best area is probably looking more attractive. So repeat the process there.

GDB2222

Ybe said:

GDB2222 said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

That’s fine, but there are loads more to look at. I’m not saying that you should buy it, especially as it is suspiciously cheap. However, you should really be looking at alternatives, even if that just confirms your preference for new build. 

As far as I know, you haven’t looked at a single property, yet you sound like you may buy an off plan flat at the Tramshed development, if they’ll give you a small discount/incentive.

I’ve looked at a few and it’s only confirmed I want a new build. I like the wider corridors in new builds, the aesthetic, the compliance with the latest building regs etc. However, if I do buy a new build I want to know that I’m getting the largest discount possible. 

Perhaps I have misunderstood, because previously you’ve said that you have not looked at any of the flats that you’ve mentioned. Anyway, it sounds like you’re going to buy a new build flat, and the Tramsheds development looks ok to me. 

Very, very convenient for the big Waitrose, which is obviously a strong selling point!  

poseidon1

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

And don't forget the current £3,714 p.a service charge which adds another 25% monthly outgoing on top of a potential mortgage.

ReadySteadyPop

GDB2222 said:

Ybe said:

GDB2222 said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

That’s fine, but there are loads more to look at. I’m not saying that you should buy it, especially as it is suspiciously cheap. However, you should really be looking at alternatives, even if that just confirms your preference for new build. 

As far as I know, you haven’t looked at a single property, yet you sound like you may buy an off plan flat at the Tramshed development, if they’ll give you a small discount/incentive.

I’ve looked at a few and it’s only confirmed I want a new build. I like the wider corridors in new builds, the aesthetic, the compliance with the latest building regs etc. However, if I do buy a new build I want to know that I’m getting the largest discount possible. 

Perhaps I have misunderstood, because previously you’ve said that you have not looked at any of the flats that you’ve mentioned. Anyway, it sounds like you’re going to buy a new build flat, and the Tramsheds development looks ok to me. 

Very, very convenient for the big Waitrose, which is obviously a strong selling point!  

If a flat is very overpriced a big shop nearby won`t make much difference, in a city a major store is usually a short walk or bus/car ride away, and large numbers of people just get groceries delivered now (I have done this consistently since the late 90`s, so much less stress than trying to negotiate a busy supermarket)

Herzlos

Convenience of stuff is a huge deal and most of the reason property in cities is worth more. 

Being able to walk to a shop is much better than being able to order online. 

Ybe

ReadySteadyPop said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

To live in