What’s wrong with this property

SarahB16

ReadySteadyPop said:

Albermarle said:

Smalltownhypocrite said:

The flat market has stalled/crashed... especially in London. 

Everything has hit the ceiling, the ladder concept is not tenable, leasehold, fees, stamp duty are extortionate and stricter laws and worries after grenfell have put people off which means resale will be harder and possibly result in loss as the demand falls. Most are looking for more long term or permanent homes that are freehold instead.

Although where I live ( on the fringes of London/M25) there are a number of empty offices that have been converted/ are being converted to one bed flats. So must be a market for them. Maybe flats in converted offices are cheap ?

 Likely corporate owners who took a massive hit on commercial space trying to claw something back, be interesting to see how many sell, maybe companies will buy lots of them for putting staff up on business trips instead of paying for hotels?

I would agree the owners will most likely be selling to developers who will then do the office to resi conversion.  In my humble opinion unlikely that companies will buy lots and put staff up on business trips as the location of these office to resi conversions is not usually the best (trying to be tactful).

The majority of these conversions will very likely be sold on to landlords to rent out (typically that is what I have seen).  However, with all the increased regulation for landlords I do wonder what appetite there will be for landlords to purchase these conversions going forward.  

Ybe

ReadySteadyPop said:

arthurdick said:

The flat is not for me, too expensive for that far out.
On the Street view, I wonder if they asked the bloke in the blue shirt, standing outside the station,if he wanted to buy it.

Too expensive for many people now, there has been massive overbuilding of this sort of basic flat type in London and now that demand has dropped sellers are feeling the pinch.

I have noticed that in particular new build flats in London are taking a big hit in price, particularly those purchased on shared ownership or help to buy. 

Ybe

What about a small 1 bed maisonette flat with the possibility to extend into the loft with planning previously granted or eventually the option to buy the downstairs flat too. Is that likely to be a better long term purchase? 

Something like this - https://www.rightmove.co.uk/properties/159823931

Or even a shared ownership or discount market sale house? 

user1977

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

Ybe

user1977 said:

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

 I think the problem for the seller is that the identical flat above sold for 358k less than a year ago which sets the price now. If anything this one might be worth less being ex SO and a floor below. 

GDB2222

Ybe said:

user1977 said:

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

 I think the problem for the seller is that the identical flat above sold for 358k less than a year ago which sets the price now. If anything this one might be worth less being ex SO and a floor below. 

Why is ex SO such a disadvantage? 

Jaybee_16

Ybe said:

What about a small 1 bed maisonette flat with the possibility to extend into the loft with planning previously granted or eventually the option to buy the downstairs flat too. Is that likely to be a better long term purchase? 

Something like this - https://www.rightmove.co.uk/properties/159823931

Or even a shared ownership or discount market sale house? 

Wouldn't consider that flat. The road is a known rat run between North Finchley and Whetstone to avoid the High Road and Lodge Lane car park is to be a building site for a few years once the new leisure centre/cinema and flats are built.

Section62

user1977 said:

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

Very thoughtful of you to lay on entertainment for the people sitting at the bus stop opposite to watch.

Herzlos

user1977 said:

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

I've seen some bad balconies but that ones spectacular. I guess it provides somewhere to dry laundry but that's about it. 


It's a nice modern flat, but the fact the main room is curved glass really restricts what you can do with it and the view is awful. So I'm struggling a bit to see who this would appeal to. 

Ybe

Herzlos said:

user1977 said:

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!
 

Excellent! I can get some deli provisions to enjoy on my balcony while admiring the view of the car wash.

I've seen some bad balconies but that ones spectacular. I guess it provides somewhere to dry laundry but that's about it. 


It's a nice modern flat, but the fact the main room is curved glass really restricts what you can do with it and the view is awful. So I'm struggling a bit to see who this would appeal to. 

Someone bought it as a new build so clearly it appeals to someone. 

EA said there’s also a section 20 notice on it with an estimate of 75k for roof repairs.