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Ex-council vs. Newer apartment dilemma
Comments
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thanks - this particular ex-council one has a pointy roof. But actually another newer built apartment we looked at was in a block with a flat roof and exactly as you say there had been major problems - standing water causing flooding to flats on floor above, further remedial work required, developer since dissolved so all paid for by leaseholders!
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Does either block have a lift?
When the lift needs repair/replacement it will be very expensive!
As said, council properties have benefits but downsides also (mainly that councils employ large contractors for works and you have less rights in some respects as a leasheholder).
My personal advice would be to look for a block without a lift or any other likely money pit issues and ideally a shared freehold.
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yes - almost every flat we've seen on the market that we've looked at in any detail is currently on for about the same or less than it last sold for, even where they last sold in 2010-2013. Many have been on the market for months and seen multiple reductions. But as mentioned, we're looking for a home more than an investment, and there's just not much we can do to control for these wider market forces, I think?
We're currently in a flat within a converted townhouse (renting), as was our last flat, and yes this would usually be our preference too. But in the broad area of London we are looking, the few available in these properties, with share of freehold, tend to be further away from amenities and stations, and often quite a lot smaller (and / or basement flats), for the same or more money. In fact the one we're renting is a good example - it's tiny (38 square metres) but would probably sell for more than we could afford! So we're reconciled to leasehold and a wider range of building types. But definitely understand why you take that approach.
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Councils unfortunately have to emloy companies with larger resources hence costs to do everything from fitting a lightbulb to replacing windows and you have no say over this
Private owners can use Joe Bloggs the handyman.with low overheads and costs
Current tenants could be quiet and respectable neighbours but there are a number of problem tenants perhaps themselves vulnerable who might be tenants in the future
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ooh, would never have thought of this as a potential financial risk! Yes, both buildings have lifts. I guess the newer one should last longer. But then the council one might be a more robust set-up, and must have been serviced and / or repaired / replaced since it was built
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Any property could have problem neighbours. Private landlords won't care as long as they pay the rent! Just because it's a private block doesn't mean the owners live there!
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If you are not overly concerned about potential depreciation on your next home in years to come and the ex council is the front runner you may wish to look into extending the lease ( hopefully at low cost) sooner rather than later.
99 years may seem like a decent length but adding another 90 years under current rules maybe sensible to ensure you have a decent lease term to pass onto a future purchaser whenever that may occur.
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agreed! we don't really have worries in this regard
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what a day! both offers were quickly, and somewhat unexpectedly, accepted within minutes of each other. We're going with the newer build one (assuming it all works out!). Thanks all for the advice here. In the end, the fact we'd not have to do anything to this one and could move in and live there as-is, combined with the concerns a few of you mentioned around sudden / high bills for work in council-owned blocks, tipped us this way. Will be missing out on that view, but think we'll be very happy anyway! Now just fingers crossed that the whole mortgaging and conveyancing bit goes smoothly!
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Congratulations.
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