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Confused.Mom
Posts: 2 Newbie
Hi everyone
I found this site in this forum incredibly useful over the past couple of years so here is my first post. I'd really appreciate some input:
I am a first time buyer, single mum with a four-year-old. I was renting up until a few months ago but it became completely unaffordable so we have moved in with my mother a mile down from my daughters school. It's fine for the moment but i've always had a dream to own my own house and I know mortgage payments would be less than rent. It's quite an expensive area to buy but I was thinking of putting an offer on a ground floor flat of Laing Easiform construction. It's in Guiseley, West Yorkshire which mainly has large Victorian terraces but a couple of estates of non traditional builds where this flat is.
It's just perfect for us. It's close to the school, so much cheaper than other properties, not too big in terms of heating and cleaning and has a garden fairly well sized. From the looks of the side of the building, it has had some form of remedial work done on it since this is a concrete construction. I've never wanted to live in a flat but there doesn't seem to be much other option for me in the area, plus with the low mortgage repayments I'd be able to reduce my hours to look after my daughter more instead of relying on wraparound childcare and my mothers help. I have a healthy deposit since I've been able to save the past few months, but I've read that not all mortgage companies would offer a mortgage on properties like this. Plus I'm a bit worried about the leasehold and other aspects of buying/living in a flat. It has been on the market for a good few months and I guess I'm worried about selling it later on if it's the sort of construction that eventually falls apart. I read a thread on here where someone pulled out of the sale because of a similar construction. Has anyone had any experience of this or could advise me? I'm more concerned about my mental health than anything because I'm not sure I could work through any practical issues easily. I need a nice little place where myself and my daughter can live comfortably instead of feeling like a vulnerable members of society. I've had enough stress in the past couple of years with divorce and CMS etc and just want to stand on my own 2 feet knowing there is a future in front of me and without worrying about money. Should I be put off by the concrete construction or should I go for it? Sorry for the long post but this could be life changing. Thanks for reading
I found this site in this forum incredibly useful over the past couple of years so here is my first post. I'd really appreciate some input:
I am a first time buyer, single mum with a four-year-old. I was renting up until a few months ago but it became completely unaffordable so we have moved in with my mother a mile down from my daughters school. It's fine for the moment but i've always had a dream to own my own house and I know mortgage payments would be less than rent. It's quite an expensive area to buy but I was thinking of putting an offer on a ground floor flat of Laing Easiform construction. It's in Guiseley, West Yorkshire which mainly has large Victorian terraces but a couple of estates of non traditional builds where this flat is.
It's just perfect for us. It's close to the school, so much cheaper than other properties, not too big in terms of heating and cleaning and has a garden fairly well sized. From the looks of the side of the building, it has had some form of remedial work done on it since this is a concrete construction. I've never wanted to live in a flat but there doesn't seem to be much other option for me in the area, plus with the low mortgage repayments I'd be able to reduce my hours to look after my daughter more instead of relying on wraparound childcare and my mothers help. I have a healthy deposit since I've been able to save the past few months, but I've read that not all mortgage companies would offer a mortgage on properties like this. Plus I'm a bit worried about the leasehold and other aspects of buying/living in a flat. It has been on the market for a good few months and I guess I'm worried about selling it later on if it's the sort of construction that eventually falls apart. I read a thread on here where someone pulled out of the sale because of a similar construction. Has anyone had any experience of this or could advise me? I'm more concerned about my mental health than anything because I'm not sure I could work through any practical issues easily. I need a nice little place where myself and my daughter can live comfortably instead of feeling like a vulnerable members of society. I've had enough stress in the past couple of years with divorce and CMS etc and just want to stand on my own 2 feet knowing there is a future in front of me and without worrying about money. Should I be put off by the concrete construction or should I go for it? Sorry for the long post but this could be life changing. Thanks for reading
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Comments
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Honestly?
Doesn't sound like it's the right time for you to buy.
If you can't afford to rent, you can't afford to buy (not without substantial equity). Remember, you won't have a landlord to ring up if the roof leaks or the boiler packs up. Throw in the 'mental health issues' you mention and it could all become very stressful for you.
How healthy is that deposit? If you can't the afford rent, I think you would have struggled to save say £10k+ in 'a few months.
I very much doubt you'll get a mortgage on a non-standard construction property. Usually cash buyers. Plus if you did, lenders will be extremely limited and obviously have higher rates, and buildings insurance is likely to be hard to come by and pricier too.
How many years are left on the lease of this particular property?
I'd usually say 'buy', but I really don't think it's right for you just yet. Sorry. Maybe others will think differently, or of things that I've missed.2023 wins: *must start comping again!*0 -
The reason why it is cheap is because there is something wrong with it.0
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I have a deposit of 50k from previously inaccessible savings and parents help. The flat is for sale for 115k which means a mortgage of approx £350 per month instead of the rent of 675 I was paying before on a cold Victorian terrace. It has been completely refurbished two years ago and re-roofed about four years ago so doesn't look like it needs any work doing. There are lots of similar builds in the streets surrounding so tomorrow I'm going to knock on some doors and phone some mortgage people. I can't foresee any stress occurring, it's more a rare opportunity for me so I was just reaching out there to see if anyone had any experience with these sorts of properties.
On the market. Com /details/5049868/0 -
2023 wins: *must start comping again!*0
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There are quite a few of Laing Easiform houses not too far from me, it's a local council estate, though lots of the properties are now in private ownership it seems. They don't seem to have any problem being sold on, but this is in a greater London suburb, so the lower prices compared to non council/non standard construction properties probably accounts for the healthy resale market for them.
This property you're looking at is obviously ex council as the 125yr lease is what they tend to grant on flats & apartments. This at least does mean that the lease should be easily extended in the future & at a reasonable cost. The service charges too are reasonable as this will be mainly for the buildings insurance of the property.
If your finances stack up & you can see yourself living there for a good number of years then it'd be worth going for. However, when you do the rounds of some neighbours, make sure to enquire about any noisy neighbours, especially in the flat above you.
It looks in great move in condition, although why they have a tv sat in the middle of the room is quite odd!The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
You are going to have to watch the lease length because there are only 95 years left on it. So if you are thinking of living there for many years you will need to extend the lease before you get down to 75 years or you may have a problem selling the flat if you need to.0
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