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First time buyer: one bedroom in London

The daunting process of (Trying to) buying a house in London.
This is an idea I had on and off and I never managed to get to the end of it. Since rent doesn't seems to stop now I really need to get my head around this.

I'm looking for a studio/1 bed with min. 25 sqm - my max budget would be 300k. I'm looking primarly at West London (Hammersmith/Shepherd Bush) although I'm considering North too (Islington).
I have 100k ready for the deposit, rest on mortgage.

I've seen a few, the mojority ex-councils flat. Yesterday I came across something I really liked.

It's a one bedroom very close to Westfield White City, top floor on a main road. Also, the agent was really cool (small insipendent agency). The asking price is 300k and someone has already put in an offer. I'm quite interested in the place, I was just a bit concerned about the conditions of the outside of the building (a bit old) and also i noticed some cracks here and there on the inside walls. The agent also told me the roof is been replaced few years ago (not sure if this is a good or bad thing?).

I just registred so I can't post any links atm:(

The flat seems to be like attic on top of an old 2-floor building, with a total of 41 sqm, which is great.



Really liked the flat and I was thinking to put on a offer... is 280k a bit too low? I need to consider all the extra costs in case things may move forward so ideally I'd like to have a 'buffer' of 10-15k.

What would be my best move now to move ahead with this? And also is the overall building conditions something I can assess later on with a surveyor?

Any thoughts/suggestion would be really appreciated!
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Comments

  • gingercordial
    gingercordial Posts: 1,681
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    If it's on Rightmove then you can give us the number that's the last part of the link:

    property-xxxxxxxx.html

    And someone who isn't new can post it for you so we can comment properly.
  • redefinr
    redefinr Posts: 207
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    very helpful, thanks!


    property-82245002.html
  • need_an_answer
    need_an_answer Posts: 2,812
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    Is it just the picture quality or is there evidence of staining on the ceilings in most of the rooms...only slight but that could be a sign of poor ventilation which could be easily sorted or roof issues which could be a little more complicated.

    Whats the set up over who owns the roof?
    Is it your responsibility or a collective thing that's shared between the other leaseholders?

    If the outside of the building is also giving you doubts,again ask who is responsible for maintaining it and what the current reserves towards that work are.
    in S 38 T 2 F 50
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  • davidmcn
    davidmcn Posts: 23,596
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    Can't work out exactly which address it is, but assuming it's got commercial premises downstairs, that rules out some mortgage lenders - and if it's a restaurant/takeaway below you (or nearly below you), that makes it even more tricky (as not everyone wants to have kitchen smells vented up to their bedroom window!). So tread carefully, both in your own mortgage and considering future marketability/value.
  • redefinr
    redefinr Posts: 207
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    It's not the picture, there are some small stains around although the agency said the roof was recently changed. The windows doesn't fully open (they the one that just open on the top) but I haven't seen any mold.

    I remember I've been told the expenses of the building is shared.

    The entrance of the building is actually on the rear, and the restaurant is next door.
  • muhandis
    muhandis Posts: 994
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    edited 12 July 2019 at 12:36PM
    Some of the important details will only come out during conveyancing. There is only so much enquiry that you can do with the EA as -
    • They don't always know what they're talking about.
    • Are often known to make up or embellish facts to get you to make an offer.

    The important things are -

    1. Find out what the remaining lease years are, monthly service charge and annual ground rent.

    2. Armed with the above information and the ad, contact a broker and see if you will be able to get the mortgage you need to purchase this property. It appears to be above commercial so could well be a difficult case to place.

    3. Take what the EA said "someone has already put in an offer" with a pinch of salt. Don't get pressured into making an inflated offer.

    A similar flat (albeit a bit smaller and on the first floor) in the same building sold for 275k in October 2018. By that measure 280k seems reasonable but 300k seems quite ambitious. See here https://www.zoopla.co.uk/property/90a-goldhawk-road/london/w12-8hd/25157788
  • jimbog
    jimbog Posts: 2,109
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    I know this area well as I grew up in the Bush. The location isn't brilliant what with the tower block nearby and the restaurant. Especially when you can get this one:
    https://www.rightmove.co.uk/property-for-sale/property-72679198.html
    Gather ye rosebuds while ye may
  • redefinr
    redefinr Posts: 207
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    thanks @muhandis that's some really good points.

    @jimbog I know what you mean, and the link you shared has a really nice one-bed - but I'm really looking to get something close to a good Tube line or shops and amenties nearby.
  • csgohan4
    csgohan4 Posts: 10,587
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    no shame in renting for a while longer to get a bigger house. Just because you can buy a house/flat doesn't mean you should. it may not be the right one either

    i moved out of London due to the prices. For your budget i could get a nice 4-5 bedroom house in the south east
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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