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  • FIRST POST
    • AndreeaG
    • By AndreeaG 13th Sep 19, 10:51 AM
    • 6Posts
    • 0Thanks
    AndreeaG
    Buying first house (Budget 300K) - opinions would be really appreciated.
    • #1
    • 13th Sep 19, 10:51 AM
    Buying first house (Budget 300K) - opinions would be really appreciated. 13th Sep 19 at 10:51 AM
    After years of renting we are finally looking for a house to buy. So being FTBs, this is where the MSEs' expertise comes forward - I really need a second opinion.

    Both myself and my partner will need to commute into London daily.

    We have seen a first-floor maisonette, which is close to the Greenford station and we like the area. Is currently listed for 307,000 and it comes with 100 years of lease. What do you guys think what are the advantages/disadvantages of buying a first-floor maisonette?

    We would like to buy a house instead of a maisonette, however, because of our 300,000 budget, we struggle to find a 2bed house with a garden. Do you have any suggestion on areas that we should be looking to buy a house within our budget e.g. (Watford)? Should we also wait to see what happens with Brexit?

    Thanks for any input!
    Last edited by AndreeaG; 13-09-2019 at 10:54 AM.
Page 1
    • hazyjo
    • By hazyjo 13th Sep 19, 11:04 AM
    • 12,348 Posts
    • 16,855 Thanks
    hazyjo
    • #2
    • 13th Sep 19, 11:04 AM
    • #2
    • 13th Sep 19, 11:04 AM
    Is it 100 years of lease - in total, or remaining?

    Yeah I like a maisonette. Own front door and all that. Are there just two in the block, or a few? Is there a freeholder, or is it what's generally known as 'Share of Freehold'? If the latter (which I suspect it will be), maybe check things like accounts and maintenance are dealt with properly (your solicitor will check anyway, but I'd be asking the seller and maybe even a neighbour how efficiently it's run). There should be a fund of sorts for the building even if no major common parts. Shared gardens? Does it look well kept?

    I'd not wait, but that's me. I don't think people know why they're waiting. Which leads me to believe that after the deadline (if a deal is actually agreed), the market may see a slight rise while people start buying again. Personally I don't think it will last and I think they'll dip again. Just my opinion though!

    Can't advise re areas as don't know that side of London hugely well.
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + 30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
    • cattie
    • By cattie 13th Sep 19, 12:28 PM
    • 8,112 Posts
    • 5,632 Thanks
    cattie
    • #3
    • 13th Sep 19, 12:28 PM
    • #3
    • 13th Sep 19, 12:28 PM
    I'm a fan of maisonettes & as you say you like the area, I'd seriously consider going for it if it offered pretty much what I needed & looked well cared for. Brexit would be of no concern to me as I'd be buying a home to live in & nobody knows what will happen & how things will pan out. Whilst paying a mortgage you'd save on rent, so I think it's all pretty academic anyway.

    As hazyjo mentions though, first you need to find out the actual length of lease remaining as personally I'd not consider anything less than 99yrs. Share of freehold would be a big bonus & you'd need to find out cost of any service charges & ground rent too. Service charges often include buildings insurance, but less common, there are some flats where leaseholders have to arrange their own buildings insurance.
    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.
    • AndreeaG
    • By AndreeaG 13th Sep 19, 12:47 PM
    • 6 Posts
    • 0 Thanks
    AndreeaG
    • #4
    • 13th Sep 19, 12:47 PM
    • #4
    • 13th Sep 19, 12:47 PM
    Hi hazyjo, cattie,

    Thank you for your messages.

    The maisonette currently has 76 years of the lease, however, the vendor will extend to 100-years.

    The land is owned by a freehold which I believe is a company. In addition, the maisonette has a shared garden, ground rent is 50/year and 350/year service charge which includes building insurance.
    • Cakeguts
    • By Cakeguts 13th Sep 19, 1:49 PM
    • 6,685 Posts
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    Cakeguts
    • #5
    • 13th Sep 19, 1:49 PM
    • #5
    • 13th Sep 19, 1:49 PM
    Are you already living in Greenford? I assume you are if you say you like the area? I don't like Greenford very much but I don't have your budget.
    • bouicca21
    • By bouicca21 13th Sep 19, 3:51 PM
    • 4,655 Posts
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    bouicca21
    • #6
    • 13th Sep 19, 3:51 PM
    • #6
    • 13th Sep 19, 3:51 PM
    The vendor will extend? Or simply serve the requisite notice? Who will pay and what will the terms be? If it is an informal extension the freeholder has an opportunity to change the ground rent and possibly put in regular increases. You need to know - or get the benefit of the service of notice for a statutory extension that will lose the ground rent altogether and do it yourself, making the vendor reduce the price accordingly.



    What other clauses are in the lease - pets allowed? subletting allowed?
    • AndreeaG
    • By AndreeaG 13th Sep 19, 4:20 PM
    • 6 Posts
    • 0 Thanks
    AndreeaG
    • #7
    • 13th Sep 19, 4:20 PM
    • #7
    • 13th Sep 19, 4:20 PM
    Hi bouicca21,

    Thank you for your message.

    The vendor will be extending the lease upon completion to 100 years. Some more information that we know is that the downstairs flat is currently rented. We will need to find out in regards to the clauses that are in the lease.
    • gwynlas
    • By gwynlas 13th Sep 19, 4:27 PM
    • 289 Posts
    • 341 Thanks
    gwynlas
    • #8
    • 13th Sep 19, 4:27 PM
    Buying first house (Budget 300K) - opinions would be really appreciated
    • #8
    • 13th Sep 19, 4:27 PM
    There are a number of 2 bed maisonettes in Greenford in your price bracket. I would look for the one with the best floor plan and visual appearance,
    Other outer London areas could be considered but this would depend on your place and hours of work as well as cost of commute.
    • Bossypants
    • By Bossypants 13th Sep 19, 4:36 PM
    • 993 Posts
    • 1,962 Thanks
    Bossypants
    • #9
    • 13th Sep 19, 4:36 PM
    • #9
    • 13th Sep 19, 4:36 PM
    Where in London do you need to commute to and how short do you want your commute to be? Are you committed to living in London itself? My commute into Canary Wharf from Horsham in West Sussex is about the same as my colleague's who commutes from Richmond. Needless to say, I get a lot more house and garden for my money than he does.
    • AndreeaG
    • By AndreeaG 13th Sep 19, 5:04 PM
    • 6 Posts
    • 0 Thanks
    AndreeaG
    We work in Shoreditch and we need to travel daily to Liverpool Street Station OR Shoreditch High Street Station.

    In regards to the journey time, we are looking at around 1hour 30min max per journey.

    We have looked at Horsham and we like the properties which are within our price bracket. However, the train ticket (inc Zone 1-6) will cost around 450/month.
    • bouicca21
    • By bouicca21 13th Sep 19, 5:46 PM
    • 4,655 Posts
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    bouicca21
    Personally Id prefer somewhere like Manor Park (I dont much like Greenford either, though it is many moons since I have been there and it may have changed).

    Id also be wondering about using Thameslink
    • Retired Mortgage Adviser
    • By Retired Mortgage Adviser 13th Sep 19, 5:49 PM
    • 89 Posts
    • 106 Thanks
    Retired Mortgage Adviser
    300k budget, working near liv street station, happy to spend 90 minutes on the journey to work, is there any particular reason you're not looking eastwards on the Elizabeth Line (Crossrail) as that would appear to be the most logical area in my eyes?

    Once you go past Romford, you might well get a 2 bed house for that budget.

    We work in Shoreditch and we need to travel daily to Liverpool Street Station OR Shoreditch High Street Station.

    In regards to the journey time, we are looking at around 1hour 30min max per journey.
    Originally posted by AndreeaG
    Last edited by Retired Mortgage Adviser; 13-09-2019 at 5:55 PM.
    I am NOT a Mortgage Adviser, I used to be one
    You should note that this site doesn't check my status as an ex-mortgage adviser, so you need to take my word for it. My posts on here are for information and discussion only. My opinion is not advice and should not be taken as such.
    • PasturesNew
    • By PasturesNew 13th Sep 19, 6:09 PM
    • 67,258 Posts
    • 394,235 Thanks
    PasturesNew
    My advice would be that if you want a garden, don't get a first floor maisonette.... you'll quickly find that you have everything indoors you need - and can't see a reason to gather up what you want... traipse down the stairs, to sit in a garden .... it just won't happen.
    • Cakeguts
    • By Cakeguts 13th Sep 19, 6:10 PM
    • 6,685 Posts
    • 10,520 Thanks
    Cakeguts
    Personally Id prefer somewhere like Manor Park (I dont much like Greenford either, though it is many moons since I have been there and it may have changed).

    Id also be wondering about using Thameslink
    Originally posted by bouicca21

    They are building a new estate on the old Glaxo site but around the station it hasn't changed at all. It is still not very nice in my opinion. There are nice places to live.
    • Buyer K
    • By Buyer K 13th Sep 19, 6:13 PM
    • 27 Posts
    • 3 Thanks
    Buyer K
    Maisonettes are the bomb as far as I'm concerned and basically all I'm willing to buy in London until such time that I can afford a house!


    I think you should buy whatever you like if you like it enough but I feel very strongly that brexit or the spectre of it has affected the prices of properties that once upon a time sellers would have chanced at pricing much higher. This is not true of all places, of course. Properties with solid, desirable features and floorplans seems to keep value. But the weirder ones - the ones that are awkward or require lots of imagination: they dip.



    The property I'm buying right now was on for 525k last year, when I first went to see it. Over 3 months the seller brought it down to 500k, then 475k... I got it for 462k.


    The estate agent told me they'd originally wanted to put it on sale for 625k two years ago. And I would have believed it as that was around the time when I last looked myself; prices were totally in line with this level of confidence.



    Now market seems quieter and seller are less sure they can hold buyers dedication.



    Only problem for me was as it got closer to the original brexit deadline the properties I wanted dried up! Then they started to emerge again (a little)... almost like everyone realised they can't predict how the political landscape is gonna pan out and stopped giving so many 'you know whats'.



    My advice is don't wait if you've already found something you like. But don't be surprised if among all this brexit confusion some of the properties you like drop in price over the next few months!
    • hazyjo
    • By hazyjo 13th Sep 19, 7:51 PM
    • 12,348 Posts
    • 16,855 Thanks
    hazyjo
    Wouldn't have thought Greenford would make much sense for Shoreditch. Do you need to be that way for family or anything?
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + 30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
    • robatwork
    • By robatwork 13th Sep 19, 8:22 PM
    • 5,355 Posts
    • 6,143 Thanks
    robatwork
    Not been there a while but Greenford never got gentrified and was always a bit of a dump, sorry. If I were you I'd look to Essex - you can get to Liverpool St easily and will get more for your money, albeit a season ticket will probably be north of 5k.
    • hazyjo
    • By hazyjo 13th Sep 19, 11:08 PM
    • 12,348 Posts
    • 16,855 Thanks
    hazyjo
    Not been there a while but Greenford never got gentrified and was always a bit of a dump, sorry. If I were you I'd look to Essex - you can get to Liverpool St easily and will get more for your money, albeit a season ticket will probably be north of 5k.
    Originally posted by robatwork
    Agree (apart from price - my Leigh on Sea ticket is less than that and I'm quite far out). Was going to suggest that, and E4 where I used to live. Could just afford some nice areas. Know enough about Greenford to know it wouldn't be my first choice. In fact, I don't think it would even make my list :/
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + 30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
    • Cheffy123
    • By Cheffy123 16th Sep 19, 6:02 PM
    • 17 Posts
    • 5 Thanks
    Cheffy123
    I live in romford and I work at liverpool street. I live 3 minute walk to bus stop which gets me to romford station or you can get another bus to Newbury park in 10 minute. I'm actually selling my flat too. On the market for 240k. 91 years on lease. 10 ground rent & 64 a month service charge which includes building insurance etc. Romford ain't bad. Really good and easy to get in city

    Take a look
    rightmove.co.uk/s6p/74004943
    • hazyjo
    • By hazyjo 17th Sep 19, 9:30 AM
    • 12,348 Posts
    • 16,855 Thanks
    hazyjo
    I live in romford and I work at liverpool street. I live 3 minute walk to bus stop which gets me to romford station or you can get another bus to Newbury park in 10 minute. I'm actually selling my flat too. On the market for 240k. 91 years on lease. 10 ground rent & 64 a month service charge which includes building insurance etc. Romford ain't bad. Really good and easy to get in city

    Take a look
    rightmove.co.uk/s6p/74004943
    Originally posted by Cheffy123
    Such a small world. My ex husband lived next door in Winston Close. Stayed there many a time
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + 30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
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