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First time buyer: one bedroom in London

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  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    edited 12 July 2019 at 1:03PM
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    davidmcn has summed it up.

    Very hard to mortgage. No idea what the future will be when buying flats over retail (it's got worse/harder over the years). Would never buy a 1 bed or studio as they're hard to sell on and mortgage. Currently it's hard to mortgage under a certain size - again, that may well change in the future making it harder still. And the area's not so nice.

    Resale is really not looking positive. I know you're buying for you to live in now, but you don't want it to be a millstone round your neck in a few years' time, or that you can only sell to cash buyers!

    Those windows would worry me too - what happens in the event of a fire if you're in the bedroom? How do you get out, or at least get to breathe fresh air in? Is there a way to open them fully in an emergency?

    How many years left on the lease? That's a biggie.
    2023 wins: *must start comping again!*
  • AFF8879
    AFF8879 Posts: 651 Forumite
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    Is there any reason why you want to put down such a large deposit? Would you not be better off holding back some funds as a repair/renovation budget?
  • redefinr
    redefinr Posts: 207 Forumite
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    Lease is over 117 years.

    Yeah most definitely I would like to get something which maintain a good value.

    I was not aware that buying on top of retails would be such an issue, good to know!

    The problem is, London is though to buy so I'm keeping my expectations as realistic as possible, especially due to budgets. I can find a good selections of councils houses but I really didn't want to get in one.
  • muhandis
    muhandis Posts: 994 Forumite
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    That's very smart. Buying London ex-council flats are not for the faint-hearted or new buyers imho unless you really really know what you're doing. In your place I would steer clear.

    117 years left on the lease is quite good though. Plenty of time before you'll need an extension.
    redefinr wrote: »
    I can find a good selections of councils houses but I really didn't want to get in one.
  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    To balance out the other comments being near a tube will carry a premium which will help make the flat attractive in future for resale.

    Is there a particular reason you need to be near a tube or just a preference.

    I live in between tube stations and don’t generally find the walking to be a big issue.

    If it’s attractive to you (and your reason seem common) then it’s going to be attractive to others.
  • redefinr
    redefinr Posts: 207 Forumite
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    also, for the mortgage, do you guys have any suggestions? It does spin my head quite a bit just thinking at it, I had a read at the Cheap Mortgage Founder on the website - it does get overwhelming!

    This is something I haven't properly looked at it and maybe I should prioritise it to viewings?

    I was thinking to go with HSBC :/
  • muhandis
    muhandis Posts: 994 Forumite
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    edited 12 July 2019 at 1:57PM
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    Yes, you should most definitely prioritise checking your options for a mortgage as that's the very first thing the EA is going to ask even if you put in an offer especially considering that it's above commercial. Nothing stopping you from viewing the property though.

    1. Talk to a broker to get an idea of what options you will have for a property like this. There should be no cost involved at this stage. Plenty of fee-free options as well.

    2. If you are willing to spend £3, get the title register for the flat (90A Goldahawk Road) in the building (assuming it is indded the same building as this flat) that sold in Oct 2018 from https://eservices.landregistry.gov.uk/eservices/FindAProperty/view/QuickEnquiryInit.do?id=p_search_link

    If that flat was bought with a mortgage, the title register will specify who the lender is and thus give an indication of how easy/difficult it would be to get one yourself.
    redefinr wrote: »
    also, for the mortgage, do you guys have any suggestions? It does spin my head quite a bit just thinking at it, I had a read at the Cheap Mortgage Founder on the website - it does get overwhelming!

    This is something I haven't properly looked at it and maybe I should prioritise it to viewings?

    I was thinking to go with HSBC :/
  • Crumble2018
    Crumble2018 Posts: 296 Forumite
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    csgohan4 wrote: »

    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


    What part of the South East???
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Haven't had time to read it all, but it seems relevant/interesting (couple of years out of date, but the market's dropped if anything in most places so may even be stricter):


    https://www.thisismoney.co.uk/money/experts/article-4171842/Why-lenders-refuse-mortgage-flat-shop.html
    2023 wins: *must start comping again!*
  • Cisco001
    Cisco001 Posts: 4,019 Forumite
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    redefinr wrote: »
    also, for the mortgage, do you guys have any suggestions? It does spin my head quite a bit just thinking at it, I had a read at the Cheap Mortgage Founder on the website - it does get overwhelming!

    This is something I haven't properly looked at it and maybe I should prioritise it to viewings?

    I was thinking to go with HSBC :/

    Have you got AIP yet?
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