Where to live on 3m

[ItsPissingDownAgain]

First world question: where would you live in london on a 3m budget. Low income otherwise (!), kids in state primary, we like diversity, zones 1/2, parks, ease of travel (ideally bike but if not then public transport)

Islington would be ideal.

I don’t think people realise how little annual income you would get on £1million invested at today’s interest rates.

I would be very way of spending that much on a house right now. If prices drop (I think they definitely will), you will lose more.

Is your current house in trust for your kids or something? So you are allowed to sell and buy a house with the proceeds but not divest?

I’ve heard before of something similar. Colleague had a sister was married to someone she met at boarding school.

Family had a trust that was set up hundreds of years ago that would pay for school fees, university, college or apprenticeship fees, medical treatment and buy the person a house at age 21.

House could be sold and another house of same value bought but I think it stayed as property for the trust (so repairs etc carried out by the trust) so no cashing out in any way.

That couple both trained as massage therapists and ran a massage centre from part of the house in a very swish area in London. At first they do massages themselves, then they trained other massage therapists and eventually, by the time they had kids, they were just hiring out the treatment rooms to other therapists.

They didn’t need to worry about earning that much because house, house repairs, school fees etc all taken care of. But given the part of London it was in they were pulling in fairly serious money just from renting rooms.

Some ancestor was the much loved but illegitimate child of someone important and very wealthy who set up the trust system to ensure that their descendants would always be secure and happy but would need to do something with their lives.

Depending on the ages of your children, school catchment areas could help narrow down locations quite significantly.

South West London seems to have a good range of state options for both primary and secondary. However, you'll very likely need to be on the doorstop for preferred options.

If you'd rather be North of the river, the gorgeous Canonbury property linked above could be great, however, if you're not well within the William Tyndale catchment then the house would lose significant points and potentially not make your short list. For William Tyndale you need to be one of its nextdoor neighbours.

Good luck with the search, I'd love to know what you decide!

We could stay where we are but I have an unresolvable problem with the house. Feels weird to just move somewhere equivalent nearby and that we should at least trade up a bit

Is the £3M is all of your available money or do you have other non earned income or assets to top up your income, either now or in the future? Unless you have a significant other income, you'd be insane to spend all your available money while your income is so low.

Stamp duty for a start would be a killer. I think it accelerates above £2M but not sure so have a play with an online calculator. If the amount quoted above is correct, that's a fee equivalent to about ten times your annual take home pay just as a cost of moving house.

What's the 'unresolvable problem' with your current house? But if it's big enough, there's no need to 'trade up' just because you feel you should. If the house is big enough for your family, it doesn't need to be any bigger, so it's fine to move to somewhere more suitable but no need to go for 'bigger and better' when you must already be in a very expensive property.

Keep the property porn coming - loving this 😀

SilverBirchWithout
I don’t think people realise how little annual income you would get on £1million invested at today’s interest rates.

But it would give a huge income if used to buy a property to rent.
If the OP used £1M to buy a property she could rent it out for £30K a year- doubling her income.

I'd go Camden Town or Kentish Town. Lots of people living in expensive houses but sending their kids to state schools and with low incomes to house price ratios, creative types or working for charities.

www.onthemarket.com/details/9936241/

Or Queen's Park

Wow, what would the stamp duty be on a £3m house?

I don’t think £600 a month would pay all the running costs.

I would move to Herne Hill, for Brockwell Park, Dulwich Park, short walk to Brixton for the Ritzy, new theatre, restaurants.

A lovely house for a lot less than £3m and invest the rest.

Also how about Pimlico? www.rightmove.co.uk/properties/61942227#/

Lots of areas I'd love to live, although I may do as others suggest and put some aside for savings towards the kids' futures (eg - spend 2 million on a house and save 1 million)

Areas I would look at include: Hackney (near London Fields); Crystal Palace; Herne Hill; Dulwich but with that kind of money your options are pretty limitless so take your time exploring areas etc...

Honestly if your combined income is 35k then it would be insanity to spend 3m on a house. Aside from the fact that it would make much more sense to buy a 1.5m house and have 1.5m to improve your overall quality of life as a family, don't forget that big houses come with big maintenance bills. You won't maintain a huge house on a 35k joint income salary in the middle of London.

Hmm that Canonbury house has delusions of grandeur does it not? Looks like a bog standard semi with added pillars. If I had a few mill and easily wanted access to London I'd buy a nicer house with some actual SPACE elsewhere and a flat somewhere in London so you can pop down anytime. Another option!

Oh, my! I wish I had this problem in my life! I'd buy a (relatively) small, but beautiful house, with a lovely garden, for less than £1m, I'd invest the rest and totally start my own business; never ever having to work again for someone else! Someone stop me, I'm daydreaming here...

Clapham/Wandsworth/Battersea/Putney. Lovely area, plenty of green space, well connected, and Wandsworth borough has the cheapest council tax in the country (or at least it did when I lived there)

Alternatively East London round Victoria Park/London Fields.

OP, you mention running costs of £600 for maybe council tax, some bills etc. But what about roof repairs, plumbing issues, new carpets, whatever if you get somewhere big. Much better to spend no more than £2m if your incinn me e is 35k, and invest the rest. Do a primelocation search for £2m in london and see what comes up that you like. Abbeville village, Herne Hill, parts of Streatham, all really family friendly. Beware zone 1 as the air quality is an issue and living costs (food etc) are definitely higher. Also everyone living near you will have a high income

@OnlyFoolsnMothers

I’m so confused...a 3m house and a 35k income

Inheritance or lottery win.

Maybe common sense is lacking.

I think this thread is a wind up

Hows the hangover this morning OP?

This can't be real...no one is this daft!

On these threads I often wonder what estate agents must think when they find out a property has suddenly been viewed lots of extra times. Do you think they ever trace it back to mumsnet?

This is one of the bonkers posts I've ever seen.

Our house is worth around £700K and council tax alone is over £2500 a year. Utilities around £1200pa.

Where is the £3M from?

Is it in your pocket as an inheritance? Has IH been paid?

I would love to move to Battersea. It’s got the park, the river, good transport links and a short commute into the city.
£3m should get you a decent terrace property like this:

www.rightmove.co.uk/properties/88889188#/