FTB in SE London

[Pikachu2]

Hi, our daughter has lived in flatshares in London for nearly 3 years and is now looking to buy her first flat (with our help). She needs to commute to City Thameslink Station and is looking at Streatham, Crystal Palace, Norwood area.
She has been dealing with a mortgage broker and has a firm max budget of £235k (with a substantial deposit) and has some viewings this weekend on properties at or just under this figure.

Has anyone any experience of the London market atm and how much higher priced properties she should perhaps look at with a view to making an offer of her budget?

She is avoiding high rise and properties over commercial premises if possible.

Would also appreciate any thoughts on how low is too low on a lease.

Would be grateful for any advice, this is such a big step for her

Is she set on those areas? That budget won't get her very far at all. I've just had a look on RM at properties up to £270k and there's very, very slim pickings.

She would get more if she looked at areas like Lewisham, Woolwich, Shooters Hill. She'd still be able to access City Thames link easily.

@Violetroselily certainly are v slim pickings, but she has 3 possibles to view this weekend, 1 is a second viewing on a lovely (if small) flat and we knew it would be at her budget, but even if it is small, it’s a start.

I will suggest those other areas, thank you, see what she thinks, I know she has friends in the area she is looking

I would say 85-90 years on a lease, on the assumption of remaining there 10 years.

Thameslink runs to north London so I would suggest looking there as well, and City Thameslink is only one stop from Farringdon. Evening and weekend tube services are much more frequent, and to be blunt, much more reliable than Thameslink or Southern trains.

Where do you live and where has she been renting ? Would she be more comfortable in somewhere like Eltham or Hither Green, it depends on how long she wants to spend on the commute, the train fair cost and what sort of time she is travelling back at for trains / safety. She's probably find something ok in Bromley, but it's further out and less London London.

I have a friend with a flat in Southwark in a high rise and it was massive, surprisingly lots of the ground floor flats had beautiful flowers and I was really pleasantly surprised. Balcony has to be pigeon netted, but never heard any noise and I stayed there a lot. Only thing to consider is if the lift needs work in the near future it's a massive cost. This was near old Kent, close to the Southwark Tesco. Haven't been there in the last five years is my disclaimer. I'm just saying it's maybe worth looking. I rented above a shop and it was ok, not ideal for buying I agree.

I doubt she'll get a mortgage with less than 90 years on a lease favoured is 99/100 years + , I think generally under 85 is very bad and you would need to have the money to extend the lease before selling on and this can cost a lot, at least 10k

Would she consider Mitcham? It has a thameslink connection from Mitcham Eastfields and her budget would def get her a flat in the area. There are some dodgy parts (like anywhere in London) but we live near the Cricket Green part of Mitcham and it has a lovely feel. Plus it has good connections to Wimbledon and Tooting for more of a nightlife.

Sorry, i misread the OP as budget of 275k. 235k won't go very far in Mitcham. Apologies.

@peak2021 that’s good, she isn’t viewing anything less than 115 years and even that’s been worrying me 🙁. I have suggested looking further North, I think that she is keen to be in an area where she knows people, which I can understand, though for the right property she may reconsider. I shall search on Rightmove for the areas you suggested 👍

@ohhmygosh we are in Bristol, and always have been, hence we know nothing about the London market. She has rented in Canary Wharf (E14) area. I don’t think we have looked at anything in the areas you suggested, and will check them out thank you. As a single buyer I think she would prefer not to find herself in what she calls familyland, would like somewhere a bit more edgy, (we of course would not!)

Ha I know, it's weird that the London areas were my parents didn't want me to go out safety wise as a teenager are now very desirable, so over let's say 20 years have really improved.

I'm 40, but I work in design so many of my younger colleagues rent around Peckenham Rye, Brixton, Dalston, Clapham, Hampstead, Tooting, Stratham. Some further out in Eltham and Lee. I have no idea how they afford it, but as you say must be flat shares and help from parents. Buying though I see them move much further out to be able to afford it many into Essex ( Leigh on sea is popular and a lot down into Kent I personally wouldn't go deep into Kent or up into Hertfordshire.)

Woolwich, Plumstead, Abbey Wood, Thanesmead might work for her

@ohhmygosh I sent a few links through of properties in Eltham and they have been added to the list of possibles for viewing next weekend, so thanks for suggesting that area