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Original poster

moving wobble... from house to flat

69 replies

Bonitalazenia · 20/05/2021 19:36

I've lived in my Victorian terraced house since 1999... always been happy here, owned it on my own and met DH 10yrs later. Now got the opportunity to be mortgage-fee by moving from the house to a flat on the seafront....... it would be 'ours' but paid from the equity from my house.
We have also got a small apartment in spain which would also be mortgage free from the sale of victorian terrace....
Just worried about moving from a house to a flat...

OP posts:
Christinayangtwistedsister · 21/05/2021 19:20

I think it looks lovely and just imagine what you can do now that you are mortgage free. I hope you are happy in your new home

TwigTheWonderKid · 21/05/2021 19:32

Unless you are struggling to pay your mortgage now, I think being "mortgage free" with interest rates so low is not the Holy Grail it once was and are you sure you'll be happy to pay the service fee forever? That ongoing financial committment would be of more concernto me than a mortgage.

SwimBaby · 21/05/2021 19:57

The flat sounds lovely. I’d like to move to a flat in 2 moves time.

osbertthesyrianhamster · 21/05/2021 20:02

Nope, I would not swap a house for a flat unless forced to. Never, never, never.

user1471538283 · 21/05/2021 21:42

We are renting an apartment until I find somewhere and I will never live in a flat again. It is well insulated and soundproofed but my upstairs neighbours are noisy. It also feels a bit claustrophobic.

However, I've lived in apartments before including as a child and a student and there was no noise. I've got friends in apartments and it is very quiet. So it depends on who lives around you.

I'm noise intolerant after my experience and you may not be.

osbertthesyrianhamster · 21/05/2021 21:46

@user1471538283

We are renting an apartment until I find somewhere and I will never live in a flat again. It is well insulated and soundproofed but my upstairs neighbours are noisy. It also feels a bit claustrophobic.

However, I've lived in apartments before including as a child and a student and there was no noise. I've got friends in apartments and it is very quiet. So it depends on who lives around you.

I'm noise intolerant after my experience and you may not be.

And one bad neighbour and you're stuck. One owner who starts letting it out, puts it on AirB&B, etc.
QueenPaw · 21/05/2021 22:14

I moved from a house to an apartment and am very happy generally. Mine is ground floor and I have a garden which is nice to have
No noise issues, they're purpose built so very sound proof!

DontDrinkDontSmokeWhatDoIDo · 21/05/2021 22:35

I'm never 100% sure how Wills work when the whole property is left to one parties children, despite being jointly owned, OP.

Does your partner have anyone who might contest your partner's share going to your children?

Original poster
Bonitalazenia · 21/05/2021 23:09

Dontdrinkdontsmoke
This makes me nervous too...my husband has two adult children who barely tolerate me and refused to come to our wedding... (I wasn’t the OW by the way) but that’s a whole different kettle of fish. It’s the equity in the current house that’s buying the apartment here and in Spain. My husband agrees that my son should inherit the main property and I feel we will have to make an arrangement so that his children benefit from the Spanish one. I don’t know, it’s a bit of a mess.

OP posts:
DontDrinkDontSmokeWhatDoIDo · 21/05/2021 23:17

@Bonitalazenia

Dontdrinkdontsmoke This makes me nervous too...my husband has two adult children who barely tolerate me and refused to come to our wedding... (I wasn’t the OW by the way) but that’s a whole different kettle of fish. It’s the equity in the current house that’s buying the apartment here and in Spain. My husband agrees that my son should inherit the main property and I feel we will have to make an arrangement so that his children benefit from the Spanish one. I don’t know, it’s a bit of a mess.

It does sound very messy, OP.

If you 'own' the bulk of the equity and wish it to pass to your own children on your death, I can only strongly advise you to take detailed legal advice and act on it BEFORE you buy any new place in joint names.

Sounds like the last thing you'd want is for your legacy to pass to adults who don't respect you.

Carbara · 21/05/2021 23:28

The thing I’d be most concerned about is noise. Impact noises overhead literally drive you insane, hearing every movement neighbours make, their appliances, smelling their food, smoke. Even if a flat has proper floors surely there must be some noise from living in a shared building. Plenty of people are ok with that, I would not be.

PoTheDog · 21/05/2021 23:35

If your equity is buying both, then why on earth should his kids (who don't like you) benefit from the Spain flat?!

To answer your original q, no I would never move from a house to a flat. The view would have to be out of this world for me to even consider it. You will be mortgage free in only 7 years, yet you will have to pay service charges forever. Plus neighbours in such close proximity and no garden would be hugely off putting.

Original poster
Bonitalazenia · 21/05/2021 23:45

I guess because we have equally shared all bills and mortgage since we have been together. And he loves his children and I don’t want to demasculate him by us not being equal partners in the new place.
I’m taking on board all the concerns re noise but as I’ve been sandwiched between 2 other houses for years it might be ok?!

OP posts:
ClarasZoo · 22/05/2021 07:42

Firstly regarding noise (my job involves noisy neighbours sometimes) I find people are much much less able to tolerate noise from above rather than from the sides. I don’t know why but it’s true. Secondly you should check the position with your will and the Spanish property as some countries effectively dictate what happens to the property when you die, effectively by passing any will..

ClarasZoo · 22/05/2021 07:49

But also, look, don’t be downhearted about the advice on here if you want to move. People are not going to post if they think it’s a lovely idea you should go for, after all, only if they see some downsides. So the view here may be a bit pessimistic. However if it was me I would move where I wanted and rent, whilst also renting out my house. Property is an asset that, in the UK, never devalues over time, so I want to stay maxed out on that. Spain I wouldn’t bother with, because of brexit. My relatives retired to Spain but came back when they needed the NHS again, which is a story I hear a lot. Better idea to buy a uk buy to let, supplement your income and stay in 5 star hotels in Spain twice a year.

Fieldsoftripe9 · 22/05/2021 11:42

I think the biggest question is in this whole situation is; is the flat freehold?

ClarasZoo · 22/05/2021 12:52

@Fieldsoftripe9

I think the biggest question is in this whole situation is; is the flat freehold?
Hardly any flats are freehold as such, and if they are they are generally unmortgagable. However people call flats “freehold “ if in fact they are leasehold with a share of freehold. This means you own a lease often 999 years, but also a small share of freehold title. You still have a service charge and you are just at the mercy of your fellow freeholders, rather than a landlord. It’s often worse to own a share of freehold if the owners can’t agree on what needs repairing... flat owning is all feudal. Freehold houses are the best way to own property.
FinallyHere · 22/05/2021 13:36

property will eventually be left to my son as DH and I don’t have children together.

If you are joint owners of the property, you would be relying on your DH to actually do this.

If you are owners in common, you could leave your portion to your DC a d your DH a lifetime to live in the property. It seems a shame for your DS to wait for an inheritance.

What financial settlement would you expect if you decided to divorce ?

Howshouldibehave · 22/05/2021 13:42

I was going to ask about the lease as well.

I would never want to leave a house and go into a flat-I love my garden too much.

How much are the flat charges currently annually?

Original poster
Bonitalazenia · 22/05/2021 15:35

It’s leasehold with share of freehold. There are 221 flats in the development. The fees are £3600 per annum. Includes buildings insurance, heating, hot water, landscaping and I’m not sure what else until I get the information pack. Management company is reputable.

OP posts:
ClarasZoo · 22/05/2021 15:44

At a mortgage of 3% £3,600 is a loan of £120,000. So you are taking on a £120,000 mortgage for life there!

BernadetteRostankowskiWolowitz · 22/05/2021 15:48

Heating and hot water for your flat?

SwimBaby · 22/05/2021 16:14

The fees are so high.

Howshouldibehave · 22/05/2021 16:17

£3600-Shock

osbertthesyrianhamster · 22/05/2021 16:21

Fees are high and they will only increase. Not a freehold. Flat. No way.