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AIBU?

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Original poster

What do you think about this flat?

333 replies

helpmedecideplease · 15/04/2017 14:14

www.rightmove.co.uk/property-for-sale/property-44509686.html

OP posts:
EweAreHere · 15/04/2017 14:45

Yikes! London prices ... plus it's a Leasehold? How long is the lease? How much would it cost to purchase the Fee?

It's nice, but I'd worry about the noise and the fact it wasn't completely mine.

jay55 · 15/04/2017 14:46

How many in the block are still local authority? Not because of the tenants but because if there are works due private owners are often taken for a ride by the council.

millifiori · 15/04/2017 14:48

It's a good size and a good price for a very central London location.

IAmAndaluse · 15/04/2017 14:48

I believe the lack of interest may be because the property was originally listed at 575k

Mummyoflittledragon · 15/04/2017 14:49

Some people are saying it's cheap. Find out if it's a bargain (in today's prices). And if it is, go for it. Use a decent local solicitor and not one recommended by the agent and make sure they do their homework. If there are any issues with it, they will find them. The last sold prices are a lot less, understandably so as prices have soared.

HonorBright · 15/04/2017 14:51

OP is buying a flat in London. Flats in London cost a certain amount. Everybody knows that you could have a castle / mansion / palace in Bolton / Nottingham / Leicester for that money. It's hugely unhelpful to come in, boggle at the price, and then leave.

OP, to echo PP - it seems awfully cheap for the size and location. I can't see any mention of double glazing which makes me assume that it doesn't have it, which would be very noisy on that road. I would want to know how long is left on the lease (the brochure says 'long', but how long?). Who is the managing agent? Be warned that in ex-LA buildings you can be compelled to pay your part of any major works, e.g. double glazing. What is the service charge?

Emmageddon · 15/04/2017 14:52

It doesn't say how long the lease is - only that it's a long lease. Maybe it's less that 100 years? Which might explain the lack of interest.

DelinquencyMatters · 15/04/2017 14:52

I'd worry about the leasehold as well.

goose1964 · 15/04/2017 14:54

Like it but you could buy a 5 bed detached house here for that, and we live in a fairly expensive area.

DelinquencyMatters · 15/04/2017 14:56

goose in London?

Where we live this wouldn't even buy a 1 bed flat. £545 would buy a bedsit!

lalalonglegs · 15/04/2017 14:56

It looks a bit unloved and I'd be worried about noise both from the road and other flats depending on how well the block had been constructed. Being that close to the station is a bit of a mixed blessing, imo. The fact that it has been on the market a while doesn't immediately put me off - flats especially are very sticky in London post-Brexit and post-BTL tax changes. If you offered low and got it, you could smarten it up quite easily and make it a really nice home (if it isn't noisy).

Batteriesallgone · 15/04/2017 15:01

I'd be concerned about the library, what planning permission does that area have, could it be turned into a fish and chip shop as someone mentioned?

Proportion of flats in the building that are still LA is an important question.

Two of you living in it and renting the third bedroom could work if you both have a small room and rent out the large one, otherwise will you struggle to attract a tenant into a relatively small room?

Would three tenants one bathroom be a problem? I'm not in London but am in a city centre location and the standard flats here for rental to young professionals are two bed two bath. Two beds with only one bath rent at a discount, as do three beds (only more so).

limitedperiodonly · 15/04/2017 15:04

It looks nice and is in a good area and ideal for transport either in London or beyond. I like, Kentish Town. It's very safe and has lots of good things locally. I wouldn't have said that 25 years ago but I wouldn't have ruled it out.

The listing says the lease is long and I'm sure you're going to check that out. Anything approaching 80 years is when people get twitchy but from the looks of it I guess it was built in the 1960s, so that shouldn't be a problem.

I don't know about the price but I'm not alarmed by it. Some mortgage lenders don't like flats above shops, but you'll find someone who does.

The biggest thing to worry about is service charge and plans for the freeholders (I guess Camden Council) for expensive works. You might get horribly stung there so check for plans. On the face of it though, the scope for service charges are modest. I'm guessing just an entrance door, stairs, no lift and no garden.

I'd definitely rent a room there if I needed to. As a side issue, I'm glad that it's going to be your home rather you seeing it as a buy-to-let investment.

MrsTerryPratchett · 15/04/2017 15:08

Above a library is great if it stays a library. Check if there's anything in the works. Great location.

bibbitybobbityyhat · 15/04/2017 15:08

Why do you like it op?

I'm guessing because it has 3 double bedrooms, making it easier for you and your sibling to find a lodger?

I would do anything rather than live on a main road, though, so just can't get beyond that.

NotJanine · 15/04/2017 15:13

It seems a bit small for 3 individuals. Do you need to have a lodger to afford it?

Mary21 · 15/04/2017 15:24

Is the service charge massive?

Original poster
helpmedecideplease · 15/04/2017 15:29

No we won't need a lodger to afford it, would just be useful.

I like it because of the transport links and location mainly. Lack of outside space annoying but could live with that - there's a park not too far away.

OP posts:
CaoNiMartacus · 15/04/2017 15:30

I'm not sure I'd want to shell out half a million for a flat above a row of shops, TBH.

innagazing · 15/04/2017 15:35

It does seem fairly cheap for the area
What is the service charge, how long is the lease and are there any major works on the building that have been flagged up as needing doing in the next few years?

GinAndTunic · 15/04/2017 15:37

What ellencherry said.

Check the length of the lease and what charges you would be responsible for. What are annual management fees? Does the building need a new roof? What are the neighbours like? Is it structurally sound?

It looks too good a deal - I would want to check out every detail.

Original poster
helpmedecideplease · 15/04/2017 15:37

Lease is 97 years, need to ask about the rest but good point, thanks

OP posts:
DelinquencyMatters · 15/04/2017 15:43

Will there be major up coming works - Crossrail, redevelopment, etc?

thatcoldfeeling · 15/04/2017 15:46

OMG the price?!?!? Do you really like living in London THAT much. Just Shock

And yeah saying that despite others being 'told off' for doing the same because, tbh, people SHOULD be outraged at the cost of housing in London.

In other respects it looks okay-ish on the inside but the building it is in looks a bit grim.

All that said...'spose it is a nice area of London and if that location is your priority and you can afford it then it is the right place for you.

Huskylover1 · 15/04/2017 15:47

Oh wow, that is an eye watering price tag for a flat. Although I appreciate it's because you're in London. That flat where I live, would be around £100k. And for > £500k you would be bagging a mansion.

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