260K for a house in London? Xrail maybe?

[lamii]

Is that impossible? Zone 3 or so.
We realise that it will be hard for us to get a mortgage but we have 260K cash...

Ummm not totally impossible. Zone 4 you could get something.

Woolwich way you could get something, or Croydon if you're prepared to go to zone 5

What sort of thing do you want? 1 bed or 2?

Can't you get a mortgage on top of your deposit? Even borrowing £100k would make a real difference to you and you'd get favourable rates by having such a large deposit

thanks @Queenbean
A 2bed would be the goal. We can't get a mortgage because we are both currently artists with no regular income. I am willing to get a regular job but it might take too long to get a loan...

Well yeah, stuff is out there. It's not pretty but it's out there:

www.rightmove.co.uk/property-for-sale/property-56037337.html

Sutton 2 bed m.zoopla.co.uk/for-sale/details/41587881?search_identifier=9d5e446dfae52d4fb1f0ef272aa2beb5

Grove Park bit over budget
m.zoopla.co.uk/for-sale/details/41585110?search_identifier=9d5e446dfae52d4fb1f0ef272aa2beb5

Right out in Barking but quick to get to London
m.zoopla.co.uk/for-sale/details/41593590?search_identifier=9d5e446dfae52d4fb1f0ef272aa2beb5

I meant a house, not a flat...Thanks tho

You might just about find somewhere in Woolwich, which is on CrossRail
www.rightmove.co.uk/property-for-sale/property-61828649.html
www.rightmove.co.uk/property-for-sale/property-42612105.html

Does your £260k include money set aside for stamp duty and legal bills etc? Or will it have to come out of that?

We have bought two flats in Zone 3/4 in the last six years and they cost us 300K and 450K. So a house is probably pushing it. You could get houses for that in Croydon maybe 7-8 years ago, but I am not sure you would now.

I think a house is way beyond the realms of possibility on that budget.

You might get an ex-LA house in Abbey Wood for that, but check the area first - it is pretty ungentrified right now.

You won't get a house in Croydon for that any more, they're £300k+ even in the scuzzy bits. There's a lot of regeneration going on and I think it's pushing prices up - that and it was the only place in London Zone 1-6 you could buy a house for that sort of money for a long time.

What about a maisonette?

With cash you are in a good position to buy at auction. A lot of properties at auction are there because they are not mortgageable. It could be a short lease, a developer gone bust and there is no kitchen inside, recent subsidence etc. Most of these issues can be overcome with a bit of money being spent, so they can be mortgageable at some point in the future.

If you bought a flat with a short lease, you would need to extend it at some point in the future which could easily cost £20-30K. You could live there for a few years, save a bit, and if you still can't get a mortgage, getting a secured loan is easier.

Thanks all for replies.
@MrsPJones This is interesting. I don't know how auctions work. I am scared of leasehold for sure! Is it possible to get freehold and auction house?

Yes. But again your budget is v v tight for London. Over and above the 260K you will need renovation costs and also stamp duty/solicitors fees etc. I am not sure what the problem with leasehold is. I lived in leasehold properties for 15 years. It is pretty much the norm in London with increasing house prices.

I think you should look in lewisham, se13, etc, have a look on zoopla, there is quite a lot,

"Is it possible to get freehold and auction house?"

Freehold and auction, guide price £220k

www.rightmove.co.uk/property-for-sale/property-55964845.html

Freehold and auction, guide price £250k

www.rightmove.co.uk/property-for-sale/property-55968982.html

Freehold and auction, guide price £260k

www.rightmove.co.uk/property-for-sale/property-61887176.html

Or not an auction, but my favourite, a Dutch Barge moored at E14, £239K

www.rightmove.co.uk/property-for-sale/property-59286911.html

This one, the three in the above two posts, and lots more, came up in a tiny search. I put in maximum price, minimum bedrooms and no flats.

plus morning fees plus it's a depreciating asset!

Plus the boat would only be theirs for ten years!