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Original poster

which house is the better buy in Tottenham London?

26 replies

Hithere129 · 29/08/2018 19:02

option 1
www.zoopla.co.uk/for-sale/details/47046014?search_identifier=ad57ed01a011d1155ec62341f875be64

option 2
www.zoopla.co.uk/for-sale/details/48330372?search_identifier=1f7e25b830927bee8f3f2befeb3b8c27

option 1 is not far from the Seven sisters station (Victoria line) which is what I need to commute to work and it is on a good road. Yet the service charge is £800 per year including a building insurance. It is not common to have that amount of service charge on a Victorian conversion in the area.

option 2 is close to Bruce Grove station (overground) which will add a bus journey from the station to the house, and it is a bit further away from high street and amenities. yet it doesn't have a service charge and it is quite cheap for the area.

I have viewed both properties, spoken to both EAs, think the actual difference in the price will be approx. 20k.

I like the location of option 1, but the service charge bothers me a little bit. option 2 is way cheaper but it is a bit far from the Seven sisters station, which is what I need really.

Any ideas, please?

OP posts:

sunshinesupermum · 29/08/2018 19:07

Location (no 1) beats everything esp if it's near the tube you need for work.
Have you checked what the £800 service charge covers?
How many flats are in the property?

Is it a share of freehold property?
I dildn't thnk £800 was high for an annual charge tbh but it depends what it covers - in our case a sinking fund amount is included in the service charge which is a good idea for when something major needs to be done.

sunshinesupermum · 29/08/2018 19:08

Option No 2 is Under Offer OP :-(

tethersend · 29/08/2018 19:10

Option 2 is showing as under offer, so maybe the decision is made?

Original poster

Hithere129 · 29/08/2018 19:13

Ah forgot to mention that, it WAS under offer but then it is back on the market. I think the buyer didn't get the mortgage approval. The EA called me today to ask if I am interested!

OP posts:

sunshinesupermum · 29/08/2018 19:17

No 2 looks lovely inside, is an end of terrace and the price is good. It just depends on your journey really!

brizzledrizzle · 29/08/2018 19:24

Number 2 would get my vote, it's lovely.

rippednips · 29/08/2018 19:26

No 2, you can still walk to Seven Sisters or Turnpike Lane from there.

Atalune · 29/08/2018 19:29

You don’t want to be relying on a bus for work.....

MiniCooperLover · 29/08/2018 19:43

I would go for No.2. Flat 1 looks like it needs a lot of work. I used to live near there and I wouldn't want to be too close to the tube station area.

Original poster

Hithere129 · 29/08/2018 20:02

Wow the feedbacks are so quick:) Thank you!!

£800 includes a service charge, which is approx £400, but then I am not sure if there is any sinking fund as it is a small victorian conversion with only two flats in the property. It is a leasehold.

I do agree that location beats everything! it is just that op2 is better at everything except the location. Op2 will be 20 min walk to the station, my limit is 15 min. (I know I am lazy) I will have to take either bus or change to overground to get to op2 house.

Doing up a house is not an issue for me. In fact, I have been looking for a project-ish property. It is really down to a potential value of the house and location, I was slightly more keen on option 1. Yet I am reluctant to make a decision because of a service charge and 20k price difference... I am a FTB and this is going to be the biggest financial decision of my life so I am bit scared!

OP posts:

Atalune · 29/08/2018 20:07

For resale. Option 1.

BusyBusyBusy1 · 29/08/2018 20:09

Option 2 you have the potential to do an attic conversion. I would look into this

Butterfly44 · 29/08/2018 20:11

Can you find out more about the freeholder for option 1? If anyone had previously asked to buy if from them and in effect both flats own a share each?

Quodlibet · 29/08/2018 20:13

Number 2 looks like you could definitely do a loft conversion which would cost you probably c.£40k but add £60k of value.
It isn't clear whether the same is true of the first one.
Depends on your agenda but it's worked well for us.

Do either include a garden?

Butterfly44 · 29/08/2018 20:14

Though I do like option 2 better....with 125 year lease is it a share of freehold? There will still be a service charge if some kind. Buildings insurance is still paid by the freeholder.

NellWilsonsWhiteHair · 29/08/2018 20:18

I know the area well - grew up here, moved back as an adult, have had friends living on both of those roads. I'd go for option 2. The extra distance to the tube is pretty negligible IMO and Broadwater Rd has a much nicer feel than Dongola.

Original poster

Hithere129 · 29/08/2018 20:27

Ah, both options have a potential for loft conversion. In fact, op1 house has a letter from a freeholder confirming that he will give a permission for a conversion at £6k, op2 doesn't guarantee a freeholder's permission but a loft space is included in the lease. Not sure about a freehold tho, I can look into it. Neither of them have an access to a garden

OP posts:

tethersend · 29/08/2018 20:37

Bruce Grove station is one stop from seven sisters- better and quicker than the bus in the morning...

susurration · 29/08/2018 20:37

I'd go for number 2, a 20 minute walk to the station is not bad (excellent exercise for you, it will feel like nothing in no time at all) and the money you save on both the cost of the property and the service charge would be worth that. Number 2 is also much nicer inside.

sunshinesupermum · 29/08/2018 21:03

No 2 - based on high service charge of no 1 and £20K less which has to be a good thing. 125 year lease is also good and if you get the freeholder to approve a loft conversion even better. 20 mins walk is fine!

FunkyHeroCat · 29/08/2018 21:42

I know someone who lived next to Bruce Grove (and we used to live just off Philip Lane) and there was always some kind of trouble around that station. I'd go for the Dongola Road one, it's near the sports center and the park and is generally a nicer area.

serbska · 29/08/2018 21:43

You aren’t comparing like with like re service charge.

If there is no sinking fund in the low service charge property, when eg roof needs doing you’ll have to find £thousands.

I couldn’t see floor plans.

Flat 2 is nicer inside but you could make flat 1 nice inside too. It’s really just better decorating and photos.

I’d much rather be nearer SS tube than BG train.

FunkyHeroCat · 29/08/2018 21:44

They've put their asking price down 4 times, so may accept a lower offer - always worth a go!

serbska · 29/08/2018 21:47

I’m going to go against the grain and say a 20 min walk to the tube each way is actually kinda a lot.

I have one tube 10 min away and a better one 20. I usually go to the one 20 min away but especially if I’m going in and out more than once a day (like at the weekend, meet a friend for a gym class then go home, later go out for dinner) I would not want to walk 20 mins x4.

MiniCooperLover · 30/08/2018 19:01

No.2 still in my opinion. The service charge of No.1 is extortionate and as it's leasehold it could increase massively. No.2 sounds far more stable. 20 mins is nothing, out some music in your ears and just walk 👍

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