What's wrong with this flat?

[NotMinted1]

Name changed in case I end up buying it.

What's wrong with it that it is so cheap.

It isn't the lease length?!

www.barnardmarcus.co.uk/houses-for-sale/property-details/SUR106331

How about this one instead?

Or [[https://www.rightmove.co.uk/property-for-sale/property-85401335.html this one]] in the village of Claygate? Great schools, lovely village shops and social life, countryside on the doorstep but only 30 mins commute to central London.

Sloping ceilings - the square feet are measured on the floor but a lot of the space is unusable because you can’t stand in the space or put furniture above a certain height there. This. It's no coincidence it's been photographed empty! I'd still go and have a look though - just to satisfy my curiosity. Personally I think it's good to see as much as possible because then you start to get an idea of what's possible and when you see something that's the best you can afford you recognise it.

Apart from all the negatives other PPs have listed...

It says there is no onward chain. Maybe it was a buy to let and the owner needs to get rid of it quickly as they can't afford to keep up the mortgage now it is empty. Or it's a repossession or probate sale. It could be priced low for a quick sale.

Does the building need major work? If there is no sinking fund, there could be a big bill for all the leaseholders. If the previous owners can't pay the bill, they could have been forced to sell.

Apart from everything already mentioned, I would be concerned about getting out in a fire, but perhaps that's just me being a bit claustrophobic. Also, I can't make out where the front door is?

The front door seems to be at the bottom of the stairs, you go up the stairs and into the corridor which hasn't got any doors into the kitchen/living room - which I'd want to query with fire regs/building control. We weren't allowed to have a fixed loft ladder/stairs without fire doors left right and centre.

A good few properties in your price range in Chessington atm
Trains half hourly to Waterloo from Chessington north or south or you can get 71 bus to surbiton for more frequent trains to other London stations

www.rightmove.co.uk/property-for-sale/property-85318619.html

If your budget can stretch slightly over 300k - this style of maisonette around garrison lane area (but go for the quieter side roads like this one) has huge rooms, own decent sized back garden and front garden. Short walk to station and on bus route. freehold is Kingston council

www.rightmove.co.uk/property-for-sale/property-88172066.html

Local estate agent told me lower end properties are more difficult to sell atm as new tax laws have put off investment/rental buyers and first time buyers are going straight for family sized properties - using inherited money As so difficult to save a deposit . so you might have room to negotiate.

It seems to be right next to the railway station and a big roundabout. Looks like the double fronted house is isolated in among non residential property too. So I reckon it's the naff location that is holding the price down.

The agents map is misleading. The pin is where their office is.
The flat is in a crap location, no parking. On Street View the building looks in poor repair.

If the lease has only only 85 years left, that will def. be an issue IMO.
I would try to find out how much it would cost to extend - IIRC there is a formula, the Fholder can’t just name their own figure. Though of course they may try....

Once a lease is below 80 years it becomes a lot more expensive to extend, and I’d guess that at only 85 years mortgage lenders will not be keen.

Honestly the lease length is fine. Below 70 years and you might start to struggle or have mortgage companies asking that the lease is extended.

I don't know the area but we have looked (online) at places with 2 beds in surbiton and the flats we've looked at are all £500/600k so £220k seems so cheap.

Maybe the price is wrong 🤷🏻‍♀️

Honestly the lease length is fine. Below 70 years and you might start to struggle or have mortgage companies asking that the lease is extended.

It's fine from a mortgage point of view but the cost of extending the lease will be much more expensive if there is less than 80 years, as gettinglikemymother says. It may be putting buyers off if they know that they need to fork out more money to extend the lease in the next five years.

It's not top floor - its the attic! Also on the road. I wonder about the lease too (maybe the flat is 100% responsible for the roof?)

It's tiny. You couldn't comfortably get a king size bed in either bedroom. The lounge is also tiny one you've out a sofa in there.

I imagine you couldn't get it up the stairs either (no lift I assume)

@going when I was looking (in London) there'd be zero allowance for a lease unless it was properly short. I don't think that is the reason for the price being so low.

@kirinm true. I don't think it's priced low because of the lease, more a case of it's priced low because it's difficult property to sell because there are so many negatives, one of which is the 85 year lease IYSWIM