Flat/House in London

[London1987]

The hubby and I have finally (wohoo!) sold our 2 bed flat in London and are on the hunt for a 3 bed property including a garden. Our budget has been impacted by COVID/falling property prices but we really want to move to start a family. Plus, we’ve been trying to sell for a year and I just can’t stay put any longer!
We are looking to stay in London.
There are a few houses our new budget can afford but they are a bit run down and not the area we’d ideally like.
However, there’s also a beautiful (and large) 3 bed flat with a really nice garden and private parking in an area we really really like with a huge park behind it.
However, I am nervous about buying a flat because service charge/ resale value/ raising kids in a flat (not so concerned about this really as the flat is bigger than some of the Houses we’ve seen!)
However, houses I’m concerned about area/schools/upkeep.
Any wise words?

I think you’ve done the flat and it’s house time!

Market is changing and houses hold value better

Can you look into different areas to get what you want?

www.compare-school-performance.service.gov.uk/

Schools you can check on here so you’ll know if the flat gets you into better catchments. The council website will tell you admission distances for the past 3 years and they can be tiny in more built up areas.

Personally, I’d prefer a house over a flat but I wouldn’t live in an area I don’t like... So would probably focus on my preferred area and look for a fixer upper or a 2-bed house with the possibility of a loft conversion later on.

Is the garden in the flat private or communal? You might also want to be v thorough with checking sinking funds and repairs being up to date. That’s the biggest issue with flats: you have no control over repair and maintenance and other people paying for stuff.

What's your budget/area you've looked at. We may be able to make suggestions. I live in bromley/beckenham, great schools, parks, and not too expensive compared to some parts and great train links.

I think you’re aware of the things you need to be aware of which is service charge primarily.

Resale value - you’re buying a home, and you’ll be buying it at a lower value than a house presumably, if it better meets your needs (space) then this shouldn’t be top of your list in my view.

Apologies for my one person crusade on this, but “raising kids in a flat” what is the problem with this? I don’t understand why it’s seen as lesser, particularly in situations such as you’ve described where there is a garden and more space than a house.

As long as there aren’t things that make you want to leave a flat specifically, I don’t know why you wouldn’t choose this as from your OP it sounds like it meets your requirements better.

Should say with service charge - factor it into your budget and check the terms, does it increase, sinking fund etc and if that’s all clear and reasonable fine.

Don’t sell a flat to buy a flat - what’s your budget?

Why not @OnlyFoolsnMothers? Not being goady, just genuinely interested in why people think flats are less good in a situation such as OPs.

Ground rent, Lease hold issues and charges, if a share of the freehold you have to deal with your neighbours or committees, people above or below you, sharing a garden etc.

I would think the optimum is to own the bricks mortar and land of your property.

Hi all thanks for advice

Should say - I already live in a development with a £3k service charge a year so well aware of the pitfalls of how it all works!

I actually have zero problems bringing a kid up in a flat but have recently received some wonderful ‘advice’ on how it’s terrible. Which I’m inclined to ignore. Just wanted others perspectives

The garden is entirely private and pretty big (bigger than some houses we’ve seen) in the flat we are considering, and there’s also a communal playground in the development.

Would absolutely love some location ideas!
We are looking at a max for £750k in north London (zone 3 tube), on Piccadilly or Victoria line. I work way out in west London and my hubby is in the City (Moorgate) so transport connections are really important to us. Red lines are 3 beds, garden, dog friendly, good public transport connections (Victoria or Piccadilly line), north London. Nice to haves - near a green space!

Thanks so much, all!

Is the garden accessible directly from the flat?

If there is a flat above you, what does their lease say about flooring (you may have to ask the freeholder for this info) - are they required to have carpet? If not you may get a lot of noise.

Communal playground sounds amazing and also means the neighbours will likely be families or family-tolerant.

Yes - garden directly accessible with big doors from an open plan lounge/kitchen/diner :)

How long is the lease on the 3 bed flat?

If you are used to service charges then it won't be an issue for you. What so many house owners forget is that they still have to fork out money when their house needs maintenance!

The flat sounds lovely and if it's in an area you like I'd go for it esp if it has more space than houses you've seen. Of course children grow up perfectly well in a flat (with outside space as a bonus) !

It sounds amazing.

3k service charge isn’t a problem if you’re getting your money’s worth and the place is beautifully maintained and there’s a sinking fund for expensive, unexpected repairs.

The problems are more along the lines of not enough service charge and then a 20k bill out of the blue, new freeholder coming along changing the management company who charge you an extra 1k for their services etc.

it's just a question of priorities and needs at your stage of life really. If you want a house then at your budget you should still be able to get something in say Southgate or even St Albans 'naice' areas but further out or Walthamstow, Leytonstone etc. But if you want a naice area further in then a flat should work. Thats what you will get for your budget and can be a really nice option.

Do you plan to sell it after a few years or is this your long term home?

Flat sounds lovely. Lots of people in European cities always live in flats & don't get the uk obsession with houses.

If the flat gives you the space & location you need, go for it.

We have just sold a house in London and bought a flat (better area and position, almost as big, beautiful actually) for almost half the price (which we can then spend on other things). There is nothing wrong with living in a flat and communal maintenance is great if you don't want to do it. I wouldn't be hung up on buying a house if it doesn't suit you as well. There are a lot of poor quality and expensive houses in London because people are quite hung up on them. I am also not sure that the market is going to move towards flats stagnating and houses increasing in the longer term.

Lease is 250 years so decent. Current lease is 990 and seems a bit unnecessary ;)