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Original poster

Which would you choose?

31 replies

MrsBaublesDylan · 18/02/2022 14:07

In summary:

We are selling up and downsizing to a nicer town for financial reasons.

We are interested in two flats. I won't do links on here so I'll try to 'write' a picture Grin

Flat A: £175k, complete doer upper, we would would buy and refurb with proceeds from our house sale but have to live in it (with kids one of who is disabled) while the work is done. Lovely family area, lots of social housing, next to a nature reserve. We would still have around 20k in unsecured debt which we would have to pay off. Very low leasehold fee.

Flat B: £250k, could move straight in, smaller than Flat A, in the very centre of a lovely market town, near lots of eye-wateringly expensive housing so flats are all privately owned and filled with professionals with kids. We would port over our current mortgage, pay off the debt which is sinking us and have savings to meet unexpected bills. Leasehold fee £350 a quarter which we could afford.

Just to be clear, yes, we are sure about moving into a flat and no we can't stay in our current house.

Which would you choose and why?

OP posts:
Greenfields124 · 20/02/2022 00:14

Flat B

Starseeking · 20/02/2022 01:10

I'm a single parent with 2 DC, one who has additional needs. Anything which makes life less stressful when you're in that situation, do that.

I remember a couple of your other posts, in your shoes I'd 100% go for Flat B. Yes you will still have a mortgage, and there are some compromises, however once you are settled in there you will enjoy looking at that £60k in the bank, and be very glad that you don't have to spend a penny of it on never-ending renovations.

Also if things improve financially in future, Flat B sounds like it would be much easier to sell if you wanted to move on and upgrade.

mathanxiety · 20/02/2022 04:21

Flat B, but go over it with a fine tooth comb to make sure you'll have no surprise repairs/ deferred maintenance when you move in.

Netaporter · 20/02/2022 04:50

Another vote for B but check: No section 20 notices (planned major works), you mentioned ‘the lease’ is £300 quarterly but is this only the service charge? What is the GR pa? When does the GR change? Every 5 years? What about cladding?

I’m not voting A as it does seem unlikely you’d be able to sell easily if your circumstances change.

Good luck to you!

berksandbeyond · 20/02/2022 08:07

Flat B sounds better but that “lease fee” is high. We sold our leasehold flat last year and had to get a deed of variation agreed by the leaseholder because the ground rent was going to be above £250 a year and that causes legal issues around it being an AST.. or something like that. So go into that with your eyes wide open!

scissorsorknife · 20/02/2022 15:32

The other charges for a flat will be far higher than the leasehold fees. You need to see what the other charges have been over last 10 years and what is planned for especially in relation to safety issues ie new fire door etc. Solicitors often dont pick these up. If there is anyway you can get a very small houses/maisonette or such it could save a huge amount on fees that you cant control. Good luck

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