Which property would you go for?

[Alexis92]

Looking for advice for 2 properties I am due to view.

Context: Getting divorced, have an offer accepted on ex marital home, have equity from this sale and porting mortgage to cover rest of costs. No DC, just me buying.

In the area I live I can only afford a flat so will be going in to leasehold.

Flat 1 - Purpose built flat in 2014. Open plan kitchen and living area (I like open plan), 2 beds, one bathroom with bath and shower, VERY spacious balcony. Is a shared ownership property however it is possible to purchase it outright which I would do. It being shared ownership does not put me off as my first flat was shared ownership but does give me pause.

Flat 2 - Is a conversion is what was once a big house. Kitchen is separate but has more storage than Flat 1. Main living/dining area is a slightly odd shape and proportions are odd and I am concerned about furniture positioning. 2 beds although 2nd bed is much smaller (and smaller than Flat 1). Main bedroom has lots of storage including a walk in wardrobe but location of storage potentially limits positioning of furniture. Bathroom only has a shower. No balcony but has it's own entrance door directly on to communal grounds.

Both are in good areas and listed at same price. I'm reluctant to share listings as it will be outing. As I have typed it up I am thinking I am leaning more towards Flat 1 but I think it being shared ownership puts me off a little even though I would be buying 100% and therefore not paying rent or dealing with management company beyond service charge which I will have in the other place anyway.

What dya think?

Flat 1 sounds much better but I can't comment on the shared ownership thing as I know nothing about it.

I should have said that a large private balcony would swing it for me.

Flat one sounds better on paper. I'd seek viewings at times neighbours are likely to be in.
I'd expect purpose built to have decent sound insulation but it isn't always the case.

Flat 1. I’d assume also the sound proofing is better in a purpose built flat?

See I think flat 2, having your own front door would be a big thing for me

With Flat 1, my main worry would be that shared ownership makes it harder to sell one day. I assume you can only sell to others who meet the shared ownership criteria? And are there any building maintenance charges, e.g. for lifts and common areas?

Flat 2 - it doesn't sound like your heart is in it. you are listing all the disadvantages and haven't said anything good about it. maybe keep looking?

This is what I need to check out. My first flat was shared ownership but had no issue selling...it sold within 2 weeks. I would be buying Flat 1 outright (is allowed as they have failed to find someone to purchase it at shared ownership within a time frame). The service charge is less than £150 which is very good considering other flats I have seen. What I need to check is when it is time for me to sell, I can just sell it outright and don't need to relist as shared ownership 1st.

You're right about Flat 2. Unfortunately time is of the essence. Don't want to lose my buyers and I don't have any other options as I have a limited time frame to port my mortgage after completion.

Flat 1 as I always prefer purpose-built and it doesn't seem like SO is relevant if you're buying it outright, unless there's some legal element down the line? If not, then Flat 1 all the way.

Flat 1

Flat 1. Purely for the balcony. A private bit of outside space puts way above flat 2 in my eyes.

Flat 1 as the proportions sound better, will probably be more bill efficient and I like being able to sit on a balcony with wine and a book!

You have not talked about how many neighbours in the block/ whether flat 1 has neighbours above. If no issues there, I like the sound of flat 1 better. Being happy with day to day living is important too, not just resale.

Just from the way you have described them, it comes across that your heart is in Flat one.
It is your home, so follow your heart (presuming things like service charge are similar, as they are ridiculous on some flats).

Flat 1 just seems more suitable although I'd almost always go for the conversion over the purpose built.
Does it have access to any outside areas?

Most of your questions should be directed at the estate agent, buyer or solicitor though as we can't know what the conditions of resale are. You haven't mentioned relative service charges - presumably not an issue?

Flat 1. I don't know much about shared ownership but if you are buying it outright as you say then isn't the shared ownership aspect irrelevant?

You sound like you prefer flat 1, and it’s your opinion that counts..

Whichever one feels best to you when you view. The surrounding properties may give you a better feel for which one is right for you.

Flat 1 most definitely.

Flat 1, the balcony would swing it for me, if you are purchasing it at full value then there wont be any issues when selling as it will all be yours.

1 and if you buy outright surely the share won’t happen anymore as all yours so not a problem when sell

outdoor space is a big must

how big is balcony

Do either of them have parking?

Flat 1. Conversions can have a big noise problem from others in the building. The fact it's been shared ownership won't be a problem.

Just thought I would do a quick update!

Viewed Flat 1 and 2 and some others this weekend.

The others had various different issues that put me off. Flat 2 had a few other issues in person. The kitchen had no natural light amd despite an abundance of spotlights was still dark. The 2nd bedroom was tiny. And the living space was oddly shaped and I have no idea how I would position furniture. All the windows were tiny so natural light in general was an issue.

Flat 1 was stunning! So much light, great storage, both bedrooms were very big! Balcony is huge! Just one negative....there is a potential cladding issue. However this is hopefully getting resolved this week. The building has a few bits of decorative cladding (not fully wrapped). There were 4 blocks built. 3 blocks have been signed off as fine. For some reason a different surveyor was used for the 4th block who has signed it off as being unsafe. The residents are contesting and apparently a decision is being made this week. I think I am going to go for Flat 1 and if the cladding issue becomes a thing I will go back to the drawing board!

🤞🤞 the cladding isnt an issue!