Page 3 | How much is this property worth? RM link included!

Nav7 · 2023-02-22T19:45:09+00:00

Hi all, I hope you're all well. Just wanting to gauge some opinions on what you guys think this property is worth and how much approx would be needed to get it to a decent liveable standard? I appreciate its all about opinions so no right/wrong answer. https://www.rightmove.co.uk/properties/129934388 It came on to the market in Nov 2021 for £310K (at the peak of the market), got sold/taken off/sale fell through, unsure what happened to be honest... has had a lick of paint and put back on, on 9th Dec at offers over £340K which I thought was ridiculous considering the work required and current market conditions. It was then reduced to OIRO £320K 2 weeks ago. I think it needs approx £50K spending on it (internally) for a new kitchen, bathroom, downstairs WC, removing walls between kitchen and office/dining, possibly electrics and a couple of patio doors... and that's just looking at it from the surface. EPC rating is an F. Comments/opinions greatly appreciated 🙂

LaRitournelle · 22/02/2023 21:17

ProudToBeANorthener · 22/02/2023 20:47

It being leasehold and the ground rent being low isn’t the end of the problem. Some leasehold agreements don’t set the amount that can be charged, in the deeds, so the leasehold owner could increase the annual cost exponentially without you having any redress. I would never buy a leasehold property; in my opinion if you are offered the chance to buy the freehold, do it to protect yourself from nasty surprises down the line. In the long run it would be likely to make your house more attractive to a potential buyer.

In the many years I've lived in the NW I have never ever ever known anyone's ground rent to be increased, it's just not an issue people even think about! It's also normally really cheap to buy the freehold anyway if OP didn't want leasehold, my parents bought theirs a few years back when they paid off the mortgage for about £450.

ThisMustBeMyDream · 22/02/2023 21:18

It is broadly priced within reason. I'd probably offer 10k less than asking though. Also look to renegotiate after survey as I'm sure that will show some issues given the over all condition.
As for leasehold - no issue in this area. A lot of the NW is about 50/50 leasehold houses. People look in horror simply because of their experience of leasehold flats. Different kettle of fish all together. Most of the ground rent is a couple of pounds a year.
Bolton itself has some lovely areas, expensive too. Some excellent schools. It is a good area to live, further out from the centre of course!

LindorDoubleChoc · 22/02/2023 21:24

It's lovely. Such a shame about the front facade and the missing window! Otherwise a gorgeous house.

Multipleexclamationmarks · 22/02/2023 21:29

How well do you know the area? It's decent enough but not as nice as it used to be, I remember that estate from a good few years ago used to be really nice, sought after. Beaumont road is very busy and big. Deane is ok top end but the further down you go toward town is not so great. I think the house is a bit on the expensive side for what it is, needs a fair bit doing but looks cosmetic and livable in.
Might be worth looking at Egerton, Bromley Cross and Smithills to compare what you get for your money.

Original poster

Nav7 · 22/02/2023 21:31

ThisMustBeMyDream · 22/02/2023 21:18

It is broadly priced within reason. I'd probably offer 10k less than asking though. Also look to renegotiate after survey as I'm sure that will show some issues given the over all condition.
As for leasehold - no issue in this area. A lot of the NW is about 50/50 leasehold houses. People look in horror simply because of their experience of leasehold flats. Different kettle of fish all together. Most of the ground rent is a couple of pounds a year.
Bolton itself has some lovely areas, expensive too. Some excellent schools. It is a good area to live, further out from the centre of course!

Hmmm doesn't leave much scope to negotiate and the only way is up! I've read that you should be slightly embarrassed about your 1st offer & considering it's been on/off market and reduced, there may be more of a saving to be had than the £10K. I think it may be a probate property, seems like there was a stairlift installed. I will call the agent tomorrow & see what they say

OP posts:

pattihews · 22/02/2023 21:34

We're nervous of leasehold because of leasehold buy-up scandals:
www.loveproperty.com/news/151214/leasehold-scandal-thousands-of-homeowners-to-get-ground-rent-refunds
And some of us have lived in leasehold flats and know how difficult and expensive it can be to renew them.

OP, nothing at all wrong with that house and the funky tiles in the cloakroom look like they might be on trend. It all looks perfectly livable and it's actually nice to see a house that hasn't been turned into the standard grey sterile box. I'd want a new kitchen and carpets.

Your main problem is the EPC. It's too low for you to be able to legally rent it out should you need to and it'll be expensive to heat. Take advice from an energy consultant to find out why it's so leaky. Most properties of that kind of period come out better than that.

Original poster

Nav7 · 22/02/2023 21:36

Multipleexclamationmarks · 22/02/2023 21:29

How well do you know the area? It's decent enough but not as nice as it used to be, I remember that estate from a good few years ago used to be really nice, sought after. Beaumont road is very busy and big. Deane is ok top end but the further down you go toward town is not so great. I think the house is a bit on the expensive side for what it is, needs a fair bit doing but looks cosmetic and livable in.
Might be worth looking at Egerton, Bromley Cross and Smithills to compare what you get for your money.

I know the area fairly well and would only consider the Chorley New Road side of Ladybridge. I wouldn't consider the Junction Road/Wigan Road side or any of the estates near the Shell at the bottom of Beaumont Road. My 1st preference would be Heaton, off New Hall Lane, Devonshire Road etc not many have come on for sale within budget and ones that I like. As nice as Bromley Cross, Egerton etc are, they're a bit out of the way for me

OP posts:

HotDogsJumpingFrogsILoveTurkey · 22/02/2023 21:36

Leasehold would put me off. If you're not bothered, just go through the terms with a fine tooth comb so you know what you are signing up to eg when/how they can increase rent, what you need to get permission for etc.

The house seems perfectly livable. I think my priorities would be windows, insulation and kitchen.

I love the yellow tiles!

Original poster

Nav7 · 22/02/2023 21:39

pattihews · 22/02/2023 21:34

We're nervous of leasehold because of leasehold buy-up scandals:
www.loveproperty.com/news/151214/leasehold-scandal-thousands-of-homeowners-to-get-ground-rent-refunds
And some of us have lived in leasehold flats and know how difficult and expensive it can be to renew them.

OP, nothing at all wrong with that house and the funky tiles in the cloakroom look like they might be on trend. It all looks perfectly livable and it's actually nice to see a house that hasn't been turned into the standard grey sterile box. I'd want a new kitchen and carpets.

Your main problem is the EPC. It's too low for you to be able to legally rent it out should you need to and it'll be expensive to heat. Take advice from an energy consultant to find out why it's so leaky. Most properties of that kind of period come out better than that.

This is the EPC cert for the property..... find-energy-certificate.service.gov.uk/energy-certificate/0020-3911-8202-5719-8204

OP posts:

Original poster

Nav7 · 22/02/2023 21:40

These orange/yellow tiles seem to be a hit with a few of you! 😂

OP posts:

ProudToBeANorthener · 22/02/2023 21:46

If you use a search engine to search for “leasehold nightmare” you will find plenty of pages explaining the reasons why many of us will you never buy a leasehold property. Certainly some will be fine but will your solicitor/conveyancer spot the nightmare lurking within the house deeds?

yodaforpresident · 22/02/2023 21:54

Leasehold is really common in older houses (20+years) in NI. You have the option there to buy out the leasehold if you want to

www.nidirect.gov.uk/articles/buying-out-your-ground-rent

It’s very straightforward and costs 9x the annual ground rent.

Are you sure there isn’t something similar in England?

MariaVonTrappValentine · 22/02/2023 21:55

Love the yellow tiles and sliding doors. It hasn’t had the heart ripped out of it. I really like it.

Oigetoffmylawn · 22/02/2023 21:55

The leasehold wouldn't bother me. Large numbers of 1960s stock housing in greater Manchester is leasehold. Usually peppercorn lease with 900+ years left. Nothing like the modern leaseholds.

I actually think for the house and area it's fairly priced. It needs updating but is very liveable in currently and could be done up slowly.

VariantHela · 22/02/2023 21:55

Not worth the price IMO especially for Bolton (no offence intended). What are other properties being sold for around the area?

shard5 · 22/02/2023 21:58

I think for that area it seems the right price but with prices going down slowly anyone taking out a mortgage may be hesitant which is why it's lingering on the market.
You'll have a better idea once you've spoken to the agents.
Good luck!

Riverlee · 22/02/2023 21:59

BarrelOfOtters · 22/02/2023 20:13

I rather like the yellow tiles in the bathroom…..

Me too!

whosaidtha · 22/02/2023 22:04

My house is leasehold and we pay the princely sum of £12 a year. It's standard in our area. Maybe it's a northern thing. Also there's about 900+years left.

angel1977 · 22/02/2023 22:09

Looks like a great wimpey house of its era. Well built and solid house with big rooms and layout.
Perfectly liveable as is. Doors look solid wood, keep and paint white, better quality than hollow new ones. Windows look fine and can be repaired rather than replaced, pvc frames can be painted if you must.
Easy to knock out the wall between kitchen and dining yourself if not load bearing. Add wall of bifolds across the back to add wow and enjoy garden.
Radiators look newish, boiler might be ok.
Lots of grants still available for insulation to roof and cavity walls and floors.
Expect to need rewired if never updated.
I would extend above the garage to add extra room with en suite accessed from top of the stairs.
Make the offer at 300K

Original poster

Nav7 · 22/02/2023 22:10

VariantHela · 22/02/2023 21:55

Not worth the price IMO especially for Bolton (no offence intended). What are other properties being sold for around the area?

Other properties for sale in the area... Three are 4 bed, other one is 3.
www.rightmove.co.uk/properties/128145548

www.rightmove.co.uk/properties/129572825

www.rightmove.co.uk/properties/128145548

www.rightmove.co.uk/properties/128197658

OP posts:

BernadetteRostankowskiWolowitz · 22/02/2023 22:12

I'd buy (and have) a leasehold flat. I'd never buy a leasehold house.

ThisMustBeMyDream · 22/02/2023 22:16

@BernadetteRostankowskiWolowitz do you live in the North West?

BernadetteRostankowskiWolowitz · 22/02/2023 22:19

No why?

ThisMustBeMyDream · 22/02/2023 22:26

Because it is entirely normal here. Without issue.

Riverlee · 22/02/2023 22:34

In many ways, what you plan for the house is irrelevant. The house is priced ‘as seen’ (according to current house market), and this usually takes into account the condition of the house. If you feel it’s worth less, than offer less, and see how it goes.