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Original poster

Help - what would you offer on this flat?

128 replies

Crash123 · 05/04/2023 14:35

Hi all! I am considering putting an offer in on a property and was wondering a) what to offer and b)if you all can spot any downsides that I cannot.

My situation - I am looking to buy alone after a breakup with my ex. He bought me out of the flat we owned together late last year, and I've been staying with friends ever since. I have a bit of cash from that, a bit of savings, and my parents are willing to help me make up the difference in a deposit if it'll help get me over the line. I have no children, though I wanted a second bedroom as I want to leave my options open to adopting down the line (and could get a lodger in otherwise to help me save money and replenish my emergency savings).

I have found this flat which ticks all my must-have and a lot of my nice to have boxes - https://www.rightmove.co.uk/properties/133093493#/?channel=RES_BUY

The boxes it ticks - It's got a nice kitchen, 2 proper bedrooms, a garden, and is in good enough condition that I could move in straight away. I won't have money to decorate for a while so this is good. It's bright and airy, has some decent storage space, is off a main road, is close to transport (the tram) and walkable to different types of transport, which is key with all the London strikes and train works. I could host friends in this flat.

The downsides - It's far away from a buzzy high street - I'd have a long walk or a bus ride to somewhere with nice coffee. There are no grocery stores nearby. The neighbourhood is a bit rough around the edges (and I'll go visit at night to see if I feel unsafe). I think I could cope with these. It's ex-council which I don't mind at all, but some other people have said is a downside. It's also a bit far from the train, but the tram is close by. And the shower room is a bit blah and will need refreshing at some point.

I want somewhere I can stay for a while and not outgrow. After a traumatic 2022, I want to own somewhere that no one can tell me to leave.

I can JUST about make this place work financially. I don't earn enough to get a 10% loan, so I'll have to make up the shortfall with a bigger deposit, which I can do if I work my ass off. The upside is, I'l have lower payments monthly if I put a bigger deposit.

What would you offer on this place? Do you see any downsides apart from the ones I've listed?

Check out this 2 bedroom maisonette for sale on Rightmove

2 bedroom maisonette for sale in Brookfields Avenue, Mitcham, CR4 for £300,000. Marketed by Goodfellows, Mitcham

https://www.rightmove.co.uk/properties/133093493#/?channel=RES_BUY

OP posts:
Bluevelvetsofa · 05/04/2023 15:53

It says offers in excess of £300K, so they must be expecting about that figure. I dislike ‘offers over’.

Can you drive to shops and supermarkets, or will you be reliant on online? The plus is the proximity to transport links, which you need.

It looks in reasonable condition and I’d agree with the pros you listed. You could do something with the garden, which is basic. The bedroom sizes look good and the kitchen is good for storage, as you say.

Always4Brenner · 05/04/2023 15:57

How far are you from shops for milk bread that sort of thing (winter it’s a pain)

Original poster
Crash123 · 05/04/2023 16:08

Thanks for your reply. I dislike "offers over" too - it makes a wild guessing game feel even more wild.

For shops and groceries, I'd be reliant on online shopping, or public transport to the shops for the foreseeable future. There are a few big grocery stores within a 20/25 minute walk, or a 15 min bus ride. At some point I'd like to get a car, but that's a long ways off. I have to buy this place expecting to get on a tram to Wimbledon (15 min - 2 big grocery stores and a load of nice restaurants and shops) or a bus to Morden / Mitcham ( 15 - 20 min - a couple grocery stores and shops). And then there's a train to Clapham Junction / Balham where a lot of my friends live.

OP posts:
Original poster
Crash123 · 05/04/2023 16:11

@Always4Brenner - There are a couple tiny off licences about a 7 min walk away. A grocery store Londis and that kind of thing. Anything more substantial is a transport away. Which is probably the biggest downside. I like having a buzzy high street nearby, but realistically my place with my ex had a nice high street (Crystal Palace) and I'd kind of do a lap of it and then be like "Okay now what?". I do agree though that it is a pain!

OP posts:
KnickerlessParsons · 05/04/2023 16:18

It looks lovely.
Can you have a look at what similar properties in the area have gone for recently? And ask the EA what sort of offer they'd accept, and also ask them how long it's been on the market/how many people have viewed and are interested.

strawberry2017 · 05/04/2023 16:19

The problem with ex council is there's always a ceiling price on them so you may struggle to make money on the long term if you sell.
I think being so far away from local amenities will get tired very quickly. Taking an hour just to get some milk or bread would be very annoying.
How much is the service charge? How much is the ground rent?

Original poster
Crash123 · 05/04/2023 16:23

@KnickerlessParsons - Places around there have gone for similar prices. Some have nicer gardens but a smaller kitchen. Some have bigger or 3 bedrooms but are in worse shape, or have sad looking outdoor space. The EA said that they rejected an offer "just under 300 000". It's just come down from 325 000, and they're looking to move quickly as they had a recent offer fall through and the place they're buying will get impatient if they take too long. I'm chain-free, so desirable from that POV.

OP posts:
Hollyhead · 05/04/2023 16:26

The last most similar one went for 315k, but the market has fallen since then. Maybe 305k? But it sounds like the location isn’t ideal? Be careful you don’t pay for a flat somewhere you wish it wasn’t!

Original poster
Crash123 · 05/04/2023 16:26

@strawberry2017 - I don't disagree. I am out and about a fair amount, so I could make a point to grab those things on the way back from work / social time / whatever...but it's not ideal. I know I'll have to make some sacrifices, though, in order to afford a place of my own. It's just weighing up which ones I want to make.

Do you think there's the same ceiling in London? I know the price goes up more slowly, but does it really not go up at all? The service charge is £500 p/a and the ground rent is £25 p/a, both of which feel reasonable to me.

OP posts:
KievLoverTwo · 05/04/2023 16:29

Crash123 · 05/04/2023 16:08

Thanks for your reply. I dislike "offers over" too - it makes a wild guessing game feel even more wild.

For shops and groceries, I'd be reliant on online shopping, or public transport to the shops for the foreseeable future. There are a few big grocery stores within a 20/25 minute walk, or a 15 min bus ride. At some point I'd like to get a car, but that's a long ways off. I have to buy this place expecting to get on a tram to Wimbledon (15 min - 2 big grocery stores and a load of nice restaurants and shops) or a bus to Morden / Mitcham ( 15 - 20 min - a couple grocery stores and shops). And then there's a train to Clapham Junction / Balham where a lot of my friends live.

That will be necessary; idk what it's been like for the last 15 years, but historically, Mitcham has always been a bit of a no-man's-land. Have you had a chance to have a good look around the area?

Original poster
Crash123 · 05/04/2023 16:30

@Hollyhead - Yeah, that's for sure one of the things I'm weighing up. Is it close enough to transport that I can get to where I want to be / will I enjoy being at home in my garden / in my kitchen enough to outweigh the inconvenience? In my position, I'll have to sacrifice something - outdoor space, a second bedroom, walking distance to a lovely high street, lack of need to fix it immediately, size...

OP posts:
determinedtomakethiswork · 05/04/2023 16:33

That is a very short lease isn't it? Is there any chance of extending it?

Greensleevevssnotnose · 05/04/2023 16:34

I would offer £310 but expect to pay £315

Original poster
Crash123 · 05/04/2023 16:34

@KievLoverTwo - It feels like a bit of a no man's land. That's a good way to explain it. I went there the other day, and had a walk around with my friend after, but didn't really get a sense of how things fit together or what was actually nearby in a different direction. I think I'll go have a walk around this weekend. The closest bigger high street is about a 15 min walk, and has 3 decent grocery shops (Morrison's, Asda, Lidl).

OP posts:
AlltheFs · 05/04/2023 16:34

I have bought twice when a property was listed at offers over and both times I only paid the price it was offers over at eg £300k as I was proceedable with no chain.

So I’d start there, and if that’s rejected go to £305k. It’s a buyers market.

I’m a rural person but as flats go I like this, lovely and light and the garden has heaps of potential. Can’t comment on area though.

Original poster
Crash123 · 05/04/2023 16:35

@determinedtomakethiswork - it's over 110 years, so I'd have about 15 years before I'd need to worry about extending it. Or am I off base there?

OP posts:
Viviennemary · 05/04/2023 16:36

It's quite a short lease. Don't think I would buy it at all..

Original poster
Crash123 · 05/04/2023 16:37

@Greensleevevssnotnose - Thanks! That would sadly be out of budget but it's good that you see the value in it.

OP posts:
proppy · 05/04/2023 16:37

I think it's too expensive personally, Mitcham isn't the best area & you aren't that near to things so I think the price is tippy

proppy · 05/04/2023 16:37

toppy!

Original poster
Crash123 · 05/04/2023 16:38

@AlltheFs - Ooh that's good to hear! Were you competing against other offers?

OP posts:
Original poster
Crash123 · 05/04/2023 16:39

@Viviennemary - Ooh you aren't the first one to bring this up. I see lots of places with shorter leases being sold but don't 100% understand the ins and outs. How come you wouldn't look at this one?

OP posts:
Original poster
Crash123 · 05/04/2023 16:40

@proppy - I think that the distance from things is probably the only reason I could consider affording such a place, sadly. Does Mitcham read unsafe to you, or just a bit blah?

OP posts:
KievLoverTwo · 05/04/2023 16:42

Crash123 · 05/04/2023 16:34

@KievLoverTwo - It feels like a bit of a no man's land. That's a good way to explain it. I went there the other day, and had a walk around with my friend after, but didn't really get a sense of how things fit together or what was actually nearby in a different direction. I think I'll go have a walk around this weekend. The closest bigger high street is about a 15 min walk, and has 3 decent grocery shops (Morrison's, Asda, Lidl).

Depending on how important feeling safe is to you, you may or may not want to put 'Mitcham' into google news and see the latest articles and look back on some older news articles too.

The crime rate on that road doesn't seem too bad - it'd help if you can find the exact postcode, I just found a generic one that looked to be on the street.

https://www.adt.co.uk/crime-in-my-area

Also have a look at it where you would get on and off public transport/walk home.

If it's ex LA, does it have independent heating? In old blocks of council flats or houses, heating used to come on on the 1st Oct and go off on 1st March, and people didn't have a choice about that.

Crime In My Area - Interactive UK Crime Map

Want to know what the police recorded crime levels are like where you live? Simply add your postcode or pick one of the top UK locations to find out.

https://www.adt.co.uk/crime-in-my-area

proppy · 05/04/2023 16:43

Do you know Mitcham? I wouldn't say it was unsafe but I don't think you would want to necessarily be walking late at night for milk etc. It's just a bit of a nothing area. That's why I think the price is too high.

I would look for something smaller in a better location.