Help - what would you offer on this flat?

[Crash123]

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?

Can’t comment on location but when I was single bought a house in a worse area so that I could get 2 bedrooms and a lodger, it was a lifesaver at times to have the extra income. It really makes a difference to be able to afford to live more comfortably and to do redecorating, buy furniture and build up some savings.

Mitcham isnt great and I say that as someone who lives in Streatham with all that that entails.

Have you looked at Colliers Wood or Tooting? There's a few places on RM in your budget but you'd have to accept a one bed. However you'd be on the Northern line and nearer nicer amenities (Tooting especially).

Buying a two bed is a nice idea if you can afford it or have plans to move a lodger in immediately as an actual money generating plan.

Otherwise I would prioritise location over space, unless you have shitloads of belongings or entertain/ have people over a LOT.

It will block the morning sun, as it rises to the east. You should be ok midday onwards, during summer anyway.

This is an ex council flat so I would not buy it.

Not because I am a snob but because of the fact that private leaseholders can be hit with massive bills if the council decides to do some repairs works on the estate.

Social tenant won't be charged so leaseholders will end up with the bills...

Do a bit of research about this happening to some leaseholders who bought ex-council flats in London.

I would buy a freehold ex-council house but not a leasehold ex-council flat with the council as the freeholder.

This is worth a look at OP , as it's Battersea, got a pool and parking and nice sized rooms

May I think go for quite a bit more though

www.rightmove.co.uk/properties/85677570

I wouldn't go for the Battersea one as you're bang next door to the Winstanley estate and I wouldn't wish that on my worst enemy.

@LadyOfTheCanyon thing is though you might feel the same about the Mitcham one!! Lots of this type of housing is in some pretty iffy areas- (by mumsnet standards) that's the problem

@Crash123
The leaseholder will hopefully be forthcoming with the information but it’s really the freeholder, or their representative if there is a management company, that you and your solicitor will deal with on these matters. Most often you have to have had an offer accepted before the freeholder will release information including the full lease and this is the info that you really must look into with a solicitor that knows what they are doing regarding leasehold property ( not all do). Do
make
sure you find out as much as possible about any major works and what this flat is liable to pay for. Then you can negotiate on price further if you need to. Leasehold can be a great but you do need to know what you are getting into, and if it’s affordable for you down the line. You asked what would
people
offer for the flat, if you start with a sensible
lower offer and it’s turned down you can always increase it and then negotiate further if you need to when you have had sight of the lease and other details. Good luck, it looks
like a lovely flat to
me.

@Crikeyalmighty

I've already posted saying that I live in Streatham so I understand exactly where the OP is thinking of moving to. And I work about 5 minutes walk from the block you posted. The Winstanley is somewhat more than 'a bit iffy' unfortunately.

I'm really not being precious - I've lived in South London for over half my life, and decent low cost housing is virtually impossible to find. With the OPs budget it's a case of what can be sacrificed- Mitcham isn't the finest area but where she is considering is peaceful and nondescript which might ultimately be of more value to her than good transport links and a Morley's on every corner.

you mentioned that the only very close transport is the tram & the others are walkable - just my opinion but I would want those very very close by if I didn't feel particularly safe in the area

@LadyOfTheCanyon Yep I trust you if you know the areas- I actually think the original flat is nice for the money given the choices out there!!

This is a flat for a cash investor. 8th floor very hard to get a mortgage on for an ex council

There are very much two sides of Southfields - there is up the hill from
the station and down from the station to the grid. Im very much talking up the hill at a 300k price point!
It won’t get her as much - likely a two bed with communal garden BUT it very much feels like London (sw19 postcode) which is hard to find for 300k.
Within 10mins you can be on Southfields high street (lovely shops, cafes, pubs, M&S) or Wimbledon Village/ tennis courts or Putney high st/ riverside or Putney Heath (watch cricket, lovely pubs, forest school nursery) or Wimbledon common or Wandsworth etc etc.
Also there is a londis, Tesco express and Co-cop within short walking distance. There are sacrifices of course (its an area with lots of purpose built flats) but at 300k there is always going to be!

Yep, I realised that and also @LadyOfTheCanyon says it's next to a notorious estate- Shane as it's a tidy flat for the money!

Looks a nice airy spacious place

A local shop is handy and if desk need something then is a 7min walk /2 by car / prob the same where I live tbh

I think it’s a good property - better than a modern flat or house. Friends have remodelled theirs which is similar and it looks amazing. I’d visit different times of the day to get a feel for the immediate area if you have any concerns.
Getting back to your original question, I’d offer £295k. They’re desperate, want a quick sale and you are ready to move quickly. You may compromise on £297 or thereabouts.
Keep us posted on what happens! Good luck.

Amazed at people saying 113 years is a short lease. I once pulled out of buying a flat when it turned out to have 64 years left on the lease (Bloomsbury so ££ to extend), but anything over 99 is pretty good for London in my experience. The only things with longer leases tend to be Share of Freehold.

The lease is likely a publicly available document from the land registry. The OP can buy it and find out anything about the lease she wants.

@proppy - oh that's a good point about staying put for a while. TBH I'm looking at a place that's more somewhere to live than an investment. Even if I break even when I sell it on, including equity, it's better than throwing my money away renting. I think.

@Pinkdelight3 - Thank you for this. I thought I was pretty lucky living as close to shops as I do now, but it sounds like a lot of people would really hate living a bit farther out. I don't know, obviously, it would be ideal if I could live closer, but I can't really afford that in a place where I could take in lodgers for extra money, or have a partner move in down the line without feeling cramped. I don't want to outgrow my place in a few months!

You're bang on that Thornton Heath and parts of Croydon are more where I'm looking!

@SD25 - Ooh that one looks nice too. The garden is a bit shadier, but I do keep an eye out for Norwood Junction, and I think I'm just about priced out of it!

@SheilaWilde - Ooh I do like the location of that one. And the price! If only the kitchen were a bit bigger, and the patio wasn't so underground!

@pilates - Yeah, leasehold isn't ideal, but I haven't seen any freehold in my price range that I've been keen on. I imagine they tend to go at a premium, which is likely why.

Yep this. 110 years is totally fine. Marriage value is much below this (look it up) and renewing before that is not expensive.

Re the ex council might get a big bill situation, my theory was I could either pay £50k - £100k more for a non ex council property of the same size or location, or I could buy the ex council one and then hope that a large bill didn’t happen.

Maybe it will at some point, maybe it won’t, but I definitely would have had to spend that upwards of £50k in the place otherwise…

It's so hard, isn't it. I would caution against Thornton Heath and Croydon. Apart from the gangs and the knife crime, Croydon council is perpetually broke and the facilities have gone to pot. Croydon town centre is a bit of a wasteland.

Norbury is slightly nicer. Addiscombe is better. Beckenham I believe still quite reasonable with good local amenities.