Help me make a decision: conversion flat or house...

[Iamabarbiegirl]

Name changed for this.
I live in a lovely area in London zone 6 with all the amenities we need, good schools, great commute and generally a really nice community and cute area. We have been here (renting) for a few years and feel at home. DD is still in nursery but we will have to start thinking of applying for primary school next year and we were hoping to be able to buy a house elsewhere before the applications deadline. Now because of current interest rates and a couple of other reasons, I think it's unlikely we will manage to buy a house on time for school applications. This is making me reconsider whether we should just instead try and find a way to stay in this current area, given we love it so much. The issue is only due to costs, as here we'd only be able to afford a 2 bed maisonette (potentially with a garden). We don't have a massive budget and all the areas we'd consider are expensive but we could get a 2 bed cottage or shabby 3 bed elsewhere. I was quite set on moving and getting a house but have recently being wondering whether it would make more sense to stay here.

• We love the area and feel at home
• great commute into London (we work FT)
• good schools
• good amenities and we like being able to walk everywhere, barely use our car and we like it this way

I wonder though, is all this enough to compromise on a flat/maisonette (likely a leasehold property also) for the long term? We are late 30s and with decent salaries but still high childcare costs and not very likely to double our income so our situation will not be drastically better in the future and also not sure I'd like to increase what will be an already very high mortage in my late 40s to more to a bigger house.

We are not planning on having a second DC although you never know what life can bring.
The other areas we are considering are nice commuter towns in the home counties, with a more expensive commute, good schools but maybe less amenities to our doorstep.

Are we mad to consider a flat over a house just because we'd have an "easier" life?

I think your rationale for staying put and getting a flat or maisonette makes perfect sense. I live living somewhere I can walk everywhere too. There's no way I'd move to the home counties for a bigger house

I think as you don’t intend to have another child, a 2 bed maisonette with a garden would be ideal. If you move away from that area you will very likely miss it a lot as it sounds perfect for your family.

Sounds like buying a flat where you are would suit you better than buying somewhere further out. It's not just the extra commute cost, but also time lost you could spend with your DD or do some prefered activity. If the prices in your area are rising at a similar rate or more to the commuter areas you could always move later if it doesn't work. There can be a lot of upkeep on a house, especially one that's already shabby.

Agree with others re the two bed property. Especially if you have one dc. It will have lower running costs too probably and you'll have more quality time together.

If you won’t need to move for a few years then a 2 bed flat with a garden sounds the better option. Leasehold isn’t always a big problem. So long as it’s a long lease with reasonable service charge that includes a reserve fund for big repairs and a peppercorn ground rent it should be no more expensive and less hassle than a freehold house. Lots of maisonette style conversions are share of freehold which usually comes with a 900+ year lease.

Your rationale sounds fine. Location really is key, we’ve compromised on the property in order to get the right location and no regrets. If leasehold, do consider the charges, lease terms, length etc.

Agreed. Lots of flats in London are leasehold with a share of freehold with 900 plus year leases and these are a better option than just leasehold @Iamabarbiegirl

Stick with the area you love. Maisonette is fine

Thanks for the replies.
Some of the people I spoke to think I’d be mad to consider a flat and leasehold property when technically I’d have a budget to purchase a house. I am also not 100% sure it’s the right thing to do with a kid but I just cannot fully see myself living in a different areas without all these amenities and would also make life harder with schools etc.
I don’t know whether 10 years down the line I’d look bank and think I wasn’t “adventurous” enough and I also wouldn’t want my DD to resent us for not giving her a better house

I think your rationale for staying put and getting a flat or maisonette makes perfect sense. I live living somewhere I can walk everywhere too. There's no way I'd move to the home counties for a bigger house

Surely the OP is in the home counties if she's in zone 6!

What's your budget OP? I think a flat is fine but I wouldn't want to be without a garden.

Would moving further in be a possibility?

@watersprites moving further or not is exactly the point of my original post😅 We don’t want to leave current area but cannot decide really

@watersprites no, technically we are still in London

@Iamabarbiegirl I would do exactly as you say- a house is just 4 walls at end of the day- you like the areA, like the lifestyle- go for it

I just can't think of any areas of zone 6 that are very "London" or so amazing you can't leave, I assume you are somewhere like Kingston or Bromley? But fair enough if you love it.

Are there really only flat options, even in z3 you will find houses for the same prices of flats if you comprise a bit.

I said about moving further in by the way!

We were in z2/3 & had an amazing maisonette with garden in a fab area. However as the dc got a bit older I really wanted more space & we also did not have the same lifestyle any more as it was now full of activities etc. Life with a baby/toddler is very different to primary school aged dc. We now have a house in z3/4, I still have amenities on my doorstep but they are more dc focused ones too. Yes it's far less buzzy but I can't go out all the time anymore anyway.

I think in some part I was mourning my old life,

I wouldn't buy anything leasehold ever again OP. Sorry. I would always go for a free hold house especially with kids.

@sunshinesupermum can I ask why?

Depending on your budget. - you may be able to purchase a house in Sutton.

@watersprites it’s not much about it being “Londoney” but it’s the area in general that on top of being pretty, has excellent train connections, schools, cafes, restaurants, lots of shopping etc and you can walk everywhere too. It wouldn’t quite be the same if for example we were to move somewhere a bit more further out

@Lavenderflower I don’t want to live in Sutton. I know already what areas I’d focus on if I were to leave current area. This isn’t really about finding other places to live but more about asking opinions on whether to stay here with a garden flat or move elsewhere for a house iyswim

I'm thinking you are probably somewhere like kingston- I would stay put!

Because you are never in control of costs with a leasehold. Service charges, ground rent and short leases are all traps to be avoided. You never own your property as the freeholder still owns it no matter how much you pay each year. And managing agents work for the freeholder not you :-( I've lived in both and would never buy a leasehold property again.

@Iamabarbiegirl I wouldn't want to move further out either so would look at a part of London I could afford a house.