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?

Our maisonette was share of freehold, I wouldn't have bought it otherwise

@Crikeyalmighty yes I am - why do you say that, do you know the area?

@watersprites there are a few although the majority around here seem to be leasehold (although often 900 years)

London maisonettes are great. You normally get a garden and plenty of internal space for a family of 3. They're easy to sell when you decide to move on. And, of course:
Location,
Location,
Location.
Stay where you know you like living!

I've found that as I've got older, it's more about the property itself and not the area so much. Having lived in a converted flat for several years I'd say go for a house if you possibly can - I found the noise from neighbours below unbearable, and if they were on top of you it would probably be worse. Would a purpose built apartment with communal grounds be a possible alternative? I'd also echo the comments around leasehold properties, but it's likely that the law will change to make it easier to convert to freehold, so don't let that be a deal-breaker.

I am intrigued where you are though as you mentioned great commute. I found outside z4 it was hard to get that. Are you north?

@GarlicGrace that’s also my thinking, there is a lot of demand in this area so if we ever wanted to sell I don’t think a maisonette with garden would be hard to sell

@are you in Kingston town centre? There are other parts of Kingston borough that you could potentially afford a house in

Actuially, @Iamabarbiegirl, do you mean a conversion or an Edwardian purpose-built maisonette (the kind with 2 front doors and a long layout)?

I was assuming the latter. If you mean converted by a developer, it very much depends on the quality of the conversion and the lease terms.

@ClematisBlue49 I think a lot depends on your lifestyle though and what you are used to. I have always lived in a city and walked everywhere all my life so the prospect of being somewhere a bit more remote with just a couple of shops nearby is a bit concerning

If you go for the flat option, make sure that both bedrooms are big so that you have the option of dividing one into two if you end up having another child. In fact, we should all start thinking as much in terms of total m2 as we do number of bedrooms I think. Some airy spacious high ceiling Rd flats with wide hallway are more liveable than small 3 bed terrace. So if you are in Kew, say, a flat conversion of one of those huge early Victorians with steps up to the front door could be amazing. Whereas a conversion of a smaller Kingston terrace would start to feel cramped as you child grows and especially if you accidentally or otherwise have another child.

@watersprites I am in the Kingston borough, yes. My hudget is 500K, doesn’t get you a house around here.

@GarlicGrace I have no idea tbh, these are just hypotesis based on what I see on rightmove, don’t know the differences! What is better?

@WinterDeWinter thing is that even if we bought a house elsewhere it’d likely be a 2 med or small 3 bed so yes I’m also thinking sqm rather than number of bedrooms

*2 bed!

Not even near Norbiton

But yeah it would be small

Safer choice is the older, purpose-built type. They were built to house 2 families, are sturdy and you don't get much noise as long as the upstairs has floor coverings. You might even get some nice original features, if you're into that kind of thing.

Otherwise, conversions that were done in the 60s, and purpose-built flats up to the mid-70s, are solid & well proportioned. In Greater London, though, you're most likely to find the older sort.

www.rightmove.co.uk/properties/131537303

Houses like this may start to reduce in price soon.

What about New Malden? Kingston borough & up & coming.

Yeah I would be defo offering on houses over 500k

@Turmerictolly our hope is that by the time we are ready to buy prices will have fallen further so that we might get a house here but who knows

Like these - see the paired front doors?

I had a maisonette like the ones below. Purpose built so they are better for noise, although we were end terrace & upstairs which makes a difference

I think most savvy parents in my part of London would be looking at areas next to the top schools (super close, eg same street) and renting there during the year you make an application. Then once the child has started, they buy somewhere a short walk away, far enough to be away from last distance offered but close enough to bus it to all the nice amenities and a longer but doable walk to the school.

Renting for the first bit means not forking out for stamp duty and legal costs (it can be done with buying the first flat too rather than renting, but more hassle and expense). Moving that little bit further away often means the properties are cheaper, usually allowing them to buy a freehold house with garden and potential for extending, without having to pay the premium for a good catchment area.

@kramerpin yep