Rental properties in converted house in London?

[londongirl158]

Hello!

I was wondering if anyone had any experience of buying a flat within a period conversion where the other two flats are privately rented? Does this reduce value or not really matter?

Thanks!

You need to look very carefully into who owns the freehold of the property. I know people in very frustrating positions because of greedy, unhelpful freeholders.

I think people overall prefer everyone to be owner-occupiers, but I don't think it makes that much difference. And remember that the occupants could change - when I bought my period conversion all 3 flats were owner-occupied. In the 15 years I lived there the other flats had various lodgers, and by the time I sold both were private rentals.

I've been an owner-occupier in a block of flats where the flat owners all have share of freehold.

Honestly it was a pain, as those of us who were owner-occupiers wanted to get improvements done to the property but were always outvoted by the landlords who wanted to spend as little as possible.

You need to know who the freeholders are and what their attitude has been historically towards maintaining the building.