What would you do in our situation - property dilemma

[HolyParc]

Don’t want to write a never ending post so will just summarise it all in a few bullet points:

• First time buyers, almost 40yo
• Jobs in London, currently live in SW London suburbs, renting a flat
• Want to buy a property, only have 10% deposit and can afford around £500K-£520K max
• Current area is lovely and fits our lifestyle vey well: great commute, many amenities, pretty, safe, nice schools etc but very £££, can only afford a flat or maisonette
• We have 1 DC in pre school, not planning more although accidents can happen
• If we moved further out, we might have a longer commute and less amenities but would be able to buy a house
• We’d really love a garden and the idea of not having any outside space for the long term is a bit upsetting, however, I don’t know whether I am just being a bit extreme about it?
• I don’t drive, am used to living somewhere with lots of amenities and be able to walk everywhere
• House buying timelines would potentially be an issue in terms of school applications as even if we moved, we wouldn’t likely be able to be in the new house on time for school applications, which means we could potentially end in a not so great school or somewhere far from home (which would be an issue given the fact that we both commute and I don’t drive as I said)
• Salaries will increase but given our age and jobs we are not going to be able to massively increase our mortgage in a few years so unlikely to be able to stay in current area and upgrade later on

I honestly don’t know what to do. I seem to want it all but our budget doesn’t allow us to ☹ Areas outside of London we are considering are Weybridge (very expensive), Walton on Thames (some houses are quite far from the station or the shops), Hersham (not a big fan of the area, seems a bit dull but cheaper).
Guildford is too far and commute too expensive, we considered Epsom but we don’t like it.

Consider compromising on the type of property rather than garden, location or cat?

we had no issues with cats in leaseholds FYI. But check ex-LA stuff. People get so sniffy about it but if you choose well (older is better), the room sizes are great, you can get gardens, maintenance is taken care of and you get a lot more bang for buck.

We had a similar dilemma to you (particularly garden) and moved out of ex-LA to a house.

I love the garden. I’d never give that up now and it’s the one thing that makes it worth it for all the reasons you describe. But in hindsight I wish we’d stayed in our old neighbourhood and bought a bigger ex-LA with a garden. Will probably do that next as hopefully we’ll have the equity for it (we’re also old)

Sorry I wasn't clear - I meant most leases may say no pets but I think it's pretty unenforceable unless you're making a nuisance. I don't have all the details but if you Google something like 'can freeholders ban pets' and 'can I have a cat in a leasehold flat?' It should throw up the right sources (among the nonsense)

Anyone knows New Malden? Saw a few more affordable houses there

I used to live in a ground floor maisonette in twickenham, had a lovely garden and cat. I did not need any ones permission to have a cat. Personally I could not live without my garden, I love having my own outside space, so to some it might be over rated but not too all.

I know there are ground floor ( not lower ground floor) flats/ maisonettes in twickenham now that go for your budget. Lovely area with a lot of very good schools, both primary and secondary.

I recently sold a 1-bed share of freehold flat with a private entrance and direct access to a private garden in SW London for £450k. The garden was a good size and the building allowed both cats and dogs. I expect for a bit more you could get a 2-bed, but they’ll be snapped up swiftly. Mine sold within a couple of weeks.

Edited to add it was a ground floor flat, not lower ground floor.

I would look at haywards heath not horsham as it has the Gatwick express into London rather than the slower trains from horsham. Its also quick to get to Brighton for a day out and plenty of good schools etc

Difficult, I think if you are happy to stay in a flat fry one in an area you like. However if it was me & I was your age I would go straight to the house. I think you will just find it harder to step up to a house if you leave it longer. One of my friends bought in z4 just before covid for 500k as she really wanted a house but I think in her area houses have just got more expensive. I also know someone leaving London as they bought a flat in 2017 but can't afford the step up as their flat hasn't really increased much.

What about Ewell? cheaper commute than Weybridge & money would go further.

North Cheam or Mitcham? goof primaries & in London.

I'm a big one for amenities & have to live within 15 mins of a decent high street however once your dc get older there is less opportunity to use it. My dc have something M-T & then stuff on the weekends.

I learned to drive when my youngest was 2, had too for logistic

Even with a multi million budget you have to compromise unfortunately

We were in your position when we bought, also in SW London suburbs, and we went for a 2-bed flat in a well-maintained purpose-built block with nice gardens. That was great for 5 years. at which point we had enough equity to move to a 3-bed house. Our old flat is on the market right now for £520k! It was a brilliant place to live.

I sold my flat for double what I paid, it sold recently but nowhere near double. Flat prices have stagnated the last few yrs. There was an article I read that because lots of buyers are older & moving is £££ many are skipping the flat stage & going straight for a house. And a record number of FTBs left London to buy last yr, with hybrid working I don't see this thread reversing tbh.

Anyone knows New Malden? Saw a few more affordable houses there

New Malden is nice, a bit up & coming with some nice housing stock & close to Wimbledon. I'm surprised you can get a house for 500k there though close to the station/high street.

New Malden was 'up and coming' when we were looking in the area 20 years ago 😉

Surbiton?

@Panicmode1 20 yrs ago was a lifetime ago! My part of SW London was only just starting to gentrify then & now it's another world now. Anyone who bought in NM or my area 20 yrs ago would be laughing now!

The Times highlighted New Malden recently & obviously the big Korean community means some good restaurants.

Exactly my point really...the same articles were being written then too; it's all relative - as I said upthread, back then we could buy a 3 bed semi with a huge garden on the Epsom/Ewell borders for the same price as a 2 bed maisonette in NM with a courtyard - and I imagine the comparator is probably similar today. NM is never going to be as smart as eg Wimbledon, or eg Wandsworth Town as smart as Fulham etc. (As it happens, we hated the area so moved again fairly quickly, and have been where we now are for the past 15 yrs.)

@HolyParc Where do you need to commute to in London? That could be important, if you're moving further out, thinking about which station you'd need to commute into.

Are you prepared to go for a 'doer upper'?

I'd stay in the area you like. The whole move out to the sticks so you can have a garden thing isn't for everyone. In fact it suits very few.

@Panicmode1 I'm not sure that's quite true. Yes New Malden won't be as smart as Wimbledon but some houses in the nicer roads of New Malden will be more expensive than the less desirable parts of Wimbledon eg near Hayden's road. But why does it need to be as nice?

I'm a 2nd gen immigrant born & raised in London & as I said my area was not great growing up. However I don't mind "grit" & up & coming or not doesn't bother me but I know a key demographic on MNs is interested in that! Tunbridge Wells would be my idea of a nightmare 😆

I don't know New Malden well, although I drive through it regularly - the traffic is awful.

Surbiton, while not cheap, does have a very quick train to Waterloo (16 minutes for the fast ones), along with good facilities (and more with a 5 minute bus or 15 minute walk to Kingston), and by the river etc...

Surbiton is where we live now and are considering the flat. Houses here are very very expensive, unelss you go to Tolworth, which is very different and not nice

Ah. I wouldn't swap Surbiton for most of the areas mentioned. It's just tricky finding somewhere you can afford. I can't offer more help, but good luck!

www.rightmove.co.uk/properties/132838769

Trains direct to London Waterloo in 25 mins. Lots of very good primary schools. Cute park nearby. Wimbledon 2 stops on the train and Kingston easy to get to by bus. A3 straight down to Guilford in 20 mins

Yes I do although I don’t live there. I think it’s an excellent investment. 20 mins to Waterloo on a fast line. Really good range of properties. It has a Waitrose, sushi, coffee shops, an amazing Korean butcher/fishmonger, good schools, nice people.

If I were you I’d look at that and Worcester Park.

And now it’s got some very nice houses with big gardens for less than you’d have to pay in Wimbledon, Barnes, Putney, Richmond.

Just going back to the pet issue - you’ve been misinformed.

Leasehold properties (which can be houses or flats, though in London they are largely flats) by and large don’t have clauses prohibiting pets or requiring consent for the same.

Sounds like someone is confusing the rental market (a different thing entirely) and leasehold which is just a type of time-limited ownership.

The only obvious exceptions are buying a shared ownership apartment where consent is required. And perhaps certain very regulated mansion blocks. But your average Victorian or Edwardian conversion - no.