Where to live - London / SE

[BettyPhuckzer]

Hi all

I hope you can help.

My neice currently rents in Clapham and wants to buy but can't afford Clapham

She's 28 and would have a deposit of around £120,000.00. She earns £35k.

She doesn't want to move too far from her work (Central London), so not as far out as Reading, for example, because most of her friends live in Central London

She'd prefer a freehold property, but is that even possible for her budget?

What areas would you suggest?

Thanks

Leasehold service charges can be as much as mortgage repayments and no guarantee they won’t go up - that’s the main downside of leasehold flats

I think this is one of the reasons she is wary of leaseholds.

Yes, but there are plenty of leaseholds which do not have service charges at all (typically conversions) , tiny ground rents, and may well have a share of freehold - e.g all the leaseholders collectively own the freehold (typically conversions or small blocks).

If I were a single young person who wants to enjoy a social life in London I would much prefer a leasehold flat (in a decent leasehold situation) to somewhere miles away where the last train is too early, an uber too expensive, the weekly travel to work a fortune (and a pain on strike / snow / leaves / signalling problem days), and where the cafes and bars are full of matronly old MN-ers (like me) who moved there for the extra bedrooms and the toddler groups.

Anyway, I am sure she can consult with friends who have bought and do her own research.

I have leasehold with a good management company, as it is fundamentally helpful as it means major building issues are dealt with, rather than having to negotiate between all the freeholders in a building and have huge delays and arguments as a result. There are pros and cons overall.

@VineRipened My thoughts entirely. I’ve seen a few mums in Clapham though!

Just don't blanket rule out leaseholds. You'll be removing so many options and hugely limiting your possibilities.

Like it or not, leaseholds are standard, especially in London. Not all leaseholds are horror stories waiting to happen. And plenty of places are shared freehold.

If by freehold she means an actual house at that budget I think that is possibly too hard. If she means a share of freehold flat ( which some conversions and smaller blocks are ) that is different but they can come with their own problems - so eg some share of freehold the shared freeholders won't pay for regular maintenance eg of common parts. A lease hold flat IMHO is fine as long as the leasehold is a long leasehold and the solicitor helps her be very clear on annual payments and who runs the lease hold.

Thanks, everyone. There are some great ideas/thoughts on this thread. Really appreciate all the help 💙

Penge or Kent House - 18-20 mins into Victoria and then 15 mins tops to change and travel on Victoria line two stops to Oxford Circus.

Penge just gets better every year. Loads of stations, buses and parks (incl Crystal Palace Park) and loads of trendy cafes, restaurants and pubs/bars, along with usual sensible shops and takeaways etc

In the last three months alone there have been four new cafes worth going to including an artisan baker and one that roasts the coffee on the premises

35k isn’t a massive amount for London & SE. 200k mortgage repayments currently £1300ish a month and could rise. Colleagues mortgage is rising by 1k a month in January. I earn almost double what your niece is and have 40k deposit and am wary of buying right now. Prices of flats are definitely dropping, I’ve been watching for a while. Agree she needs to future proof as many flats I’ve seen have sold for a fair bit lower than buyer paid.

I live in Whyteleafe - CR3, 2 train lines, 30 mins into Victoria. Cheaper than Clapham but travel costs to consider - £250 ish a month into Victoria

I’d go for Streatham if she works in Oxford Circus. Either 159 bus all the way or bus to Brixton then tube. Or train to Victoria then tube. I’d definitely stay in London. Plenty of time for Snorebans when she’s older!

I grew up in SE London. I go back often to visit family and friends

There is an underbelly of undesirable elements in lots of the areas mentioned despite being gentrified so she needs to do her homework before committing

Avoid leasehold if you can and move further out

There are excellent over ground trains to get her to work quickly and efficiently for a good commute