Victorian semi maisonette flat, what tooffer?

[Headspinning09]

I viewed a maisonette flat in Plumstead, London this week. It's two floors of a Victorian semi-detached and has original features like ceiling roses and fireplaces in every room. It has no garden but very close to a common. It really good condition compared to others I've seen but kitchen and all carpets would need doing. I've spent the whole weekend daydreaming about it!

I'm thinking of making an offer. The property is listed for 375k and has a 96 year lease, share of freehold. The lease feels on the low end but I've always had houses not flats so don't know much about them. What would you offer? I obviously want to get it for the lowest offer I can, my budget is about 360.

Plumstead is not my ideal location, I don't really know the area well but it's within 15 mins drive of family so pretty perfect in that respect.

I live near there and think I know the one you mean. Nice quiet road, but not that accessible to the Elizabeth line as they claim. I think if the lease is less than 80 it would affect selling it so it depends how long you want to live there. You might want to think about extending it. I would offer 350. Prices in London are apparently due to keep falling this year anyhow.

I don’t know Plumstead but the property sounds lovely. Share of freehold is a good thing and a 96 year lease is long enough that it won’t affect the price as you can extend it cheaply.

I agree with @78Summer that 350k would be a reasonable offer.

You should discuss lease extension as part of your offer - I would not buy that unless the lease was extended to at least 120 years and you can make it something that is done as part of the sale. How lovely that you’ve spent the weekend daydreaming about it - good luck!

I should add that the agent told me they've had 10 viewings, but no offers. It's been on the market for 2 months

I purchased a leasehold maisonette and negotiated lease extension as part of the offer, taking responsibility off me. Worth an ask?

Why do you think they have had no offers? Does it seem overpriced compared to other local properties?

I don't know.. I havnt really seen enough in the area to determine if it's overpriced. However there is a big crack outside the kitchen that I'm told they've had a report done on.. But it hasn't been sent to me even when requested

https://www.robinson-jackson.com/property-for-sale/flat-for-sale-in-st-margarets-grove-plumstead-common-london-se18/800834

Great idea, I didn't think about asking them to do it 👍

Share of Freehold means you can extend the lease easily, as you own a share of the freehold so you just have to have the agreement of the other 'share of freehold owners', ie the other owners of the building, usually your neighbours.

This also means that the owners, (you and the other share of freeholders) are able to set the service charges at a reasonable level, so they won't be artificially inflated for profit as they often are in other 'Leasehold' properties.

Very different to an ordinary leasehold flat where the Freehold is owned by an outside party and they can charge what they like for services and / or ground rent.

I'd look at it on Rightmove and get all the comparable data. Look at the same number of bedrooms within the same postcode (or as near as possible) within the last year. Sounds like a good property & ideal when you get that lease extended

Plumstead is really on the up, lots of young families and trendy looking couples moving here - it’s great. Understandable, it’s got great Victorian houses and windy streets (my favourite is Tourmount Road) and now great transport links.

We actually moved ourselves from a tiny flat in Peckham to a Victorian house with garden and our commute pretty much stayed the same (45mins ish to central London, including a 20 min walk to the station).