London: 3 bed Ex-Council Flat or 1 bed Posh flat

[redwoole]

I would rather get a 3 bed ex-council flat on a very central, nice estate. Dp would rather we spend the same amount of money on a 1 bed flat a few streets over on a posh street.

What would you do

3bed

The 3 bed probably.

What are the leases, is the council still the freeholder? If so I’d be very worried re the service charge and future charges. Councils are very well versed in ripping off leaseholders.

Posh street. Location location location.

I get this, but the flat's likely to be leasehold too. And who's the leaseholder? Where are they registered?

Yes it is, that’s pretty obvious 🙄 my point Sherlock is councils are notorious freeholders.

Are you renting or buying? how many people in your family? Is it just the 2 of you or do you have any DC? Are you likely to have DC in the future or will it be just the 2 of you?

Don’t buy a ex-LA flat that has a local authority as the freeholder. You have no idea what they will demand from you after they do some improvements. You can’t not pay for them either.

What's the size difference overall? Is there any possibility of creating a 2nd bedroom in the 1 bed, and are the 3 bedrooms all fairly large?

I’d be weary of the LA as the freeholder. They tend to be harder to deal with than private freeholders.

Links please OP

As someone who's bought and sold and lived in a few places in London, I've only ever regretted the places I chose size over location. I had a massive 3 double bed house and moved to a one and a half bed flat as I hated the location of the first.

If renting, the bigger one. If buying, the posh one.

Unless you have several children you’ve not mentioned, posh flat

Posh flat. Agree with being very wary of major works bills from councils - I say that as someone who bought a council flat under RTB. And life will definitely be nicer on a posh street. If it is properly posh it will hold its value better even if it's just a 1 bed.

If you buying then the posh street one. Location its very important and if you later want to have kids its better environment

Depends on how they are both built.

I lived in an ex-council flat. It was solid and I never heard the neighbours (I had people above, below and to the side).

I've had friends living in posh factory conversion flats, and you can hear the neighbours sneeze!

Assuming it’s just the two of you, I would get the 1 bed on a posh street.

@redwoole posh flat - location trumps size for me plus I’d echo the warnings about LA being the LL - you have no say in the cost/choice of contractors etc should any major works be done.

You really need to check both leases. Or is the posh flat a conversion meaning share of freehold?

LAs do not seem to add insane management charges monthly but their service charges do not have a sinking fund, you need to put money aside yourself to cover the cost of re-roofing etc.

Need more details. Both in terms of the flat sizes, outdoor space, leases etc. and also your lifestyle and what you need.

When I bought in London I started out looking for a two bed, thinking I'd get a housemate. But most of the second beds were horribly small. Then I found a gorgeous one bed Victorian conversion in an amazing location with a small garden. It had a huge knocked through kitchen loving room. Best decision I ever made. I had plenty of space to have people round and it turned out to be a great investment which I hadn't even thought of when I bought it.