Where to look in N / NE London for a £425k flat?

[PhilipLarkinFan]

Where should I be looking?

I’m a single male in my mid-40s and I’d be a first time buyer.

Some requirements are that the kitchen needs enough space for a full size fridgefreezer, separate tumble dryer, and a slimline dishwasher. I’ll need to be able to store the bike inside the property. And to listen to music at a sensible volume without the neighbours hearing. Not a basement flat. And ideally suitable for keeping a cat.

Also an area that’s safe / interesting to go for a walk in the evening, and with larger green spaces for the weekend.

It would be great if the flat had a second bedroom so I could get a lodger.

I have seen very high service charges on quite ordinary leasehold flats (eg £4k a year!) so definitely would prefer share of freehold.

I lived in Nunhead for many years as a renter. My family live in Bedfordshire so I’d rather be north of the river.

I’ve also considered Bedford as I’d get a 3-bed semi for my budget, but there are too many downsides. Notably I’ll most likely be working in London and I don’t think I’ve the energy for the commute.

Probably my budget is too small for zone 3? Are there places further out that aren’t too bad for getting to the city? I do have a friend in Woodford Green which ticks a few boxes though there aren’t many flats over that way.

Suspect I have £650k expectations on a £425k budget, but I’d be happy to hear otherwise.

Thanks for any suggestions!

Also Chingford is surprisingly fantastic for restaurants, various Italians, Greek, Turkish, Tapas, Thai, sushi etc. People come from the surrounding areas just for the restaurants. If you live near the station you'd have about a dozen good restaurants within a ten minute walk

Oh yes, good spot! Still I’d generally prefer a railway line to a busy road. And in SE London it was airplanes from 5.30am.

Although a bit small, this share of freehold 1-bed with private garden close to Finchley Central is priced surprisingly reasonably?:

www.rightmove.co.uk/properties/150993014#/?channel=RES_BUY

Thanks for the suggestion, but the communal rather than private garden would put me off. I’ll keep an eye on the area though!

FYI you do know you still pay service charges on a share of freehold.

You would be likely to be able to take directorship and have some influence on the level but it's unlikely to be much less.

Particularly now that a lot of leaseholds are RTM.

It's a contradiction tho, isn't it. Surely it's either leasehold, or freehold - as i guess the other freeholder is the other flat ( if the property is one split into 2 ) so if I was interested i would be asking the estate agent to clarify that and if I were actually buying it that is something my solicitor would need to find out, sooner rather than later.

re the railway line, i wouldn't be doing either a railway line nor a busy road :)

Watch out for places backing onto a train line because if the station is also nearby you'll often hear the announcements in your garden, or indeed your flat when your windows are open.

@MiseryIn

what service charges would one be paying in a converted property - a house now 2 flats, or even if it were always 2 flats.

no communal cleaning ?
no communal gardening ?
no communal window cleaning ?

or do you mean splitting the buildings insurance ?
and splitting the cost of a new roof etc.

Thanks, that’s a good point about still needing to pay a service charge when you have a share of freehold. I understand that you can be both leaseholder and share of freeholder too, if a lease has previously been issued.

I’d definitely be looking for just one or two other flats in the property. I’d find it too stressful having to deal with all the other personalities involved in a larger conversion.

I’ll likely have quite a low LTB, 25% on a £425k property, but would need a good idea of any impending or habitual charges so I could cover other costs.

Getting a lodger would definitely be my plan but I’m aware many 2-beds don’t really support this comfortably.

I’m really just getting an idea of N London areas at the moment, I’m likely 6+ months away from a purchase for a couple of reasons. I lived in Archway a few decades ago but have mostly been in SE.

Thanks for all your suggestions so far!

Yes essentially it's your share of the maintenance charges and insurance.

In some ways this can mean that in a 2 flat conversion your charges are minimal, but in other situations (new roof etc) you can be saddled with VERY big bills. Even something like a blocked gutter or broken tile that requires scaffold will be costly when only 2 are paying.

Also be sure you are going to work well with the other freeholder. Their idea of essential maintenance might be different to yours. If you are the ground floor and the top floor has a roof leak - are you happy to fork out?

Bear in mind the ever increasing Health and Safety requirements too. Might be minimal if no internal commonways but if there is a shared hallway (however small) you will need fire alarms etc.

What about this one in Enfield?

You can walk in Hilly Fields and definitely have a cat here. Its a nice location and near a station. Lots of restaurants etc in Enfield Town and beyond. Would also look at Winchmore Hill.

You could just about get a Warner flat in Walthamstow with that budget. I also agree with Higham’s Park as a location.

Period conversions and loud music don’t really go together though - you’re better off in a purpose built flat. I’ve never had a period flat where I couldn’t hear the normal living noises of my sideways/upstairs/downstairs neighbours.

The Enfield one is in a lovely location! Easy walking distance to three mainline stations and Enfield Town shops where you have a Waitrose, M&S and Pearsons department store.

Thanks for all the replies! I’ll write more later.

I’m not convinced I’d get a decent 2-bed for my budget in a neighbourhood I’d want to be in. I’ve been in Nunhead / Peckham so my expectations are quite high.

So I think I have to be open to 1-bed flats. After all plenty of them are 50 square metres and don’t have a combined lounge diner. Then I’d be more likely to find something I can afford in a neighbourhood I like.

This for example ticks a lot of boxes:

https://www.rightmove.co.uk/properties/148386224#/?channel=RES_BUY

What about areas around Skokey, Clissold Park or over towards Clapton? Again you would predominately be looking at one bedroom, unless you would consider ex LA.

Good suggestion, but I think a decent 1-bed in those areas would be out of budget.

Also to be honest I’m fairly conservative, and never felt comfortable politically in Lewisham. I wouldn’t choose to live in a Labour stronghold again.

I’d rather be in a swing seat like Finchley, or even out in IDS land…