Would you make an offer on this flat?

[Shadow12345]

Hi Mumsnetters- Like to see your opinion on this!!

https://www.zoopla.co.uk/for-sale/details/67980255/?search_identifier=d6e8ef820e076b978224d30b29df32b8715dffd2a4d44978cf40a6ee2f4ff176

Everything seems ok, except 90 yr leasehold and being so close to trainlines. Thinking of making an offer at list price, or £580k. Seems a decent bargain. Am I overlooking something?

90 years is a short lease. I wouldn't buy it.

train line would not bother me at all.

short lease very much would. you'd have to get a full price for extending the lease and see how that affects your mortgage.

If you buy on a 90year lease you’re going to have an issue selling it on. Either you pay to extend the lease now, or accept a significant financial hit further down the line.

Even without the trainline you’re going to experience a lot of noise-I know that area well and there is never a quiet moment on the Cally Rd

How much would it cost to extend the lease? If you want to sell in 10 years' time you'll struggle to find someone happy to buy an 80 year lease.

Do not offer the asking price! No vendor expects to get what they are asking for a property - particularly not in today’s market. And certainly don’t offer above asking price! That would give you no room for manoeuvre.

The short lease would bother me. Have you checked what it would cost to extend? Key piece of information.

There are loads of flats on the market in London now as so few people can afford them. So you could go in at 10% -15% below asking price - or more if you want.

I completed yesterday on extending my 86 year lease, and it cost me £13.5k including fees. I'd ask the vendor to start the process and reduce the price accordingly.

Not with a 90 year lease unless it was an absolute bargain and I knew I could stay in flat for 2/3 years regardless of life circumstances (job, sickness etc) while I extended it. Eg cash buyer or very low mortgage.

Agree - it's lovely but the lease is too short. Trains wouldn't be an issue as you're by the station so presumably they wouldn't be passing by at speed

Leasehold reform has just gone through parliament so the cost of renewing a lease is going to drop significantly, but no details yet.

https://bills.parliament.uk/bills/3523

It’s a good flat, bit close to Cally Road but I’d go for it if you know the area.

Definitely don’t start at full price!

Is it ex LA or HA? I would be wary of buying an ex LA or HA leasehold property as you will have to pay for any renovations/repairs to the estate which tend to be expensive.

Sorry, I just nearly choked on my coffee at the price of it!!
I wouldn't even if I had the money to spend. It's tiny, and has very little storage. I couldn't live with that little amount of kitchen work surface and I hate having an open plan kitchen.

of nearby properties I think this one is better on paper (i don't know the location though) 2 bed maisonette for sale in Conistone Way, London N7, £500,000 - Zoopla

or this one (the photos are doing it absolutely no justice!) 2 bed flat for sale in Sutterton Street, London N7, £575,000 - Zoopla

@Shadow12345
Islington is something like the 4th most expensive borough in London.
Is living there essential?
In many suburbs you can buy a 3 bedroom freehold house for that.

I am looking in 3 areas- South Hampstead, West Hampstead and the Barnsbury region. I am in mid-30s, not married yet and people suggest me not to move to the suburbs yet. I have to go 4 days to office at Canary Wharf. I saw South London offers more for the money, but has poor tube connectivity.

For that budget you get 2 good sized double bedrooms, a large separate kitchen, and a river view around Limehouse and St Katherine's dock and you could walk to work.

The price wouldn't put me off as I live in a part of the country with similar property prices. The reduced head height would in some of the rooms would frustrate me.

Depends where you look on South London. Anywhere near Clapham Junction will get you into town in a few minutes then change to tube to Canary Wharf.

Personally no way in hell would I pay that kind of money for that. It's hardly even got a kitchen. The area around it doesn't look worth paying such a high price for such a small amount of space.

The velux windows in half the rooms would put me off. It looks like they have used the attic space. I like to have proper windows to look out of.

Nope, the lease length is too short. You might get a mortgage but your potential purchaser will struggle unless you pay for lease extension. This could be very expensive if there are no changes in the leasehold regulations.

It's a bit fugly and lacks storage and head room upstairs for that price.

You could get something much nicer in South or East London for that budget. South London is super easy for Canary Wharf - any where on the Overground will get you to Canada Water and then one stop to Canary Wharf.

I live in Forest Hill and used to work in Canary Wharf, my commute was about 35 mins.

With your budget could get you if you weren't weird about South London

https://www.rightmove.co.uk/properties/149421731#/?channel=RES_BUY

Nope.

The lease is too short, it is too close to the railway line. There is a night club (The Egg) quite close by and having been there I can tell you it causes a lot of noise and traffic at the weekend.

It is also totally overpriced and the 'kitchen' is ridiculously tiny and it lacks storage.

With this budget you could get something much better by going a bit further in zone 3 or 4.

There’s only 92 years left on that lease…