Hello mumsnetters, I have been lurking in these threads reading the advice you have been kindly dishing out to others about buying a home, and I am now in a position where I am hoping for some advice about my own situation from those of you with the property nous that I lack!
In short, I am a first time buyer, buying alone, and have been looking in the Crystal Palace/Penge/Anerley area for about 5 months. My budget is £350-375k. I am looking for a top floor, purpose built (can’t deal with the noise in converted buildings) low-mid rise building with some greenery around it, with not huge service charge, long lease, not more than 15 mins walk to a station and some shops. I work in Victoria so aiming to be close to Penge East as this seems to be the fast(ish) train. I have found two properties that seem to fit the bill, considering offering on one, but they are quite different in price and I’m not sure why? Here they are:
Flat 1: www.rightmove.co.uk/properties/150235904#/?channel=RES_BUY
This one is on Anerley Park – on at £330k. For me, the best located of the two as closer to Penge East and West, right near Crystal Palace Park, and a short walk to Penge High Street. It ticks all my requirements, except that when I visited I didn’t get a great feeling for the place, it felt quite cold and unhomely, plus it is overlooked by another building on one side, the train line runs directly behind the bedroom, and the service charge is high (relatively) at £2,400 p.a. I’m worried that the service charge would increase over time and become unaffordable. The lease is a good length, 148 years. It is 620 sq foot. Its leasehold.
Flat 2: www.rightmove.co.uk/properties/87078837#/?channel=RES_BUY
This one is on Maple Road – on at £375-400k (guide price). This felt really homely and bright to me when I viewed, had a good vibe (if that counts for anything), I just had a good feeling about it. As with the other flat, it ticks all my requirements, other than the fact that it is a) a little further away from Penge High Street shops and the Penge stations, and b) at the very top end of my budget, which I am concerned about. The service charge is negligible (£60 per month) because the other 5 flats are share of freehold and do everything themselves (they hire a cleaner and gardener, but organise it all themselves). I could buy a share of the freehold for this flat, currently the only leasehold flat in the building, later on, though of course that would be expensive, but its an option. The lease is 193 years. Its 713 sq foot.
Flat 1 is more practical as its closer to stations and cheaper, though I have concerns as outlined above. It has been on the market since 5 December, not sure why as another flat in the same building sold quickly. Flat 2 is more of an emotional thing, I really liked it when I viewed, but it is a lot pricier which even with a lower service charge would make my outgoings higher.
I would be grateful for any advice you might have about how to make this decision! And if you can figure out why one is more expensive...
Thank you in advance!