Is this property a good buy?

[paige8039]

It's a 1 bedroom top floor maisonette with a 85 foot garden, 105 year lease, £700 annual service charge, 22 minutes walk to tube station or bus 1 min away and 5 mins to tube station dagenham heathway, London. The purchase price is £192,000.

Have you got a link for the property?

Does it suit your needs?

https://www.rightmove.co.uk/properties/162605366

It needs work.

How long is the leasehold and what is the service charge?

Both given in OPs first sentence.

Seems a little overpriced given the local 2 bed houses (i.e. unconverted) command around £350k but you could always make an offer.
Do you like the location?
Does it meet your needs?

@paige8039 it seems a decent property for the price as I know Essex is expensive- don’t know that particular area though. No obvious red flags.

Have you viewed it yet? That would be the first step .

Big difference between 195k & 350k though?

Wow 😮

I am sorry the screen on my phone showed half the OP and half the right move post - I can see it all now!

Well yes - but the higher price is for a whole house whereas the lower is half. Not sure what you're getting at?

I was questioning Chewbecca saying it seems overpriced given that local 2 bed houses are 350k.

There is a big difference between 195k & 350k so I wouldn’t assume this flat is overpriced.

That’s why I quoted Chewbecca to show I was replying to their post.

The flat is clearly one of the same design 2bed houses split into 2, I wouldn't expect to be paying much more than 50% of the house value for it was my logic.

It’s over a mile to the nearest station. Is that ok for you @paige8039?
Definitely needs a bit of an update.
The lease would need to be extended in the not too distant future. It’s very costly currently if the lease goes below 80 years.
Not sure how the government’s Leasehold Reform Bill could affect this.

It seems good value compared with other flats I have seen in a different part of zone 4/zone 5 London. I don't know how it compares with others locally. Condition is quite good for a flat that price with a garden. It would be helpful if the lease could be extended.