I’m buying a 2 bed flat in east London for £360,000. It’s a Victorian conversion with 86 years left on the lease, the kitchen is not usable so needs a full refit, bathroom is dated but fine for now.
I offered nearly 7 months ago. At this time this price was really good even considering the lease and kitchen refit but since then the market has dipped, and similar spec flats nearby are sitting unsold for months for not much more than I’m paying. The seller already offered an extra 5k off as the process has dragged as they were initially purchasing but now are chain free, but the other places don’t need lease extensions.
My solicitor’s report flagged the flat is within 50m of contaminated land and near a Pumping Station which is still in use. I’d never have known this without the searches.
The seller bought in 2016 for £215,000 so they’ll still make a good profit. I like the flat and the transport is great but I’m worried about resale in 4–5 years- not even for profit but just being able to get back what I’ve spent.
I’ve spent a decent amount on searches and solicitor fees and we should be talking about exchange soon but I’m really reconsidering whether this is the right thing to do anymore.