Which property option in London would you choose?

[Minimini0001]

1. Freehold property, unoccupied for two years, requiring a complete refurbishment and a rear extension, with estimated costs around £200,000 including landscaping. The accepted offer is £570,000, with a projected post-refurbishment value of approximately £800,000. _https://www.rightmove.co.uk/properties/160851233#/?channel=RES_BUY_
2. Leasehold property in a mansion block, subject to a service charge of £3,200 (fluctuated for years) plus an additional £500 sinking fund. Located in a highly desirable area and priced at the market ceiling after considering refurbishment costs. The property requires light refurbishment, with plans to add an extra toilet or bathroom with a shower. Estimated refurbishment costs are around £120,000, and the anticipated value following refurbishment is about £720,000. _https://www.rightmove.co.uk/properties/166644062#/?channel=RES_BUY_

Which one would you choose? I know trustworthy local builders so I wouldn't worry about the refurbishment they are not cheap though.

Neither of them. The house is dismal on the outside and needs humungous amounts of work. The flat is gorgeous but the charges are extremely high and it would likely be hard to sell on when the time comes.
I'd keep looking OP, there are lots of properties available at the moment.

Neither.

If your offer has been accepted why does the property still show as for sale on Rightmove? And how detailed are the quotes that you have received for the refurb? Presumably you haven’t managed to gain access on four occasions with different builders so I imagine they are quotes based just on looking at the property details online? Be prepared for them to increase perhaps quite considerably when somebody really looks at the works in detail.

Check your council tax liability - you’ll be paying a Long term empty premium on the first one if it’s been empty a couple of years - the charge is on the house not the owner. It will be payable right up until you move in, not just complete on it. Estate agents/ solicitors are under no obligation to find out or tell you about it.

I don’t think anyone has mentioned to you that councils are now imposing premium council taxes on empty properties over 1 year, paying 2 x monthly council tax, look at your local council to get more info

I told the agent not to change the ad under offer until I instruct a solicitor as I'm not sure about numbers. Also 2 builders came to see the property and 2 others are based on videos I took. One is recommended local company and the other one is a large company I paid for their visit. The highest one is 200K and they said it would be 200K easy, but I also consider extra 30K for contingency. I know what you mean tho. Thanks!

I've never heard of it. I will talk to the agent. Thanks for the info!!

Neither. First one it’s an awful road and an ugly house.

second one the service charge will eat into any rental income.

this looks better? https://www.rightmove.co.uk/properties/161833271#/?channel=RES_BUY

If you’re not fussed about the road this is less ugly

https://www.rightmove.co.uk/properties/165702587#/?channel=RES_BUY

look past the clutter, this mould be a good rental option if you’re looking at renting rooms out

https://www.rightmove.co.uk/properties/164801636#/?channel=RES_BUY

Yes I bought a property that was empty for over 10 years and the council charged me 5 x council tax until I put it back in the market for active sale.
the empty property council tax transfers to the new owner, very unfair especially if you are bringing an old property back to life.
Other ways to avoid it are doing major renovations, this means extensions and not just electrical plumbing kitchens and bathrooms,
Otherwise you would need to show the council it’s your main home immediate effect and they will ask you to show proof (a furnished property pic)
best of luck

Option 1 as freehold always beats leasehold when you want to sell (IMO) but frankly I wouldn't live in Haydons Road for any price.

It's one of those places that is never going to move up market.

I wouldn't choose either tbh. Many flats have stagnated in price & I don't like the area the house is in & think 800k is a little
ambitious.

I don’t know the area but that service charge on no.2 is high. I’m not adverse to leasehold as I know how common they are in London (people outside London will always suggest avoiding them) but that service charge would put me off.

I had friends move to Haydons road more than 30 years ago as it was up and coming....it wasn't and it still isn't.
There's a reason it's cheaper than the rest of Wimbledon, an SW19 post code isn't everything.

I would always go for the freehold. Option 1 is ugly and will stay ugly but if you are trying to make money, it can relatively easily be converted into a ground floor flat with 2 letting studios/bedsits upstairs whereas Option 2 will just be a 1 lodger situation with half the rent being swallowed by service charges. If you want a nice house then it’s option 3.

I think trying to make money on London property is a bit risky in this economic climate.

Genuinely baffled at anyone choosing to buy on Haydons Rd. It’s up there with Durndsford Rd in terms of grime and ugliness. So many more options in the neighbourhood.

Thanks for your suggestions. I saw the first and the third one and both are needed a full refurbishment as well and the price would be higher than the one I posted. But from the opinions from others I would keep looking. Thanks again!!

Neither, I think you can do better.

I would choose to let a family trying to get on the property ladder buy these rather than be a greedy landlord exploiting those who have to pay extortionate rents because they can't afford a mortgage deposit.

https://www.rightmove.co.uk/properties/153554840

How about this for being in Wimbledon and freehold?

The Apostles is a much nicer area than Haydons Road. And the one @KidsDoBetterlinked to is in the middle so won’t get traffic noise.

Yeah I already viewed this place but I just don’t like it has no potential to be extended and has only 2 rooms with limited heights. Rooms are also small-no place to put a desk and a chair
But I’m considering this property as well.
What would you think about this property?

I know the area and wouldn’t have lived on Haydon’s Road. It’s so busy, always traffic jams at certain points, really down at heel
and it’s not that convenient for travel. That house is also right on the road as well as being pretty unattractive. I wouldn’t waste my time and money on it personally.

The flat is nicer but I’d also be wary, not just because of the high service charges but I hated living in a mansion flat myself and wouldn’t want to be on the ground floor. The flat I had was noisy, the other residents were a pain and there were quite a few rules which were annoying after a time.

Freehold, every single time for me.