First-time buyer advice

[Tyler28]

Hello all, grateful for any advice about a flat I am thinking about making an offer on but am not 100% sure about.

I am a first-time buyer, buying alone, and my budget is £400k max. I have been looking for almost a year in a different area (further out in SE London) and just started looking in the Surbiton area as I grew up around there and thought I would try my luck somewhere I am a bit more familiar with. This place is on for a guide price of £400-425k: 2 bedroom flat for sale in Lovelace Road, Surbiton, KT6. Its a great location for me as 10 mins from the station, and its a two-bed which I didn't think I would be able to afford, on a quiet street. But I'm not sure about a) the high service charge, b) flat roof, and c) the fact that its electric heating which I know currently means higher bills (I'm not averse in theory but not familiar - anyone have experience with electric heating?).

Does anyone have any thoughts about this place? I didn't have a gut instinct but that might just be because I am exhausted by the flat search. On paper I think it might be worth making an offer on?

Thank you in advance for your help!

Have you seen other properties in Surbiton? It strikes me that the current owner paid £397k a few years ago - did they overpay and now seeking to avoid making a loss?

Ask to see the EPC before you offer. It’s odd that it seems to be on Rightmove without that.

I don’t know the area but there’s a slightly larger albeit ground floor flat, recently reduced, for £385k nearby; I’d definitely want to compare to something like that.

I can't see any obvious major issues with the listing. I would go for a look round and see what you think and report back.

I’d be very wary of the service charge and the electric heating.

Thanks all! I have been to see the place and it was nice, I couldn't see any obvious issues except there were a couple of spots that looked like they had been painted over recently - so possible damp due to being close to the flat roof? Though they apparently did some work on the roof last year so it should be in decent condition.

I found the EPC here: Energy performance certificate (EPC) – Find an energy certificate – GOV.UK, Rating is E with possibility for it to become D.

Agree on the price - there is another flat in the same block on the ground floor that is listed as sold subject to contract for £390k, so if I made an offer it would be around that amount.

I didn't get a strong gut reaction to the place, but it ticks most boxes so maybe this should just be a head rather than heart decision? Any other thoughts gratefully received that might help sway me one way or the other!

Is there a particular reason why people are wary of electric heating, other than cost?

Just cost for me really - something expensive that you have to pay for every single month, and that you don’t really have a lot of control over.

Would also be concerned about the possible damp issue, and make sure that it was surveyed appropriately.

I’d look a bit more into the roof situation. Ask for details of the work and try to find out when it was last replaced/needs to be replaced.
Also how much is in the sink fund, and is all the service charge being spent.

Thanks everyone, appreciate the advice!

Flat roof not necessarily a concern - its a block of flats so by default flat roof. More relevant is if they did inform you about previous work done to the roof, find out what its about. Does the building have a sinking fund? Whats the outstanding balance? Any work planned? The listing doesnt specify service charge. How high is it? Service charge again not necessarily a bad thing, provided that they are transparent and reasonable about expenses. Its a block so best practice to have service charge and set aside a buffer. Asking landlords to pay only when things go wrong is a recipe for disaster.

The service charge is £2,400 a year. Apparently there is a sinking fund but not sure how much is in it, I will ask. On work planned, estate agent mentioned that there have been conversations about upgrading the garage roofs, but this hasn’t been agreed yet.

That's a huge service charge. How many flats are paying that? What is the service charge funding.

From what you’ve said, it doesn’t sound like a bad flat, but those three points are exactly where I’d slow down. High service charges rarely go down and can affect resale, so I’d want to know what’s actually included and whether there are any big works coming. Flat roofs aren’t automatically bad, but I’d check who’s responsible and whether there’s a sinking fund.

Electric heating isn’t a deal breaker, but bills can be higher unless it’s modern and well insulated. If you’re tired from searching, that alone can dull your gut instinct. Maybe worth making a cautious offer while you dig into the service charge history, roof responsibility and recent energy bills. If those stack up, it’s easier to walk away without regret.

Incredibly, I live in this building!!!

Garage roofs all completely refurbished recently, removing asbestos along with the corrugated iron.

Roof recently re-done and no issues.

Plenty in the sinking fund and will cover future work.

Only 9 flats in the block, hence the higher service charge. Covers water and insurance though so no need to pay for these yourself.

😮 @BristolHelp

Well thats a bit of luck OP! Insider information (assuming they're not the seller!)

Wow @BristolHelp what are the chances?! Thank you so much for your answers. Would it be possible for me to message you and ask a couple of other questions? Or I could just ask here, whatever you are happy to do!

I would avoid with that service charge tbh and the fact it’s lost value in 5 years.

You would have a share of the freehold, so you would have some control over the service charge along with the other leaseholders. Do the leaseholders collectively employ a managing agent? If the service charge includes water and gardening and insurance then it does not seem that high to me.

My son is renting in a similar age block and style of flat.
This one maybe better insulated bu he has problems with heating in winter , hes on top floor and heat escape through flat roof which isnt well insulated as well as the large picture windows (his just have secondary glazing)
Its also very very hot in summer. He also has electric heaters which are modern ones but still arent great and I think expensive to run.
Hes looking to move.
However this one maybe better insulated? Whats its energy efficiency certifucate say?
Im not keen on electric heaters if Im honest but flat does look lovely and having a share of the freehold and garage/ parking is a big tick .
If Service charge is high than thats also adds to costs, although presumably its maintained it well for the money??
I think your reservations are valid but only you can decide if its affordable and its overall value for money compared to others in the market.
Good luck

Of course! :)

Thank you everyone, appreciate your advice! I am going to dig a bit more into service charge, sink fund and roof and will then decide what to do next.