Buying a London flat and moving back there in my mid 50s after separation...thoughts/experience?

[JandLandG]

I'm an empty nester and separated - mid 50s.

This time next year, we're selling the family house, going our separate ways and splitting the loot - no mortgage on it anymore.

I moved out a couple of years ago into a nice flat - bliss! (Wasting money on rent, sadly, but...that's coming through my wages and am happy to do so for 2/3 years).

Anyway, for a long time I've thought of moving back to London. Haven't lived there since the 90s, but often there, tbh.

75 per cent of my work is there these days, a couple of our bigger kids live there after Uni - not sure where the youngest one will go to uni yet.

Have always been a regular visitor to London and always enjoyed it. Friends there/near.

So, I'm gonna go back there while I have still have the energy...hopefully.

Even if it's just for 2/3 years maybe.

No chance of retirement for me - freelance for 25 yrs and not much of a pension really.

Budget: 400k -ish.

Area: Zone 1 preferably. Bloomsbury would be my dream...but I may change that.

Any thoughts?

I hear flats are very difficult to sell atm...good for prices going down/cheeky offers, but that may prove a problem down the line for me.

It'd be 2k a month on rent if I took that option; I think I'm gonna buy, tbh. Big deposit, small-ish mortgage - maybe 10k moving costs inc legal and stamp duty.

Pros?

Cons?

Thoughts/experiences?

I imagine myself gadding around town from galleries to coffee shops to theatres and bars - the reality would be quite different, I'm sure, but...maybe a bit of that, come on - I can dream!

Anyway...let me know if you think I'm mad, or am onto something.

Also, buying ex local authority housing looks the best bet for space/value; my kids have lived in those flats as students for a while...any thoughts on that as a potential option?

Thanking you in advance - and apologies for the lengthy ramble.

Sounds amazing. I agree with others – the idea of going rural as you get older is baffling. I want to be somewhere where I can walk or take a bus/tube etc to anywhere I need to go! Not to mention a community who might notice if I don't show my face for a couple of days and come round to check on me.
I love Bloomsbury, but don't think you need to be Zone 1 given the brilliant public transport. In Zone 2 you could afford more space. I don't think I'd go out further than that.
Ex LA properties are often sturdily built and have good spacious rooms, so I'd definitely explore that.

https://www.mumsnet.com/talk/amibeingunreasonable/5570220-not-too-late?reply=154338937

Another poster was considering this recently. My only reservation would be whether it would be difficult to make friends in central London but you say you already have friends/family/work there.

Great idea to move to London. Personally I'd look at Z2 rather than Z1. Still super central but more residential and you'll get more for your money.

BIL and his wife moved back into central London in their mid 50s and are still there 20 years later. It’s only now they’re starting to wonder about moving out again to somewhere a bit quieter with some outside space (and without a four flight walk up!), but in the meantime it’s served them really well.

They don’t bother with a car, just hire one occasionally, and everything they need is within walking distance or an easy hop on public transport (which, as someone else mentioned, is largely free). They’ve really made the most of what London has to offer, and do loads of galleries, exhibitions, theatre, dance, cinema & eating out, plus they absolutely love just sitting in a coffee shop with the papers and people watching. Also much easier workwise (they retired relatively late).

It’s been really fun and fulfilling for them, and there are definite advantages as you get older to having life on your doorstep and everything you need in close proximity, plus a smaller living space to maintain. Seems like you’ve thought it through, OP, so it’s unlikely you’ll regret it.

pp have covered seevice charges and lease lengths.

also consider (especially in zone 1) do you have actual neighbours or just airbnb/pied a terre/mon-thurs who won't be around.

also careful of areas that are busy during the week and dead at weekends - Chancery Lane feels like that imo.

can you spend some time staying in london and check out areas.

also - think about what you will need in 20-30-40 years and if you're buying for then as well as now.

transport links important especially if youre unlikely to be where your children are.

I imagine myself gadding around town from galleries to coffee shops to theatres and bars - the reality would be quite different, I'm sure, but...maybe a bit of that, come on - I can dream!

Seems realistic to me, this is how several of my mid-life/ retired/ semi retired friends and colleagues live. They all have memberships to this gallery and that cinema, which are often cheaper than you think, throw in their freedom pass and they're living the life of riley. They are some of the smartest most progressive people I know and I think that's because they're keeping their minds sharp and have lots of meaningful social connection.

I think it’s a great idea and one I am considering for myself. Have a look around the SE1 area - Borough, Elephant, Waterloo, London Bridge. You’ll get some lovely 1 bedroom flats or possibly 2 bed flats in ex local authority

Love those flats and your plan, but watch out for service charges. That holborn one is over 5k a year which feels ridic with no gardens or anything to show for it. Better to save that, get somewhere with much lower charges, and spend it on living the life. I'd go just south of the river too, Waterloo/Southwark/Borough or even just north of Elephant, to get a bit more for your money, but in essence I think you can get what you want if you do your homework, and then have fun!

The area the Stanhope St one is in is super dodgy - loads of trouble on that Estate that runs by Hampstead Road. It’s also a really desolate stretch and a complete no mans land - there is a reason a London flat is £360k!

I didn’t want to piss on OP’s parade but that was my feeling with the Stanhope St one. It can feel really sketchy just off the Euston Rd. The other one (£5k service charge to look at a brick wall) is in the heart of corporate London (I know that area v well) and will be dead at the weekends, rammed with lawyers in the week.

Lots of good advice on the thread. Do lots of research, visit at different times of times of day, weekend v week. Try not to over romanticise. Personally, I’d be looking a bit further out to somewhere with more of a villagey vibe and more green space.

I would do a shared ownership but quite high at say 65% but in a good area and keep some cash in the bank in case you need it -

I think living centrally is a great idea. I think your budget is too low, particularly as you don't have much of a pension and probably not much of a savings safety net. That being said, the first flat you linked too looks lovely and it says it has a long lease. However, I'd look out for property that is listed, as you need permission to renovate and it must meet heritage standards/be done by suppliers they approve. When the whole building needs renovating (external facade, roof, internal areas, windows etc), it may be more costly than an equivalent building that isn't listed.

Avoid large tower blocks (your second link) like the plague. Also avoid flats where the freeholder is the local authority. You'll be at their mercy when repairs need to be done.

As a side bar, I genuinely didn’t know you could buy a flat at that price in central London

I left London (zone 4) three years ago and the irony is, I was quite obsessed with property prices but I never looked at Central… i’m genuinely baffled. Looks like there is a major hole in my knowledge 😂

We live in Zone 3 and are about to retire. We have a house and garden and can still be in Oxford Circus in 30 minutes. We love London (yes! Free travel) and have no plans to leave. Tickets for the Bayeux Tapestry in hand.

May I suggest Stratford E20, which is the Olympic Park - full of flats, fantastic place to live IMO (I live near there). You can get to Kings Cross in 7 mins on HS1 from Statford International, or to Tott Ct Rd in 20 mins on Central line from Stratford station. There's also Jubilee Line, Overground, DLR. It's quick & easy to get to many places in East & central London from there, inc Hackney Wick which is next door & has a great night life, full of bars & restaurants - and to get to Kent, Suffolk & Essex for days out. Also has Westfield shopping centre which is brilliant. Good luck finding somewhere that suits you best!

I think it's a great idea. My friend's DM recently moved into the Barbican and is having a lovely time. I suspect the prices there may be closer to 7 figures though but haven't checked.

Also agree with expanding your search to zone 2.

@bloominoreilly also the Elizabeth line if you want to get to Heathrow or west from Paddington.

Yup - Lizzy Line is fantastic (game-changer!)

Whoa have you looked at those service charges? The second one is sold, and ugh the area. I think you’ll be compromising a lot to buy at that price on central London. As for moving to London itself, yea why not? I’m planning on selling my house and buying in Zone 2 (currently zone 3). My budget is closer to £750k and can go higher though. I like a bit of green and Zone 2 is central enough for me.

We've always lived centrally in London and it's great - yes I do spend a lot of time in galleries and at the theatre. I think it's very different from living in zone 3 and taking the tube in, you just feel more connected to the action when things are happening on your doorstep and all the big venues are walkable. I loved stumbling across big installations or live arts events or filming when I was just popping out for milk or the post office.
We lived in zone 1 for years and are now in zone 2 - it does feel less buzzy although some zone 1 areas are actually quicker to get to on the tube. However being in zone 1 means that it's very easy to travel across London in all directions so you can easily explore the whole city - the further out you go, it often means you can get into central quickly but other parts are often less accessible (or you have to go into central and out again). Your budget is doable and it's a buyer's market especially for flats.

I've lived on council estates and they've been fine, more social issues than a non-council of course but generally kept myself to myself and not been affected negatively. I'd be a bit concerned about the issue of major works bills and rare possibility of councils wanting to knock the whole block down, leaseholders get screwed over in those cases. But that's a very small risk. Overall I'd probably have a preference for non ex-LA, but then there isn't much else available within budget.

It's a nice idea. I'd say go for it. Also now is a good time to buy, prices are low and often being reduced atm. For eg somewhere like Pimlico - zone 1, nice community of long-termers, lots of community stuff going (choir/concerts/library etc) old fashioned shops on the high streets like trades and charity shops, also supermarkets, easy walk to parks (Battersea/Green/St James). Just avoid Churchill Gardens and Lupus Street for flats. There are some blocks around Tate Britain which are great actually. You will definitely have the lifestyle you describe. A lot of gadding about will be done!

Wow - lots of good stuff here - I really appreciate everyone's time and effort, thank you all so much.

Yep...I've been thinking about this for some time, tbh, but just starting to get some things in focus now that I'm potentially a year away from acting.

My big kids were both at UCL and lived in and around Bloomsbury, Fitzrovia, Gray's Inn Road type of zones - they really got me back into the idea of living super centrally.

If I'm honest, I've been thinking about this for 20 years - ever since the start of Right Move on-line; I remember looking in 04/05 and seeing that we could swap our nice 4 bed semi for one bed near Russell Square.

Not sure how bringing up 3 kids would have gone, but...ha!

Some good shouts for alternatives; My daughter's just moved to Bermondsey, actually. She's just graduated and living in an ex LA flat but she's 75m from the river and there's amazing views of Tower Bridge/The City/St Pauls and a couple of cracking pubs - I'm starting to feel the love for that area, tbh - might explore more.

I want somewhere where I can just stumble out the door and be in amongst it, tbh - I've enjoyed suburban living, I've enjoyed rural living, I'd like to enjoy the urban. Again, inspired by AirBnB stays where you're right in amongst it.

I have an ace little balcony where I am atm - I really like that and would like to have that in London. Not a dealbreaker - and a bit useless from now until April - but nice.

Leases, service charges etc - I think I'm on top of these issues, but thanks for emphasising them.

I didn't realise until v recently about potential charges for ex LA property about repairs. I think you can research and mitigate about that, but obviously a factor to be aware of.

The free transport thing is a new one for me though - a little way off, but sadly not too far - excellent bonus!

I'm fairly confident in myself, but aware that I'm on my own for this bit decision...it's a bit daunting, ofc, so I'm going to do a lot of prep/research/consulting.

Moneywise, I'm right at my limits...someone nailed it, tbh and I'm aware. A little bit of cash savings, not much pension (350k in a pot, I think - friends of mine who've had jobs in Big Oil/Law/Finance are starting to retire with huge amounts!).

If I'm able to continue working at the same level as I am now for 5 more years, I'd be fine and could enjoy myself...however, if things fall away or if I'm ill or if something else happens I could be in a bit of trouble - I suppose these are the chances you take.

Wow - another long post. Apologies to anyone who's go this far - as you can see, I'm thinking out loud...it's beneficial for me, but maybe not for anyone reading...

Anyway - keep the advice/knowledge/thoughts coming.

I sounded out people on this site 20 years ago when we first went rural tbh - wise people here...good to be aware of other people's POVs and knowledge ofc.

I lived in London for 17 years and would love to go back. Half of those years I was in Wimbledon and half in Muswell Hill. Wimbledon especially has the best of all worlds for retirement - including several easy ways to get into central London

This would be my dream OP. I say if you have the funds to do it, do it! London is a fantastic city and in the right location, you will have a great experience there.

I’d love to do this, but also keep my lovely house in the north (not going to happen). Just had a look and there’s a few flats around your price range, good luck!