Is this 2 bed duplex for £225k with private garage a good deal in norbury sw16 london?

[Clare8039]

https://www.rightmove.co.uk/properties/94506243#/?channel=RES_BUY

Is it too cheap. On a main road.

It is very cheap for that area. It’s under offer though so if you are interested in making an offer I’d be quick and also aware that the vendor may not accept another offer…

Service charge is quite steep. Looks like an ex council block, if so, if the Local Authority are the Leaseholders I would be concerned that any maintenance will be expensive.

Very cheap. Maybe there is no lift in the block or the lease needs extending.....

i’d say the price is fair

It’s just off a busy road ((A23) but it’s a decent location and if you’re on the non A23 side, it’s a nice road.
I’m local and I think that’s a suspiciously low price so barring any problems with e.g. cladding, service charges, id buy it.

Agree with @Wonkybaby- used to live near there and went to that Nuffield gym until recently. The area is fine, nothing fancy but the road isn’t an issue. Does seem cheap though so may be some problem lurking. It’s also under offer, unless that’s the OP’s offer.

You can see what similar flats in the block went for under 'properties sold & under offer' right at the bottom.

It's on a main road and an ex-council block which will put people off. I would want to know who the neighbours are and get an idea of noise levels/behaviour before proceeding.

Also already under offer as a PP pointed out.

It’s horrible

Spacious and well designed and cheap, but overlooking a busy road and with the potential problems that go with ex council flats. No lift which is an advantage because they are very expensive to maintain.

Duplex? They call it a flat and a duplex, it’s a maisonette!
I’ve only ever heard duplex used in the US for a semidetached house. Odd.

If you look at what the previous owner paid in 1999 (75k) and adjust that for overall inflation over the period - in todays money that comes out at about 155k.
But if you adjust for average home inflation that comes out more toward 300k.

In 1999 though - prices had expanded by 30% in a short 4 year period following the last real property crash that was in 1995.

My conclusion is its priced appropriately for the current market situation - but I would keep in mind that if we were to experience another crash it could potentially drop towards quite a bit less. Buyers need to weigh up the possibility of that happening themselves as there is no crystal ball.

The service charge is already high, and could be increased. I would urge caution and a negotiation on that price if possible. Thats just because I am expecting another slump though, and I may well be wrong.

Service charges are currently over £2100pa, which is quite lumpy on top of council tax and bills (and are often the reason flat values are suppressed) so you need to factor that into your budget, but the biggest issue is the lease, which is only 98 years. Leasehold properties can be a big barrier to purchase, and low lease terms can affect lenders’ willingness to offer mortgages (at 80 and under it’s virtually impossible to secure funding).

You need to find out who owns the freehold, and whether there are provisions in place for residents to extend or renew their leases. Private landlords can charge an extortionate amount for lease renewals (although I seem to remember there’s possibly some legislation tabled to address this?). It looks like a decent buy to me, but do your research and get good legal advice.

That’s on the low side for the area, most people I know in London & SE who live in flats pay a lot more.

We viewed basically the same flat in the same area (SW18) in 2013 and it would have been the same amount (property we bought was £275k so would have been looking at similar prices). The one we viewed had a view of HMP Wandsworth!
So I would wonder why it’s still so cheap 13 years later tbh. But these type of houses have SO much space for the price!!

Upper maisonette on the 2nd and 3rd floor of a council block. Tiny bathroom and tiny kitchen, would be fine for a single person but any family would be very cramped - though that's normal in London. With 98 years on the leashold it's not a ridiculously low number but whoever buys it will find it difficult to sell with the ticking timebomb of the 80 year threshold that much closer. We were interested in a similar style property long ago when we were FTB and when we made enquiries we found that the entire block was scheduled for a major refurbishment and all property owners would be liable for an undetermined contribution to the costs, likely to be a 5 figure sum. We walked away, as it was too much of a risk for us. With a low enough price it will sell eventually but probably as a cash sale to someone who doesn't need a mortgage and who has enough other assets to offset the potential risks with this one.

Is it you who’s made the offer? I wouldn’t even view this flat. Ex- Council, leasehold, short-ish lease, main road - that’s a shit combo, which is why it’s cheap. I would also be wary of potentially not being able to sell if I needed to.

It’s nowhere near the same area. This one is as far as you can get in SW17 before you’re in Croydon. It’s almost in Thornton Heath. Not saying Wandsworth prison is a delight but that’s much further in, closer to the river and a stone’s throw from Clapham not Croydon so the comparison doesn’t track.

And again, that’s not to say it’s a bad area, Norbury is fine and fairly quiet. But it’s nothing like Wandsworth.

Croydon council tax as well.

It is suspiciously cheap for the area