Buying a property - what would you do?

[monkeybarry]

You say that's poor advice, but then explain exactly why I said it. Have you ever extended a lease with 90 years or less remaining?

I said it's poor advice because you made a blanket statement.
It's fine to buy with a lease under 125 years as long you know what that means.

Of course not - letting the lease go sub 90 years is something to avoid (unless you're made of money, of course - even then you'd just extend before 90years to avoid marriage value).
I do, however, have a lease with 98 years remaining and understand the current balance between making sure I can afford to extend it Vs waiting to see what the practicalities of the LHRA act are.

As I said, if the price drops reflect the lease length, it could be good.
If the price pushes the buyers finances, then he needs to be aware that he is likely to need thousands of £ (no idea of the actual purchase price - so whether this is 5 or 15k is guess work) to pay for lease extension.

 

[Lemonade Money]

I said it's poor advice because you made a blanket statement.
It's fine to buy with a lease under 125 years as long you know what that means.

Of course not - letting the lease go sub 90 years is something to avoid (unless you're made of money, of course - even then you'd just extend before 90years to avoid marriage value).
I do, however, have a lease with 98 years remaining and understand the current balance between making sure I can afford to extend it Vs waiting to see what the practicalities of the LHRA act are.

As I said, if the price drops reflect the lease length, it could be good.
If the price pushes the buyers finances, then he needs to be aware that he is likely to need thousands of £ (no idea of the actual purchase price - so whether this is 5 or 15k is guess work) to pay for lease extension.

Good luck!

 

[Danishfurniturelover]

I said it's poor advice because you made a blanket statement.
It's fine to buy with a lease under 125 years as long you know what that means.

Of course not - letting the lease go sub 90 years is something to avoid (unless you're made of money, of course - even then you'd just extend before 90years to avoid marriage value).
I do, however, have a lease with 98 years remaining and understand the current balance between making sure I can afford to extend it Vs waiting to see what the practicalities of the LHRA act are.

As I said, if the price drops reflect the lease length, it could be good.
If the price pushes the buyers finances, then he needs to be aware that he is likely to need thousands of £ (no idea of the actual purchase price - so whether this is 5 or 15k is guess work) to pay for lease extension.

I think Labour are talking about getting rid of leaseholds. Which would be one of their better ideas.

 

[Gutter Boy]

It possibly depends on your personality/stage of life.

1 is perhaps better if you are a home bird and want to spend a lot of quality time/entertain there. Whereas 2 might be better if you use it more as a base and want to spend lunchtimes and evenings popping out?

 

[monkeybarry]

I think Labour are talking about getting rid of leaseholds. Which would be one of their better ideas.

They are.
As it stands, Commonhold is going to become the default tenure on new builds.

It's unclear what will happen re; existing leaseholders at present.
A mechanism will need to be devised to convert leaseholds into commonholds.

At present the Freeholders are challenging this in court (on the basis it infringes their human rights). Case is due to be heard in July.

 

[monkeybarry]

Good luck!

Thanks

It won't be an issue.
I have a budget plan in place.
I understand the current legislation. (Formal and informal process)
I fully understand the movements of the legislations moving through Parliament.

(Let's put it this way - I corrected my Conveyancer on points of law during my purchase.
I also got the legal firm to pay me compensation - not many people get money out of lawyers)

 

[Gutter Boy]

They are.
As it stands, Commonhold is going to become the default tenure on new builds.

It's unclear what will happen re; existing leaseholders at present.
A mechanism will need to be devised to convert leaseholds into commonholds.

At present the Freeholders are challenging this in court (on the basis it infringes their human rights). Case is due to be heard in July.

Isn't the biggest holder of leases the Church of England? So stopping the bizarreness of flat dwellers being forced to subsidise an anachronistic religion, and marking the final break with serfdom, seems a good idea.

 

[monkeybarry]

Isn't the biggest holder of leases the Church of England? So stopping the bizarreness of flat dwellers being forced to subsidise an anachronistic religion, and marking the final break with serfdom, seems a good idea.

CoE
The Crown Estate
Pension Funds
then companies

It's a minefield.

 

[ricky2tricky4city]

Based on the information you've given so far....
• If you work from home a lot, the feel and layout (or potential layout) of your home is important.... you'll be spending a lot of time there. Take a compass...a north facing flat is brick. Good light is your friend
•your surrounding community is important as well (you'll be spending a lot of time there). Is there a potential network of coffee shops , cafes, bars, parks...not to socialise BUT to get out the house and work from. Cabin fever is a homeworking problem. Plus the usual, doctors , dentists etc.
•with that in mind it is nice to live somewhere that doesn't require getting in the car all the time. Parking is brick and generally costly. I walk but oftentimes get the bike out (increases the range of journeys). Is that an option?
•also that can delay the need (and cost) to get a car straight away. Weigh up your options first. Is there Zipcar in the town? for short term rentals ...
(Sublet your garage£)
•Any flat you view ....first thing, check the phone signal...needs to be solid.
•check internet options...fftp fibre etc
•If your a non chain buyer with a mortgage approved (in principle) leverage that position...in most areas it's a buyers market at the moment. I think Zoopla have a listing timeline so you can see how long a property has been on and if and when it's been reduced (I think PropertyLog iirc is a desktop extension that does the same with Rightmove).
•as someone else said try and assess the neighbours.
•heart, head and gut are your decision making tools try and balance them accordingly..NEVER be too emotional or volunteer anything you don't need to to the estate agent... they're all clams.

 

[Lemonade Money]

Based on the information you've given so far....
• If you work from home a lot, the feel and layout (or potential layout) of your home is important.... you'll be spending a lot of time there. Take a compass...a north facing flat is brick. Good light is your friend
•your surrounding community is important as well (you'll be spending a lot of time there). Is there a potential network of coffee shops , cafes, bars, parks...not to socialise BUT to get out the house and work from. Cabin fever is a homeworking problem. Plus the usual, doctors , dentists etc.
•with that in mind it is nice to live somewhere that doesn't require getting in the car all the time. Parking is brick and generally costly. I walk but oftentimes get the bike out (increases the range of journeys). Is that an option?
•also that can delay the need (and cost) to get a car straight away. Weigh up your options first. Is there Zipcar in the town? for short term rentals ...
(Sublet your garage£)
•Any flat you view ....first thing, check the phone signal...needs to be solid.
•check internet options...fftp fibre etc
•If your a non chain buyer with a mortgage approved (in principle) leverage that position...in most areas it's a buyers market at the moment. I think Zoopla have a listing timeline so you can see how long a property has been on and if and when it's been reduced (I think PropertyLog iirc is a desktop extension that does the same with Rightmove).
•as someone else said try and assess the neighbours.
•heart, head and gut are your decision making tools try and balance them accordingly..NEVER be too emotional or volunteer anything you don't need to to the estate agent... they're all clams.

How do you know if an estate agent is telling you lies..?

 

[monkeybarry]

How do you know if an estate agent is telling you lies..?

They talk.

 

[Mikey10]

I’m currently in Herts but looking to relocate back to Dorset.

You've already made one great decision.

 

[Hotshot-Tottenham]

Do you work from home if not what would the commute be like.

What is public transport like if you want to come up for Spurs games and have a drink.

Sit in your car outside both on a Saturday night to see if the are lots of tinkleheads walking past it or gangs of youths.

Depending on your age is it close to doctors, hospitals and bus services.

I do work from home so mostly that would be ok. On the roughly monthly occasion that I go into the office I’d just go up the night before as it’d be a 4-hr drive.

It’s close to a (small) train station and most local amenities are walkable which is great.

Shouldn’t be too much foot or road traffic as it’s a no-through road, so not too worried on that front.

 

[Glenda's Legs]

How do you know if an estate agent is telling you lies..?

Haha. Their lips move.

 

[Muttley]

I do work from home so mostly that would be ok. On the roughly monthly occasion that I go into the office I’d just go up the night before as it’d be a 4-hr drive.

It’s close to a (small) train station and most local amenities are walkable which is great.

Shouldn’t be too much foot or road traffic as it’s a no-through road, so not too worried on that front.

Are both properties with the same agency? What precludes you from putting in an offer on both properties? Everything you've told us so far could change the moment that first offer goes in.

Seems like you're in a strong position because you can go to both asking prices, so I wouldn't lose sight of that. You don't have a right choice and a wrong choice. You have 2 right choices.

I think the guys have all given you amazing advice and probably the best bit is armed with all these different thought processes, only you can decide.

The only thing I might add is perhaps understand (if possible) how many owners live around the 2 places versus tenants of buy-to-let landlords. Ideally you want to be around home-owners who really care about their properties. There are good and bad homeowners, good and bad tenants and good and bad landlords. If you play the numbers game, it's still best to be around neighbours that want a home, not just bricks and mortar or people that might be just passing through.

 

[Hotshot-Tottenham]

Thanks for the replies, I’ll come back on those later.

In the meantime for those that are now invested in my life decisions here are the properties:

Option 1

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Christchurch Road, Bournemouth, BH1 for £270,000. Marketed by Hearnes Estate Agents, Bournemouth

www.rightmove.co.uk

-

Option 2

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Steepdene, Poole, BH14 for £249,950. Marketed by Mays Estate Agents, Poole

www.rightmove.co.uk

 

[Mikey10]

Thanks for the replies, I’ll come back on those later.

In the meantime for those that are now invested in my life decisions here are the properties:

Option 1

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Christchurch Road, Bournemouth, BH1 for £270,000. Marketed by Hearnes Estate Agents, Bournemouth

www.rightmove.co.uk

-

Option 2

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Steepdene, Poole, BH14 for £249,950. Marketed by Mays Estate Agents, Poole

www.rightmove.co.uk

Option 1 has the better finish, but I'd be tempted to go Option 2. It's a better area (Boscombe can be dodgy), you're still not far from the beach, and you've got lovely shops and restaurants in Ashley Cross, Lilliput, Canford Cliffs and Parkstone close by.

The balcony is a winner too! And a garage could be very useful (for storing crap in, like everyone does.)

 

[johnola]

Just doubling down on noise it looks like one place allows wooden floors- nah - is that really allowed and does the flat above you have wooden floors? Will be like living in a tin box.

 

[Hotshot-Tottenham]

It possibly depends on your personality/stage of life.

1 is perhaps better if you are a home bird and want to spend a lot of quality time/entertain there. Whereas 2 might be better if you use it more as a base and want to spend lunchtimes and evenings popping out?

I like a bit of both!

Where I am now I’ll often pop out at weekends to walkable places for coffee and shopping.

But, I don’t really go out drinking often at all, I only go for the occasional weekends away to meet old friends, and I do work from home so would be spending a lot of time there, and tbh I just like to relax, listening to music or reading, so having a nice(r) environment for that is important to me.

(Hence I love the built-in bookshelf around one of the doorways in Op 1).

I do try to run in the evenings so both areas are fine for that, and to exercise at the weekend - so the balcony would be great for that.

 

[monkeybarry]

Thanks for the replies, I’ll come back on those later.

In the meantime for those that are now invested in my life decisions here are the properties:

Option 1

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Christchurch Road, Bournemouth, BH1 for £270,000. Marketed by Hearnes Estate Agents, Bournemouth

www.rightmove.co.uk

-

Option 2

Check out this 2 bedroom apartment for sale on Rightmove

2 bedroom apartment for sale in Steepdene, Poole, BH14 for £249,950. Marketed by Mays Estate Agents, Poole

www.rightmove.co.uk

Op 1:
Check out the windows - are they new? Or old sash windows? The latter will be drafty. And probably need replacing.

It's ground floor - how do you feel about noise from above?

Leasehold

Op 2:
The colour scheme suggests ex rental. So have a really good look for any tenant bodge job bits.

Balcony. Newer built, but still old enough to be built of proper materials.

Share of Freehold! Nice. That's a load of future admin headaches dealt with.


Based on the adverts - option 2 by a mile.
Option 1 is and fine.
Option 2 - I got a little excited looking at it!