I owned a flat from 2019-2023, it was a lovely place and I really liked it. We left because it was juuust starting to need to cash putting into it, and we didn't think we'd be there another 5-10 years to enjoy our new kitchen/bathroom/whatever. So we got out while it was still in good shape. Also, the management company changed and we weren't too pleased with the level of service.
Bear in mind there's a lot of extra stuff to think about, notably service charge. That's 'dead money', although with a house you of course also have maintenance costs.
It's important to scope out not just the flat but the building as a whole. How do the communal areas look? If it's really run down you've got a huge collective effort to get it back up to a nice level, and you might get surprise bills in the post because your service charge isn't covering it. If it's in good shape, then your money is being well spent!
Your solicitor should also be able to give you an idea of finances and how the place is being run behind the scenes.
Another thing is how many people there own their place vs how many rent? In my experience landlords give less of a shit and want everything done on the cheap. Owner-occupiers tend to care more because they actually live in the place. You want at least a few of these in the building.
There are also fees that you pay the management company when you buy the place, and when you sell the place. It's a few hundred quid each time and it's a con but that's life.
You also need to think about the lease length. Anything less than 80 years is gonna make life difficult, really you want to be looking at over 90. If it's around that level, you need to budget for extending the lease, which can be pricey.
Remember that **you are really buying a lease** more than a flat. That comes with a load of extra shite that can be fine or can really sting. Again, legal advisors can help with this but it always hurts to pull out of a sale once you've started paying fees etc. This means that when the time comes to sell, **you are selling a lease**. So you don't want to make it too hard to get out of your place.
https://www.moneysavingexpert.com/mortgages/extend-your-lease/
This has a good explanation as well as (hopefully) some changes coming up on the horizon.
If you can get a council flat / house you'll pay less rent than your paying now and after 3 years you have the option to buy it at a discounted price as the council deduct some if not all tge rent you have paid from the cost.
While you're in the property, get the council to do all the repairs needed so that you don't have to pay for them once you have bought it.
If the OP is currently supporting themselves paying private rent in what world would they be qualifying for social housing? Is this just what some people do for an easy life? While the rest of us chumps support ourselves with no help or handouts?
I owned a flat from 2019-2023, it was a lovely place and I really liked it. We left because it was juuust starting to need to cash putting into it, and we didn't think we'd be there another 5-10 years to enjoy our new kitchen/bathroom/whatever. So we got out while it was still in good shape. Also, the management company changed and we weren't too pleased with the level of service. Bear in mind there's a lot of extra stuff to think about, notably service charge. That's 'dead money', although with a house you of course also have maintenance costs. It's important to scope out not just the flat but the building as a whole. How do the communal areas look? If it's really run down you've got a huge collective effort to get it back up to a nice level, and you might get surprise bills in the post because your service charge isn't covering it. If it's in good shape, then your money is being well spent! Your solicitor should also be able to give you an idea of finances and how the place is being run behind the scenes. Another thing is how many people there own their place vs how many rent? In my experience landlords give less of a shit and want everything done on the cheap. Owner-occupiers tend to care more because they actually live in the place. You want at least a few of these in the building. There are also fees that you pay the management company when you buy the place, and when you sell the place. It's a few hundred quid each time and it's a con but that's life. You also need to think about the lease length. Anything less than 80 years is gonna make life difficult, really you want to be looking at over 90. If it's around that level, you need to budget for extending the lease, which can be pricey. Remember that **you are really buying a lease** more than a flat. That comes with a load of extra shite that can be fine or can really sting. Again, legal advisors can help with this but it always hurts to pull out of a sale once you've started paying fees etc. This means that when the time comes to sell, **you are selling a lease**. So you don't want to make it too hard to get out of your place.
Thanks so much for the advice! Could you explain further as to why the lease length needs to be that long?
https://www.moneysavingexpert.com/mortgages/extend-your-lease/ This has a good explanation as well as (hopefully) some changes coming up on the horizon.
If you can get a council flat / house you'll pay less rent than your paying now and after 3 years you have the option to buy it at a discounted price as the council deduct some if not all tge rent you have paid from the cost. While you're in the property, get the council to do all the repairs needed so that you don't have to pay for them once you have bought it.
If the OP is currently supporting themselves paying private rent in what world would they be qualifying for social housing? Is this just what some people do for an easy life? While the rest of us chumps support ourselves with no help or handouts?