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Unsure FTB

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  • Unsure FTB

    Hi All, I really need your help!! I am a ftb in the process of buying a one bed flat, with off street parking and communal gardens in north london, 13.5 x 6'7 kitchen, 17 x 12.5 recep, 13 x 10 bed with a really big loft (not big enough for extra room) with a lease hold of 80 years, I have managed to scrape together the 15% deposit and agreed a price under 110,000, would this be worth going through with?? all your replies and comments would be much appreciated thanks all!!

  • #2
    This seems ok - depending on where in N London - but check the ground rent and service charges too. You'll need to allow for these annual costs within your budget.

    Normally I would suggest that you steer clear of 1 bed flats because of the restricted re-sale market but this rule doesn't really apply in London.

    good luck


    • #3
      RFC - Thanks for getting back to me, its in Enfield, and about 0.2 miles away from the station which is linked to Liverpool street. The ground rent,service charge, mantience and building insurance are all covered in one and works out about £700 per year which I think is reasonable. I have a two year fixed repayment mortgage at 5.7%, so I know what's going out every month for the first few years just to get my foot in the door!! Also I was going to enquire about the 'cost of enfranchisement' would everyone think this is worth purchasing??, one last thing one of these flats sold in 2003 for £136,500, your reply's will be much appreciated