Buying my first flat - should I continue with all these issues or walk away?

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My offer was accepted a few months ago but now not sure if I should go through with it!! I like it but it's not amazing or anything, it ticks the boxes but I could have to move cities in a few years so these issues worry me as to how easily I could sell it on!

It's share of freehold but its been running at a loss for the last 3 years - about £900 per flat and no sinking fund as its now all been eaten up.
Works due to replace just the guttering and that is estimated to be about £700-800 per flat.
They've put in a wooden floor and that's a breach of the lease, so I could be forced to change it at any time and get annoyed neighbors. It makes me feel like i would have to walk on egg shells in my own flat.
The flat has liability for a private road that's in need of being resurfaced.
All the windows are 30+ years old and the frames look like they need replacing.
Budget brand boiler was put in 6 years ago, they say it's been serviced but won't provide any evidence.
There's aproved plans to demolish some garages a few doors down to build new flats, and they could block out some light
No parking
No lift and on 3rd floor
Zoopla says it's worth £30'000 less than my offer and the zoopla estimate doesn't even account for the new bathroom and kitchen they put in

Is this normal or even expected for a flat? Will it be a liability to sell on?
Reading all that, I can see you potentially having a huge loss.
I would look elsewhere.
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You’ve been given a lot of warning signs already. I’d walk away. Did you get all that information from the accounts?
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It sounds like a moneypit - do you have a lot of spare cash for the repairs/windows etc?
Brexit - you say the flat is worth less than estimates, who knows what it will be worth post Brexit.
Garage demolition - how noise sensitive are you? This would do my head in.
Potential complaints from neighbours re wooden floor and more expense.
No parking and life will put off future buyers.
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You are buying your first flat. Should be excited, looking forward to it. Thrilled that you have been able to save hard and get a foot on the ladder.

instead you have listed a whole host of expensive, and important issues, and are having serious doubts.

I think that tells you all you need to know.

You havent exchanged contracts yet, you can walk away.

If it were me I certainly would be. Or saying to my solicitor that you want evidence of that boiler servicing and you want the flooring replaced.

The boiler servicing evidence though does not mean it wont pack up in a fortnight though.
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I'd say walk away! Our first home I felt a bit like ticked the boxes but I didnt love it. It also had lots that needed doing. I stupidly thought once I get those bits done I'd love it. I didnt. The next house we bought I loved from the minute I walked in the door and 3 years later I still feel that way. I think youd also find it difficult to sell if you decide to move with what all you've listed. your gut.
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I agree with others trust your gut, and you need to be excited! There are far too many big negatives here, even down to them not sharing servicing of the boiler. Sends alarm bells for me
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Avoid like the plague. Get out of it now, it will be nothing but a headache and will drain money.
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Trust your gut and walk away. There are just too many red flags here. As you say, the current owners have broken the terms of the lease by installing wooden flooring; they should be rectifying that, not you! There are a whole host of things that need doing (windows for one - not cheap!) and you say your offer is well above the flat's value. Why would you pay over the odds for a flat that needs so much doing? As others have said, you should be feeling thrilled and excited about buying your first home, not full of (very reasonable) doubts. Hold out for something better.
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Wow thanks so much all for your replies. But I somewhat was more negative and didn't say the good points. Please tell me what you think after this

I'm quite pragmatic I doubt I'll ever be overjoyed about buying overpriced property in this country. After viewing 40+ places this is the best.

I knew about the windows with my offer, they will cost 14k but that's about what I will pay when I have to move at the end of Jan and sign up for a new one year lease.

The flat is nice, top floor, balcony that not overlooked and is on its own. Great river view and on a tree lined street so lots of the windows look just into tree canopies. Apart from the windows (and replacing of the floor..) nothing much needs doing to it other than fresh paint.

The boiler is a concern but I figure even with the service history it could break at any point.

The poor management of the flat could be turned round if I became a director. Just the electric tarriff and a new insurance policy and not submitting accounts late pretty much stops the loss of money. Not that I want to do it.

The guttering they've been speaking about for years in the minutes, so that might just go on and on.

The private road it could still be a decade before they sort it out and so many flats have liability it's at most 2k for me but more like 1k

The new building, yes that will be annoying but the construction work will be going on while I'm at work.

No lift and no parking space isn't ideal, but I priced that into my offer. It is a great location.

The Zoopla price was more or less what my offer that got accepted was but i think a flat that's no where near as nice that sold in the summer has suddenly pushed down the price in the last few weeks .

I'm praying some people read the update, but with that in mind is it still a definite walk away from for you guys??

Oh and I'm trying to get the landlord to approve the floor else make them get an insurance policy
I’ll give you another point of view. The flat I bought was very similar. I became a director and helped sort it out, took a little bit of time but now runs itself and only needs a small service charge payment from everyone. I’m in the process of selling mine as have relocated and won’t lie some of those things will put people off but then other things will make them want the flat so I wouldn’t worry too much about resale yet. No one knows what will happen with brexit, it’s too difficult to call. Also take Zoopla with a pinch of salt....says mine is worth £435k....accepted an offer for £370k.....
Re the communal works, has a s20 notice or similar been served? If so you could go back and renegotiate the price based on expected costs. Depends how much they want to sell and how much you want to buy it....
In terms of boiler ask to see the service paperwork but again it doesn’t mean too much as could pack in the day after....
The floor is a breach of the lease and they either need to get it fixed before hand, renegotiate the price to include those costs or get then to get some sort of indemnity insurance.
hope that helps
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If you’ve looked at what needs doing and you can afford it (or it’s not too expensive) I would say go ahead and buy. If it will dump you into considerable debt WALKAWAY!
I would!’t worry to much about wooden floors, carpet is pretty cheap and so is the labour
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I always refer back to the property mantras ;
1. location
2. worst house on the best street
3.add value a property that has something unique about it (ie not one on a street where they are all exactly the same)

obviously you never get all of those but it helps to see your potential property in this way.
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As a paralegal specialising in conveyancing it would be a no from me, the shared freehold can cause no end of issues and if you are already aware of problems, breach of contract with flooring etc who knows what else could come up when you take ownership of the flat.
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See I’d give a different view. I have share of freehold. I found it much better as have more control. Can decide when to do things and choose your own suppliers/timescales/tradespeople etc rather than just coming home to a letter from a freeholder saying you have to pay so many thousands by a certain date. However can be frustrating if people looking after things are a bit tardy etc but as you say (and as experienced and did) you can become a director and help sort things out.
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