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

[JulieScoobyDoo]

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.

 

[BettyCrocker]

Avoid like the plague. Get out of it now, it will be nothing but a headache and will drain money.

 

[Ellabella]

100% no!

 

[PoleStar]

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.

 

[Mumofferalboys]

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.

 

[Porkiepies]

Reading all that, I can see you potentially having a huge loss.
I would look elsewhere.

 

[Demiseoftheinfluencer]

Definite red flags! If you still want it definitely try negotiate a lower price. Otherwise walk away. Good luck x

 

[OnlyHereForTheLolz]

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

 

[Joosephine]

I'd say walk away! Our first home I felt a bit like you..it 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. Honestly..trust your gut.

 

[Booington]

I always refer back to the property mantras ;
1. location
2. worst house on the best street
3.add value
4.buy 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.

 

[Boutros Boutros-Ghali]

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

 

[Sabbie]

hell no.

 

[Tublet83]

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

 

[PartOfMe]

100% no!

Oh No! Anything there you think is a deal breaker or just all of it!?

 

[Mustard]

You’ve been given a lot of warning signs already. I’d walk away. Did you get all that information from the accounts?

 

[Ellabella]

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.

 

[101d]

I would personally walk away, sounds like too much of a headache and I would be worried about costings. However from your pros list it sounds like you would be able to manage. If you would be happy to live there and feel like you're not being mugged off then why not buy it!

 

[Eyesdown]

Save yourself the future headache and walk away!

 

[Boutros Boutros-Ghali]

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.

 

[PartOfMe]

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!

FLAT ISSUES
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?