USA citizen owning a house/flat in London, England
Jul 29th, 2012, 06:31 PM
#22
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Well a lot that I saw advertised were leaseholds - perhaps that is a function of the area we were staying in - Knightsbridge.
But that doesn't change the prices of apartments in nice areas of central London.
But that doesn't change the prices of apartments in nice areas of central London.
Jul 29th, 2012, 10:09 PM
#23
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>>very few properties in London are leasehold any more<<
Virtually all flats are. Many of those will be in developments where the leaseholders also have a share of the freehold (I have no idea what the proportions are, but the law makes it relatively easy for the leaseholders to get together to buy the freehold collectively); the distinction remains as a useful way to divide the legal responsibilities for the individual flat from those for the common services and areas (and the land itself on which the property stands. Generally speaking, it's a good idea to buy into a resident-owned "share of freehold" property, as it means the leaseholders have a say in what things are done in common, rather than just getting the bills; but for a non-resident leaseholder it might feel like a bit more paperwork.
Virtually all flats are. Many of those will be in developments where the leaseholders also have a share of the freehold (I have no idea what the proportions are, but the law makes it relatively easy for the leaseholders to get together to buy the freehold collectively); the distinction remains as a useful way to divide the legal responsibilities for the individual flat from those for the common services and areas (and the land itself on which the property stands. Generally speaking, it's a good idea to buy into a resident-owned "share of freehold" property, as it means the leaseholders have a say in what things are done in common, rather than just getting the bills; but for a non-resident leaseholder it might feel like a bit more paperwork.
Jul 29th, 2012, 10:49 PM
#24
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Should have added: there will normally be a managing agent, a specialist firm employed by the freeholder to manage the common areas and collect the service charges.
Also, a lot of cheaper leasehold properties might well have been public housing at one time, bought by the original tenants under right-to-buy laws and subsequently sold on. The freeholds may have been retained by the local council, or more likely, the management of the estates will probably have been passed on to a local housing association, and leaseholders wouldn't have that much say over the general management of the estate/common areas as a whole. That would need to be borne in mind.
And so it goes on - just another of the reasons why I couldn't be bothered owning a second property anywhere, let alone in another country, even if I could afford it.
Also, a lot of cheaper leasehold properties might well have been public housing at one time, bought by the original tenants under right-to-buy laws and subsequently sold on. The freeholds may have been retained by the local council, or more likely, the management of the estates will probably have been passed on to a local housing association, and leaseholders wouldn't have that much say over the general management of the estate/common areas as a whole. That would need to be borne in mind.
And so it goes on - just another of the reasons why I couldn't be bothered owning a second property anywhere, let alone in another country, even if I could afford it.
Jul 30th, 2012, 01:43 AM
#25
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Take a look at this website to give you an idea of prices:
http://www.rightmove.co.uk/
There are 'affordable' new build flats throughout London - although many involve commuting to centre (we are about 50 mins door to door to most places in central London).
If you do plan to rent it out when you are not there then be sure the lease allows it if you buy a new build in a development as there may be restrictions.
If you are looking at larger properties be very careful about leaving it empty - squatting is a big problem in London and they are very difficult to get out, even if they trash your place.
http://www.rightmove.co.uk/
There are 'affordable' new build flats throughout London - although many involve commuting to centre (we are about 50 mins door to door to most places in central London).
If you do plan to rent it out when you are not there then be sure the lease allows it if you buy a new build in a development as there may be restrictions.
If you are looking at larger properties be very careful about leaving it empty - squatting is a big problem in London and they are very difficult to get out, even if they trash your place.
Jul 30th, 2012, 03:58 AM
#26
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flanner,
Don't you ever get sick of your own gross generalizations?
More than .001 of Americans could afford to buy a place in London.
.001 better represents the percentage of those who would WANT to buy in London.
Don't you ever get sick of your own gross generalizations?
More than .001 of Americans could afford to buy a place in London.
.001 better represents the percentage of those who would WANT to buy in London.
Jul 30th, 2012, 10:27 AM
#27
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Well the OP hasn't been back - not sure if busy or scared off.
I think the key thing to note is the location of the affordable rentals. If 50 minutes from the center is something you can live with - then I would check into how affordable is defined.
I would want to be within walking distance of some sights and no more than 15 minutes or so from other major ones in the center.
I think the key thing to note is the location of the affordable rentals. If 50 minutes from the center is something you can live with - then I would check into how affordable is defined.
I would want to be within walking distance of some sights and no more than 15 minutes or so from other major ones in the center.
Jul 15th, 2013, 12:03 PM
#29
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Looks like he's still keen on the idea (or was just afew months ago) but has reverted to the northwest as region of interest:
http://www.fodors.com/community/euro...ane-ticket.cfm
http://www.fodors.com/community/euro...ane-ticket.cfm
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