How much?

[Manmasi]

Hi all,
A property type question!
Our land-lady is selling up next year, we live in a 1 bed. ground floor flat of a terrace house in Leander Rd (off Brixton Hill), the flat is in need of some refurb, esp the kitchen and garden, new windows are needed (we almost freeze to death every winter!) etc etc. But I guess it could be very nice if the work was put in. We love the location and we are quite settled, been there 3 years.
We are considering buying it, we have always rented and it would be our first property. Any clues about how much it would cost, I know it's very hard to say without seeing it, but I'm just wondering if any of you know of similar properties in the area and what they've sold for... :) I'm thinking somewhere in the region of 150-160,000 ??

[Blunders500]

go get a estate agent to have a look round - the land lady need not know and you'll be quite surprised.

there are also property websites that have land registry information, so you can see whats sold near you over the last few years.

[gaijingirl]

There's quite a few online places to get the prices that properties in your area have sold for - it's all in the public domain.

www.rightmove.co.uk

for example. I put in our postcode and it has the number for how much our flat sold for (to us).

According to the same database 19 flats were sold on Leander Road... the cheapest for £128,233 and the most expensive for £350K (but that one was freehold).

Leander Road is a very good location and I think you'd be very lucky to pay as little as you think for it - especially if you have a garden! But then - you never know!!

26 Jun 2006 Flat 4 59, Leander Road, Lambeth, London,Greater London SW2 2NB Flat £249,950 LH
16 Jun 2006 Flat 1 59, Leander Road, Lambeth, London,Greater London SW2 2NB Flat £128,233 LH
19 May 2006 A 165, Leander Road, Lambeth, London,Greater London SW2 2LP Flat £245,000 LH
31 Mar 2006 2 76, Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £269,950 LH
24 Feb 2006 Flat C 55, Leander Road, Lambeth, London,Greater London SW2 2NB Flat £216,500 LH
06 Feb 2006 Flat B 72, Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £182,500 LH
06 Feb 2006 Flat C 72, Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £170,000 LH
18 Nov 2005 Flat 1 182, Leander Road, Lambeth, London,Greater London SW2 2LL Flat £182,500 LH
03 Nov 2005 66 Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £210,000 LH
21 Oct 2005 Flat B 55, Leander Road, Lambeth, London,Greater London SW2 2NB Flat £149,500 LH
16 Sep 2005 90 Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £230,000 LH
02 Sep 2005 157 Leander Road, Lambeth, London,Greater London SW2 2LP Flat £350,000 FH
03 Jun 2005 Flat 1 93, Leander Road, Lambeth, London,Greater London SW2 2NB Flat £185,000 LH
30 Mar 2005 Flat C 50, Leander Road, Lambeth, London,Greater London SW2 2LH Flat £220,000 LH
18 Mar 2005 54b Leander Road, Lambeth, London,Greater London SW2 2LJ Flat £235,000 LH
18 Jan 2005 Flat B 50, Leander Road, Lambeth, London,Greater London SW2 2LH Flat £225,000 LH
07 Jan 2005 Flat A 50, Leander Road, Lambeth, London,Greater London SW2 2LH Flat £270,000 LH
14 Jun 2004 73a Leander Road, Lambeth, London,Greater London SW2 2NB Flat £188,000 LH
23 Jan 2004 Flat A 44, Leander Road, Lambeth, London,Greater London SW2 2LH Flat £179,500 LH

[Disco Squirrel]

I would say approx £160 - £185 for a 1 bed on Brixton Hill but it depends on the condition of the property. I bought my 1 bed for £160 at the end of last year but I live near Streatham Common. I looked at a lot of flats in Brixton and that seemed to be the going rate.

[g force]

Depends if it's leasehold, freehold. £150-160K might be on the cheaper end, even if it needs all that work.

I looked round that way and couldn't afford a thing, so like DS bought in Streatham near the common for £160 freehold :D

[christonabike]

We bought on Elm Park

One bed, ground floor flat, with a yard, decent condition

£165 000, three years ago

I've heard they are going for £220 000

:eek:

[OpalFruit]

Check out what else is for sale in the road on FindaProperty.com (maybe .co.uk, can't remember) or the Evening Standard property website. You can search under the postcode, flats / one bed to save having to wade through loads of irrelevant stuff.

[sonik]

This website (you will need to register) is a good source of information when you want to know how much properties are worth in your road. We found out our landlady paid £185,000 three years ago and is charging us £950 a month rent!!!

Finding properties around the £165.000 mark is HARD!

http://www.ourproperty.co.uk/

[Giles]

This website (you will need to register) is a good source of information when you want to know how much properties are worth in your road. We found out our landlady paid £185,000 three years ago and is charging us £950 a month rent!!!

Finding properties around the £165.000 mark is HARD!

http://www.ourproperty.co.uk/

Your landlady isn't making much then, if anything.

Assume she had borrowed, say, £160,000 of that purchase price.

And is paying, maybe 6.5% mortgage interest. Even interest only (so just "keeping pace" not paying the loan off, that's £867 a month repayment.

Add on some for buildings insurance and repairs and maintenance, she will just about break even.

Giles..

[OpalFruit]

you need to start saving http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=598430&agentid=04619 :eek:

[Moonchild]

Unfortunately, I think you're probably out of luck. I sold my flat on Medora Road (one bed, garden, but historical issues with subsidence and needed a new bathroom very badly) for £165K about 18 months ago... And property prices apparently have gone up a lot in those intervening months...

[Manmasi]

Thanks a lot for all of your answers! Much appreciated, it's very interesting to see how expensive the area has become, it does have amazing transport links which is so important. the landlady has recently re-painted all of the house it looks much nicer now, all in time for the sale, I think it won't be sold to us!! Maybe though, who knows, she might want an easy sale...!

[RubyToogood]

... with no estate agent's fees. Which might bridge the gulf between what you can afford and what she wants...

[Mr Retro]

... with no estate agent's fees. Which might bridge the gulf between what you can afford and what she wants...

And also the landlady will be receiving rent right up to the time of exchange. That will be worth at least a months rent - maybe 2 or 3.

Manmasai we did exactly what you are trying to do nearly 3 years ago. It was the best decision we ever made.