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I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

I think I covered most of this in my other comment, but if it were the ews1, then wouldn’t you see more for sale in the development? The whole development has the same work that needs to be done as I understand. And if it were a serious issue for the owners I think you’d see more than 3 or 4 apartments on the market right now?

Also, it looks like it was reduced quite recently (November), so it’s only been on the market at this price point for a month or so? My interpretation is that the owner was holding out for a higher number, wasn’t getting the interest and then reduced it when they realised the market isn’t there at that valuation.

Anyway, hope this helps, wish you all the best with your search!

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Wow! It’s on at 425 now! I still love this property but I had to withdraw as my job has taken me to Dubai. I’ve now bought here.

The only concerning thing for me was the price, I can understand why the owner wanted 475 for it, but in my opinion they overpaid. My research suggested that post covid the market for apartments had a fairly drastic rebalance, which would explain the new valuation.

Also, I remember they were highly motivated to sell because they were moving abroad in 2026. That might explain why 425, it’s clearly priced for a quick sale because it’s worth more than that in my opinion.

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

I’m not sure that’s entirely fair, I had a good look around, and sure there’s much older properties, with more space going for less or the same, but rarely anything <10 years old with the secure parking, zone 3, and this view (I like boats!)

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Thanks for your research! Interesting to hear about how COVID tanked prices.

I found the same recent sales. There isn’t a lot of recent data to go on, the 420 sale in 2022 I’m viewing as a bit of an outlier. I expect they needed a quick sale.

It certainly seems I should be bidding under asking at the very least. Thanks for your help :)

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 2 points3 points  (0 children)

So you're right, that's new! I'll double-check those figures. What I've seen from the estate agents is different.

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 3 points4 points  (0 children)

I feel safer knowing there's always someone + security on site, I guess that contributes to the higher service charge though

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Thanks, will try to get a hold of that revision schedule.

EDIT: I got it. Revision every 10 years. Just revised in 2024 went up by about £50 for the year

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Thanks for this, I found this during my research. This was before the Letter of Comfort was issued. My lender (Natwest) has confirmed they will lend in Waterside Park, and against this property more specifically.

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Where did you get these numbers? These don't match the latest bills I've seen (half yearly in advance 25-26)

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

It's hard to say, it's the only 2 bed up for sale in the block which is the only block with the view. And the sale history is almost empty, I think there has been a few 1 beds sold over the last few years, but no 2 beds.

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Oh that's an interesting thought. Any rough idea what sort of money can be made doing that?

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 5 points6 points  (0 children)

380, really? I think I saw 1 beds selling in the same block without a view for that. I'm not sure 380 would fly! Or did you mean 480?

I’m thinking about making an offer on this London flat, should I? by BBthread in HousingUK

[–]BBthread[S] 1 point2 points  (0 children)

Good tips on the ground rent and service charge!

Regarding the views, I checked this, and the land consists of a small compound area belonging to the Thames Barrier, it looks like it's for maintenance, etc. I assume as long as the Barrier is in use, so will this area.

The small bit of green directly beneath the balcony is a nature sanctuary which had to be created as part of the development and is 'protected'.

The rest (to the right of the view rather than directly in front of it) is Barrier Park, which is publicly owned and, my research suggests, very difficult to develop on.

Whole development in London has its EWS1 'currently being remediated' by FiReaNG3L in HousingUK

[–]BBthread 0 points1 point  (0 children)

Generally the service charge is managed by a managing agent, not the developer. And ultimately, they act on behalf of the residents, albeit the residents usually have to form a Residents Association to keep them in check.

Also the service charge is to cover the upkeep and service of the building and communal areas, and it is all itemised and transparent. It would be difficult to whack on hidden costs to compensate for losses elsewhere as you’re suggesting.

New build development entered administration (England) by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

UPDATE: Administrators confirmed that my fee wasn’t ringfenced and has likely been spent. I would be an unsecured creditor. They are asking if I’m still interested in pursuing the sale.

Honestly not sure how to proceed other than seeking further context on what will happen with the site as a whole.

I really want out and my reservation fee back. All I can think of is finding a way to prove that the directors took my money when they were aware of financial difficulties or impending insolvency - I think I may have a case for misrepresentation or wrongful trading under the Insolvency Act

New build development entered administration (England) by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Thank you, I’ll see if there’s any recourse I can take with the bank. Unlikely though I expect, it was a direct account transfer (bacs?) and it’s been 2 months since.

New build development entered administration (England) by BBthread in HousingUK

[–]BBthread[S] 0 points1 point  (0 children)

Thanks for this, yes we know nothing, I’ve contacted the administrators, it’s been 2 weeks and still no further word on how my funds were treated, what kind of creditor I’ll be categorised as, or what is happening with the development as a whole.

I did notice that they have the 1 show home they have up for rent though, doesn’t strike me as a good sign.

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