What is the best practical way of identifying and buying a two-bedroom flat in Central London?

Question

I have two 20 something daughters paying rent for separate flat shares.

Answer 1

1) Go carefully through your and their budgets together to see just how much you can afford. A bank or a building society can help with back-calculating payments to see what you could afford to offer for freehold or leasehold. I suppose this stage is also where you establish whether the girls get on together well enough to share a flat! Some sisters do and some don't - that's life!

2) Weigh up the advantages and disadvantages of living in Central London or, for example Streatham or Putney where the commute time is not great and the environment may be more salubrious. London is a collection of close-knit villages, each with its own separarate character and facilities. Property prices are still high, but may be rather less than Central London.

3) Are the girls going to be able to improve the property themselves? (Redecoration, new fittings). Look at the investment opportunities.

4) Search for a suitable place. A long and often depressing quest. Inevitably, once one is settled in a place and looks back at the months of joy and frustration, defeats and elation, it seems like no time at all! It's a valuable lesson to learn, though, and I have several times kept a diary of the rocky road to moving house. If nothing else, especially with more than one person involved, it can tell you exactly what was said to whom when and by whom!

5) You specified a 2-bedroom flat. Also look at potential 3-bedroom ones. You may not be paying much more and it could give you more flexibility and be a better investment in several ways, either as another source of income with three sharing, or as a spare for guests (or yourself if you want to visit).

Answer 2

Firstly locate the area in which you would prefer your daughters to live. You should take the following into account: the commute time to their places of work / study; where they spend their spare time, etc. Then contact estate agents who specialise in that area and first review the properties available against your budget.

Involve your daughters in the decision making process.

Happy hunting.

Answer 3

Look at what has sold on that road or area at www.ourproperty.co.uk.

Answer 4

www.findaproperty.com, or www.rightmove.co.uk,

the rest is up to you!

or www.buymeahouse.net

Answer 5

No