You did the lease extension wrong you needed to put the value after the lease extension takes place which would be like 800k or something, would cost much much more to extend..
@@wanderingturnip This is because you are compensating the freeholder for them not being able to reclaim the property. Once the lease is up, they can issue a brand new lease and sell it for actual market value. You have to make that money up to them in order to extend the lease. Plus you have to pay your legal fees and theirs - and you only have the legal right to do so after 2 years of owning the lease, unless you are lucky enough to have the section 42 from the previous leaseholder. Been there, done that!
I thought 990 years was an informal lease? Meaning the terms of the lease can be changed? My lease is at 83 years and I intend to extend the lease at 81 years, for the formal 90 year lease.
I suspect a bidding war happened between people who had not seen the place in person. There is at least 100k to 200k worth of work to get it to spec. A builder who could most of the work wouldn’t pay that high.
@@a1whiteLet’s pray it comes to fruition before another Tory insider coup d’etat happens in the party and makes sure it and its spokesperson get disgraced from the public eye again.
@@CioCio6969yes - you don't own anything, it's just a lease. When lease runs out, the landowner - "Freeholder" can take the property back. What tends to happen, is the Freeholder will agree to extend your lease - for a £££££ fee.
I was born and raised in a council 2 bed flat 1978-2004 in Clapham Common (just down the road from Streatham). My mum was able to buy her flat in the 90s for £85k, and did what she could on a single parent income to tidy the flat up. She then sold it in 2004 £200k, we moved out of London to South Yorkshire where quality of life is so much better. I've since checked the value of the flat now, it's over £500k! Bonkers, for a 2 bed ex council flat!
Same as my old flat near Brixton bus garage. When we left in the 70's we could have bought it for £12k . Now the same flat would be £500k plus an INSANE service charge.
I'm having to look at moving from Scotland to London for jobs at the moment, and the whole idea seems like a scam to keep the rich rich. Even on a decent salary, I'd be screwed. Really hope I can find something basically anywhere else (except Oxbridge, but I don't think they'll speak to someone with my address on CV!)
@@sko1beer have you heard of this place called Scotland? Many think it a mythic land of castles and monsters in lake, but I can confirm we are real and, of the 10ish places I've called home in my life, precisely zero have been leasehold. None of my friends have a leasehold place either. This has been me, your guide to the world of facts 😄
@@alifloydtv .While it is possible in Scotland to occupy property under a long lease, legislation has been passed (Long Leases (Scotland) Act 2012) which converted certain ultra-long leases (with an initial term of more than 175 years and an annual rent of £100 or less) into heritable title (outright ownership). thanks i never knew this and i do know where scotland is my aunt use to live in motherwell and i use to go every summer holiday as a kid
@@sko1beer True. But opportunities to purchase freehold property in London are scarce. Outside London, much more freehold properties are available at affordable prices.
Theres a mistake at 16:40 - 215,000 is what the buyer paid, but you actually need to enter the value of the flat after a lease extension (Probably 450k-500k) The price to extend the lease looks to be at least 300,000 pounds!
In 75 years they have completely ruined the quality of life of people that are from this country. £260,000 for the bottom half of the home? For that you should be able to walk in and live in it but no you’ve got to spend 100 K on it to make it livable-£400,000 for the bottom half of the house in Streatham? I’m just disgusted by it
We have the highest quality of life in general now than we have ever had historically. People forget their history and look back through rose tinted glasses.
The problem with owning a flat in a building of flats is that you have to pay monthly property fees. So you are effectively paying rent, even though you have to pay for the flat.
You also have to pay a share of the capital works. If the communal areas are decorated, if the lifts are renewed, if the roof needs major work, if cctv is installed, etc. My friend bought a great flat, cheap in trellick tower when the discount was about 50% about 30 years ago. He got a capital works bill for around £22,000 , 20 years ago. He was furious. He spent about 18 months fighting the council for a reduction
@@nonibbs my friend was annoyed how the contract was awarded and the cost. I don't think they put it out to tender and they inflated the costs. My friend is very, very tenacious. Eventually with the law center he got it slashed by about a third. Funnily enough he was originally a squatter in the late 1970's. About 20 or so people squatted different flats in trellick. In those days it was a very rough block, lots of crime. They all formed a squatter support group. Eventually the council granted them the tenancies. Then the right to buy came out. He got the maximum discount. Last I heard he rents it for 6 months of the year and spends the other 6 abroad
@@william_marshalScotland has a lot going for it in terms of rights but this progressive movement is under severe attack from the Right, its press and its media.
All flats have a service charge to pay for the building maintenance, usually managed by an agent employed by the Freeholder or Council. These costs can be unforseen, are not capped & can increase considerably, affecting sales.
I was just thinking about your channel today! £602,000, for that!! I'd be able to buy a five bedroom house, with acres of land here in North Yorkshire. And to be honest, I'd choose the North anyday over London. Great video, always look forward to them.😊
That's what i'm talkin about. Moved to Thornaby and got a 3 bed link detatched house with a fair sized garden for £165k. Seems people hate me from being from the south though?
A big part of the reason prices are so high is the amount of northerners coming over here to take our jobs. What we need in London is independence and strict immigration controls. Eventually build a wall around the M25 to keep the illegal northerners from crossing in search of a better life.
That fact there were loads of dead insects is also a big problem, as there is a likelihood they may have been cockroaches, and those old tower blocks are susceptible to infestations like that. And as its a block owned by Hackney Council, you will be waiting for them to get it sorted, so good luck with that!
All Leasehold properties have a service charge which can increase anytime, plus ground rent, extending the Lease is relatively straight forward buy at a cost.
Chaucer Court is a social housing block, The same design was used all over the UK, and the blocks are really well built, Used to live in an identical block next to Wythenshawe Park Manchester. The biggest mistake this country ever made was allowing people to buy their Council/Housing Association property. This isn't allowed in other European countries, I have friends in Belgium-Denmark-Netherlands-Germany in the Housing Association Properties The first thing you are told when you sign the tenancy is "You will not be allowed to buy your property."
Thatcher convincing the working class that they were middle class, selling the countries roots out from under it and all so that we could pretend that we had dealt with class stuggle, rather than doing what was coming and having a revolution where the first thing on the agenda was to upend and remove the ruling etonian elite that were allowing the country to rot.
I live around the corner from the first flat in Streatham. Once that flat is renovated, it could sell for more than £500k. I also lived not far from the house in Tooting. Houses in that street can sell for close to a million. Some of the larger houses have sold for 1.2 million.
I sold my 3 bed semi in London (2002) and moved to South Wales. I bought a 4 bed, detached house outright. I was 32 years old and had paid off my mortgage.
I was born and raised in London and pop back once a year, so I'm aware that property prices are eye-wateringly high but I now live in Indonesia where we bought a house last year on the island of Java. It has spectacular views out over rice fields with a (dormant) volcano in the distance yet is just five minutes drive from the city centre. It was renovated recently with new flooring throughout, 2.5 new bathrooms, new kitchen, new lighting, painted internally and externally, some added stonework and a new driveway. Total cost including renovations £75k! 😊
@user-nv7uq3zj5e Nothing now. I came to Indonesia 25 years ago aged 36 with some savings after working 10 years in oil exploration. I worked here for a year as an English teacher simply so that I could get a visa to stay while courting my future wife and also worked as a copy editor for four years for a couple of English language newspapers. I retired at 49. We're not super wealthy but have a very nice lifestyle. We've been lucky too. We bought a couple of plots of land around 18 years ago and their value has skyrocketed. Westerners tend to prefer Thailand, Philippines, Malaysia and Vietnam and most of those that do come to Indonesia head for Bali (which suits me). Unless you have special skills that are in high demand, very good entrepreneurial skills or very good connections😉 it's difficult to get rich here but I have read that they've now made it easier for foreigners to stay longer here
@jj-if6it It's hard to feel isolated when living on Java, the world's most populous island 😁(150 million people) but certainly isolated from family and friends, yes. However, the region is on the up while the West is on a downward slide IMHO. Better standard of living and better morals too. I can fly to Bali in less than an hour, Singapore in two. Better food, better weather, very friendly and very sociable people. I feel safer here than I do in my hometown London too.
@@bungabening3530 yeah I don't mean isolated from people but Europe etc. Also it's not like you can drive to another country. I want to go though, I'm actually Australian and have never been to Indonesia. I was just put off but all the Aussies there lol. But yeah Australia and New Zealand are even further from everything. I lived in London for a couple of years and people were pretty rude
Thanks for highlighting the issues of leasehold. One thing to note is that flat with a 9 year lease would actually cost even more than that to extend. The calculator asks for the property valuation based on if it had a long lease not the current short lease valuation. It's a painful process I'm currently going through with 80 years left expecting to pay between £10-£14k to extend
I lived in a flat not much better than these once. The previous tenant had bought a tent in, and lived in that. He cooked campfire style in the fireplace. Indoor tent living has a lot going for it. As for disguise, try a clerical collar!
It is crazy, i moved from London to Manchester back in the early 90's, the mortgage i pay now in 2024 in Manchester is half of what my last rent was in London in 1992. Not sure how people manage to survive there on an average wage.
Not too dear when there's 22 living in it on benefits,all they have to do when there's a rise is bring in one more person so there's 23 to pay for the flat
The slanted house in Tooting probably went for so much, despite being in such a state, because it's a 10 minute walk to the railway, 20 minute walk to the underground, extremely close to two very popular primary schools, as well as a highly rated high school with a sixth form. Parents have been known to spend hard to move into that area.
You got that slightly wrong about the fake houses. They were not demolished just to build the line. They were left like that because the first underground trains were steam and so it was to allow smoke to escape.
They have them in Newcastle too for the underground Metro. There's a couple of terraced houses on old Eldon square, you can see from above on Google satellite view.
You would probably find that the gaffs you looked at were when people died intestate and there was no family hanging round to cash in, it ends up in the hands of the state and they let it rot, if the state decided that all intestate property was appraised and renovated and let out to vital workers in expensive areas it might go a tiny way to solving our housing problem, every city has hundreds of them. Btw - keep up the great work, always enjoy your passion and enthusiasm, there is real value in the work you are doing, good luck to you.
People really need their heads examining paying those sorts of prices. London is a piss take, you buy a beautiful villa in Spain for the same price as some of those shit holes. Why? I dont get it....
you cant find high paying jobs in spain , they have high youth unemployiment, thats expat speak, tell the spaniards to buy a ranch in some african country then 😵💫
You can´t find a lot of high paying jobs in spain , they have high youth unemployment, that´s expat speak, tell the spaniards to buy a ranch in some african country then 😵💫
Under the new Government Building Safety Act, all high rise buildings have to have a safety certificate 'ESW1" otherwise mortgage lenders will not lend on Leasehold properties, cash buyers are wary of the huge costs that could be added to Service Charges for these properties to meet the required certified safety standards. This has created a slump in sales of Leasehold properties, which would also apply to London. This is significant & worth mentioning on your property tours.
The sand on the floor is most likely from the house being used for a cannabis grow house and that is also probably the reason the house is also suffering from mold and damp issues. 11:56
I've missed these kind of videos. So interesting to see inside some old houses and flats. There is very much to do, but I think they would look amazing afterwards. The prices are something else.
With leasehold flats, as well as service changes, and ground rent, there is a shared cost for repairs. Freeholders can change you if you want to remodel the space, check the lease. If the entrance and outside are damaged you are relying on the freeholder to do the work (and of course pass on the costs), many don't, often you can't even find them!! The house to underpin, find where the damp is coming from, take back to brick, and refit, that is going to cost a lot. I hope the owners have the funds to do this, and still increase the value. Great vlog, and love the disguise. If anyone asks you for building advice, you just say "oooh, this will cost you" 😆😆
My aunt lived in Walthamstow and lived in the bottom half of a Warner home so I believe it's called. It had a 125 year old lease and she had to extend the lease which cost close to £30k. I myself bought a leasehold flat but it had 999 years on it which is better. Currently trying to complete a sale of it and it is one of the worst experiences of my life. The whole leasehold system in England and Wales is rotten to the core and needs to be either abolished or heavily reformed. If you are a landlord leasehold is more palatable but if you are the owner occupier it can potentially be a shit experience. Thankfully I am not in London where you are ripped off without mercy.
Sorry mate, I'm just asking... She had 125 years left, and she paid 30k to renew it?? I'm asking because I know when it drops below 80 years left on the lease, it gets really expensive . Also was the landlord a private property developer of the property was an ex council?? Thanks
That's why I would never want to live in London. And With the leasehold that I just found out about a few months ago. You buy a property but you lease it. It's unheard of in the rest of Europe and totally a scam. I can get so much more for my money it's not even funny. I can get better food and nicer women in most part of Europe.
@@harryukraine Yes and no. In some places you can lease a plot of land for 99 years or whatever and build a house on it. You own the house and can sell it but neither you nor any future owner will ever own the property it's built on. Doesn't sound much better to me. Usually these properties are owned by the Catholic Church or some other massive landowner. Short-term it's a cheap way of getting property in a relatively expensive area but the long-term costs are considerable. Allotments with year-round habitation are the same thing, usually owned by the city.
I appreciate the video you shared with us all about affordable apartments in London in 2024. It's always a challenge to find deals in such an expensive city like London so your input is truly helpful for anyone seeking budget friendly choices. I particularly found your advice, about selecting neighborhoods valuable. Can't wait to see what videos you have in store !
Same in Hungary. I bought a small flat almost 2 years ago with a 30 year mortgage wit 11% interest :') But the monthly payments are fixed for the first 10 years and I'm paying maybe 70% of what people who rent similar size apartments pay, so I'm still happy with it.
The lease extension entirely depends on who you're extending it from. If its the council, you'll never get ripped off and ground rent will always be low. Private developers can just charge whatever they want. Its also what they value the property, not what you bought it for. They would value that flat way more than £215,000 so I'd expect the lease extension to cost over £200,000
Very interesting real estate scene in London. Im from the US so what the hell do I know. It seems like a young person with a good building education could make a ton of money in the UK. The need to extend leases is very strange and a whole other consideration. I could watch these videos all day. Thanks Turnip😊
Wait till you find out no one in the uk has a fix life time mortgage like you guys have🤣. The whole country is held at gun point on interest rates and you could end up losing it all if interest rates go up to 10% and you are over leavaged. To be honest growing up in London I never knew it was such a scam till I started looking at other countries like the USA
@@sko1beer good point. I heard about that. It's hard to believe. I got a 15 year fixed mortgage at 3.25%. 5 years in its as close to a free loan as it gets. I just can't imagine having to pay some "landlord" for the rest of my life on top of some crazy variable rate loan. It's bad here trying to live in a popular expensive city but that is almost an untenable situation in London especially for those totally ridiculous prices. Talk of 99 year leases etc. gives me a headache just thinking about it.
Great video again mate. Have you ever thought about doing countryside series? I liked the dry stonewall one you did. You're making content just as good or much better than a lot of British TV. I could easily see you as a presenter on Countryfile or something, but screw that you can do it yourself.
Hey mate, yeah for a few more dry stone wall videos planned, I was just waiting for the sun to come out and looks like it’s coming soon 😂 keep an eye out for them and cheers for watching 👍👍
This is only areas of London with "London" postcodes. Which means most of outer London is left out. You will certainly find cheaper in areas of Greater London with Surrey Kent Essex postcodes. Still London boroughs so they count as London, such as Bromley Enfield Havering Croydon etc... When London expanded in the 1960s to cover most of its metro area, the post system never updated. So that includes parts of or all of BR, CM, CR, DA, EN, HA, IG, SL, TN, KT, RM, SM, TW, UB, and WD postcodes
@@carolinestephens4082 outside of the town centre, Thornton Heath and New addington, Croydon is actually decent. However I already live in an outer London borough, in Dagenham which is arguably a worse place than Croydon.
@@carolinestephens4082 I always thought Purley, Caterham and Wallington were nice areas. I have a friend who lives in Thornton Heath, which is somewhere I'm not particularly fond of. I go through those areas on the way, from the M25, whyteleafe as well but I don't think thats Croydon, is it?
I recently sold my maisonette in Plymouth, the lease was low so I had to increase it to 999 years. The robbing leaseholders charged me £15,000 pounds to renew the lease. That was half of the equity I made on the sale. When I purchased the property, NO ONE explained the trap of being a leasehold property. Throughout the time I lived in the property, they did nothing, I repainted the front and back of the house (I had the ground and middle floors another guy had the top floor - we shared the cost) we had the roof fixed etc at our cost - using a contract tor we chose - because if the leaseholder does it they employ a contractor and YOU still have to pay the contractor and they always go for the expensive ones) My advice always go for the longest leasehold possible because the leaseholders will rob you one way or another.
Hi ... Soho Road (Birmingham)has been slated so much but if those people had looked for the history in that area they'd be amazed. The whole area was mainly beef ranch ...the original butchers from that ranch was lost to Big Johns about 10(??) years ago. The original bull ring is there too. The Red Lion Pub is hundreds of years old. In the 1930's it was THE place to be seen...that generation would go "promenading" in all their finery to hopefully meet the love of their life. Mathew Bouton's house is down on Soho Hill/St Michael's Hill, the original central heating designer, where the Luna Society used to meet with James Watt. These two worked together to redirect a slow section of the river, first to builf walls in the river to direct the water for the steam engines. There's a school at the Bottom of Boulton Road (off soho road) that commemorates these engineerss on their gates ...well worth a look...the river runs under the school. Those streets of run down terraced houses were built by Matthew Boulton and James Watt to house their workers...they are hundreds of years old. Fancy a pint in a lovely spit n sawdust pub, walk down St Michael's hill to the Golden Eagle ...lovely old pub. I feel sorry for the children growing up in this area ... It'll be known for all the gang culture instead of the fantastic history, and these children have bery tough lives there because the ADULTS can't get their sh1t together. Any chance you could redress the balance please? Btw, when the binmen go on strike, the press target the poorest areas and create the narative, creating in turn the stereotype that sticks to the kids... it's not fair.
Yes, amazing history in many parts of Birmingham and The Black Country. I lived there from 1989 to 2003. Moved back to a rural lifestyle and wouldn't live in a city again. However, I have a lot of happy memories of the West Midlands. Turnip - worthwhile doing some videos about the industrial history
One thing I didn't hear you mention about leasehold flats. Even if you have no plans to pass it on and the lease will outlive you, if you ever want to sell the flat (for example to upsize or move), the less time left on the lease the harder it is to sell.
I would have bought the Highbury & Islington flat. Smells can be solved with stripping back and deep cleaning, and the building structure is good. That area is a great one to live in
The house with the big hole in the floor, I seen something similar before caused by a cracked sewer pipe, rats were coming out of the pipe and burrowing up through the floor over taking the property, owner had to dig down like that hole to fix the pipe, Might not be the case there but reminded me of it when you showed it, Nasty business his house was destroyed, dead rodents behind walls that had chewed wires, place stunk and was over ran with blue bottles regularly
Small suggestion: when you do the videos inside the flat, put the floor plan on the screen and highlight the room? Just a little square in the corner, it would be kinda cool. Good vid.
Reminds me of my parents home and that was with their stuff in it! And subsidence! Most of London is built on a swamp from the Thames flood plane before they installed dams on it.
For anyone interested, please be aware that for any lease extension you'll have to pay your legal fees as well as those of the seller and there are additional costs. I bet they agreed a price for the extension prior as a package or its just too risky as the seller is only under obligation once to extend by law.
Great video, thanks. Would be great to also perhaps get a rough idea how much it would cost to refurbish properties like these. Just to have an idea of total costs to make them livable again...
thank you for explaining the difference between leasehold and freehold because as an American none of that was making sense to me. If I buy a house in America, that's my property forever. no matter what.
We're visiting London right now from Canada. I downloaded a UK realty app. I see some properties are sold as shared ownership? I Googled this and found out how it worked. This seems like a bad idea although I do understand why people want a foot in the real estate market. My family is from Aberdeen Scotland and we love the UK. Your videos are very good.
Shared ownership is a scam that has trapped so many young people. All of those properties have service costs too, so you're paying mortgage on the bit you own, rent on the bit you don't, and service charge which could be thousands a year on top!
Another fantastic video David. Your enthusiasm is brilliant. Thank you for showing us such unbelievable prices. How do people survive in London? Very interesting to see the fake houses too I’ve never heard of them. Love your disguise it’s brilliant you made me laugh. All the best mate 👍
I would never buy on a leasehold, though I suppose in the UK there is not always a choice. I have heard that Starmer plans to change that? Thank you for the video!
So sad ! I have family living one block from one of the special places in London. I would visit and be able to walk to church each morning for church. I can’t believe the properties that I have seen on these shows and others. As a Realtor 16 years here in southern Illinois. I have visited many homes that were totally disgusting! You opened the door…. The fleas were hopping . I never walked in. The buyer was able at their own risk! Then talk about houses that had a swimming pool in their basements!!!
That leytonstone flat is pretty near where I lived for years. A few streets away. The landlord offered to sell us the place, exactly same type of house, but the ground floor flat, when he wanted to sell. He offered to sell to us for 350,000 in 2015. Which, for the size, was too much for us. We ended up buying a house further east where we have lived since. Nice area though leytonstone. We were there for 9 years. Nice flat, landlord never put the rent up once in all the time we were there. And offered us the house 25 grand under what he could have.
375k for a flat in Marylebone is a complete bargain. I think extending the least would actually be quite a bit more because you only put the rent at £350 per year lol.
When you think of the prices in London and compared to the dollar v the Pound you could really rent one cheaper in new York Manhattan depending on location.
600k for that attached house is bonkers considering how much is going to have to go into that to fix it up. London is nice to visit but I wouldn't want to live there....especially not at those prices.
please make a video on my hometown scunthorpe! one of the deadest towns in the whole country. the population went up 20x in the 60s when the steelworks was built, all my male relaives worked there. With mass redundencies (including my dad who worked there for over 40 years) had a massive massive impact on the town as you'd imagine. I can give you some other historical information
Whoever bought the flat on a 9 year lease made a good buy. He could easily rent it out for £3500 p/m. Over 9 years that equates to £378000 Profit £378000 - £22000 = £158000 This is only a ballpark figure as we all know rent is going up.
I had to extend my lease on a London flat some years ago as I couldn’t afford it when I moved in but because I had lived there for more than 2 years I did it via the leasehold act and got an extended lease for 125 years with peppercorn rent for £10k rather than £25k for 99 years and a (I think) £100 Pa for ground rent so worth knowing that if it hasn’t changed since then.
My husband and I were working 60 hrs per week,we couldn't afford to buy and we were struggling with high rents,near Brighton,so we moved to Carlise,we knew on one,we didn't know Carlise but we managed to buy a house for 80g were so happy,its easy going up here,most folk are lovely and we now only work 18 hrs per week each.No brained,why are people obsessed with the South and killing themselves to buy over expensive houses.
@@justinefleming7756 Thanks for your reply. We'll be retiring in five years and are already thinking of places to retire to (currently renting in East London). We've been looking at Cumbria (especially around Ulverston as we have friends there). Good to hear you are enjoying it there.
@@Bluebird19-ll8suhi guys,my husband is 63 and im 59,we knew no one,we paid outright 4 our home,its a 2 up 2 down,small garden,our bills are low,were loving life now,our neighbours are lovely,be brave,why suffer.
@@justinefleming7756 That sounds lovely. Do you both still work? We can't retire until we're 66/67 unfortunately. Can't get pension until then and wouldn't have enough to live on if we retired earlier. My husband's job is in this area (mine just down the road), so we're kind of stuck for now.
Hiya David, I cant believe the property prices in London, for a 2 bedroom flat it would be the same as having 3 houses in the Cul-De-Sac where I live, I like your Disguise with your high vis and Hard Hat, this is Choppy in Whitehaven, Cumbria, England
Honestly, for 260k in Streatham a flat in that condition is a bargain, from a builders perspective its a period property that has stood for at least 100 years, everything inside really doesnt matter. I could completely renovate this myself for 20k.....40k would be high-spec....and sell it for 300-400 k (at least). The property in Seely rd was a nice property, but the selling price (602k) was a bit steep. Ive renovated properties in Seely rd....nicely made houses mostly, and great location for Tooting, its a great area for families. for 602K its likely a private buyer wanting to live there, not an flipper (and thats a good thing right ?)
In the last flat you made a comment about stripping a kitchen out if it’s grim and selling it without a kitchen. I could be wrong, but I don’t think you can get a normal mortgage if there is no kitchen because it wouldn’t be deemed as habitable. Mind you, I don’t think any of those were habitable! Great video.
Love your videos! I watched them all before my trip to London a few months ago. I am from Canada so the whole lease thing isn't clear as we dont do that here. Could you please do a video one day that explains what leases are for your international views? :)
That last place, if it had sold for £100,000 …..that would have been £925 per month ‘rental’. It would be worth forking that out and then abandoning it after 9 years. Stuff the lease renewal fee.
You did the lease extension wrong you needed to put the value after the lease extension takes place which would be like 800k or something, would cost much much more to extend..
Someone else just mentioned that. Mind blowingly expensive 😂😂
@@wanderingturnip This is because you are compensating the freeholder for them not being able to reclaim the property. Once the lease is up, they can issue a brand new lease and sell it for actual market value. You have to make that money up to them in order to extend the lease. Plus you have to pay your legal fees and theirs - and you only have the legal right to do so after 2 years of owning the lease, unless you are lucky enough to have the section 42 from the previous leaseholder. Been there, done that!
how many years would you be able to extend the lease by for the money? 300k for 1 year extension? idk
@@jamesbarlow5309 When you extend the lease, can you choose how many years it is extended for?
I thought 990 years was an informal lease? Meaning the terms of the lease can be changed? My lease is at 83 years and I intend to extend the lease at 81 years, for the formal 90 year lease.
London is insane. 602 grand for that awful rotting shell? Madness.
I suspect a bidding war happened between people who had not seen the place in person.
There is at least 100k to 200k worth of work to get it to spec. A builder who could most of the work wouldn’t pay that high.
i rather buy a tent and live on the street and go on holiday every couple of months with that kinda money
@@CheechChong-dq4jzPoor people aren't buying these you goober 😂 It's investors.
@@CheechChong-dq4jz And there's one reason why there's a lot of tents and van-lifers in London...
@@CheechChong-dq4jz You can buy good caravan for 10k and just park in on the grass somewhere
What a crazy country we are. Leasehold is despicable.
Labour are planning to abolish it in favour of a sharehold scheme
I agree England has lost the plot
What mean that leasehold?
For example you have 10 years remaining....what happend with the property after that ?you lost or ..?
@@a1whiteLet’s pray it comes to fruition before another Tory insider coup d’etat happens in the party and makes sure it and its spokesperson get disgraced from the public eye again.
@@CioCio6969yes - you don't own anything, it's just a lease. When lease runs out, the landowner - "Freeholder" can take the property back. What tends to happen, is the Freeholder will agree to extend your lease - for a £££££ fee.
I was born and raised in a council 2 bed flat 1978-2004 in Clapham Common (just down the road from Streatham). My mum was able to buy her flat in the 90s for £85k, and did what she could on a single parent income to tidy the flat up. She then sold it in 2004 £200k, we moved out of London to South Yorkshire where quality of life is so much better. I've since checked the value of the flat now, it's over £500k! Bonkers, for a 2 bed ex council flat!
Broken Britain summed up
As Italian..let me tell u that in London they r not able to build good costruction
Same as my old flat near Brixton bus garage. When we left in the 70's we could have bought it for £12k .
Now the same flat would be £500k plus an INSANE service charge.
@@robertovassallo9535
Dipende se compri appartamenti vecchi o nuovi.
Guarda quelli "mansion blocks" a Streatham per esempio.
Even the squatters moved out!
Leasehold: the biggest scam in property "ownership." Thanks for reminding me why I left London. 🥳
I'm having to look at moving from Scotland to London for jobs at the moment, and the whole idea seems like a scam to keep the rich rich. Even on a decent salary, I'd be screwed. Really hope I can find something basically anywhere else (except Oxbridge, but I don't think they'll speak to someone with my address on CV!)
Leasehold is a worldwide thing you don’t escape from leasehold by not living in London 😂
@@sko1beer have you heard of this place called Scotland? Many think it a mythic land of castles and monsters in lake, but I can confirm we are real and, of the 10ish places I've called home in my life, precisely zero have been leasehold. None of my friends have a leasehold place either. This has been me, your guide to the world of facts 😄
@@alifloydtv .While it is possible in Scotland to occupy property under a long lease, legislation has been passed (Long Leases (Scotland) Act 2012) which converted certain ultra-long leases (with an initial term of more than 175 years and an annual rent of £100 or less) into heritable title (outright ownership).
thanks i never knew this and i do know where scotland is my aunt use to live in motherwell and i use to go every summer holiday as a kid
@@sko1beer True. But opportunities to purchase freehold property in London are scarce. Outside London, much more freehold properties are available at affordable prices.
@9:00 That fly was so glad you opened the door.
lol
😂😂😂😂😂
The previous tenant
600k for that house, insane. That can buy a beautiful home anywhere else.
Probably nearing a million once you've sorted out the apparant structral issues
You can get a two bedroomed flat with a full shop on a high street for 125 thousand in wales 😮
But it's not "anywhere else"...
@ericboxer3053 and your point is?
LIVE LIKE A KING IN FRANCE 🇫🇷, SPAIN 🇪🇸 ETC. SCREW THAT 😑
Theres a mistake at 16:40 - 215,000 is what the buyer paid, but you actually need to enter the value of the flat after a lease extension (Probably 450k-500k) The price to extend the lease looks to be at least 300,000 pounds!
Oh really? Jesus that’s so much 😂 thanks
lol 450-500k in Marylebone, try £1.5M+
Is there actually any reason you couldn't just let it run out and return to the freeholder? 100k or even 215k for 9 years would honestly be fine.
In 75 years they have completely ruined the quality of life of people that are from this country.
£260,000 for the bottom half of the home? For that you should be able to walk in and live in it but no you’ve got to spend 100 K on it to make it livable-£400,000 for the bottom half of the house in Streatham?
I’m just disgusted by it
Who is this ‘they’ you speak of?
What do you think should have been done?
@@rodneyfungus8249
Exactly my thoughts too
@@rodneyfungus8249hes talking about the tory government
We have the highest quality of life in general now than we have ever had historically. People forget their history and look back through rose tinted glasses.
@@rodneyfungus8249 why was my comment deleted. I said the tory gov
The problem with owning a flat in a building of flats is that you have to pay monthly property fees. So you are effectively paying rent, even though you have to pay for the flat.
You also have to pay a share of the capital works. If the communal areas are decorated, if the lifts are renewed, if the roof needs major work, if cctv is installed, etc.
My friend bought a great flat, cheap in trellick tower when the discount was about 50% about 30 years ago. He got a capital works bill for around £22,000 , 20 years ago. He was furious. He spent about 18 months fighting the council for a reduction
@@nonibbs my friend was annoyed how the contract was awarded and the cost. I don't think they put it out to tender and they inflated the costs. My friend is very, very tenacious. Eventually with the law center he got it slashed by about a third.
Funnily enough he was originally a squatter in the late 1970's. About 20 or so people squatted different flats in trellick. In those days it was a very rough block, lots of crime. They all formed a squatter support group. Eventually the council granted them the tenancies. Then the right to buy came out. He got the maximum discount. Last I heard he rents it for 6 months of the year and spends the other 6 abroad
Move to Scotland, I did, where there is no such thing as leasehold in Scotland.
@@william_marshalScotland has a lot going for it in terms of rights but this progressive movement is under severe attack from the Right, its press and its media.
All flats have a service charge to pay for the building maintenance, usually managed by an agent employed by the Freeholder or Council. These costs can be unforseen, are not capped & can increase considerably, affecting sales.
I was just thinking about your channel today!
£602,000, for that!! I'd be able to buy a five bedroom house, with acres of land here in North Yorkshire. And to be honest, I'd choose the North anyday over London.
Great video, always look forward to them.😊
That's what i'm talkin about. Moved to Thornaby and got a 3 bed link detatched house with a fair sized garden for £165k. Seems people hate me from being from the south though?
A big part of the reason prices are so high is the amount of northerners coming over here to take our jobs. What we need in London is independence and strict immigration controls. Eventually build a wall around the M25 to keep the illegal northerners from crossing in search of a better life.
I was born in Yorkshire, but I would definitely choose North as opposed to South of England.
@@garnhamr you made the right decision. There's a few people in my village from the South, why begrudge them because they're Southerners?
You have to find a living too in the North. That's the issue 🙂
After seeing the condition of that flat with a view, I would be worried about the structural integrity of that entire building...
Yeah I was thinking about the neighbours and whether they have get the bad smell also!
That fact there were loads of dead insects is also a big problem, as there is a likelihood they may have been cockroaches, and those old tower blocks are susceptible to infestations like that. And as its a block owned by Hackney Council, you will be waiting for them to get it sorted, so good luck with that!
@@leesmusic1they might do something once in those 82 years if you are lucky
All Leasehold properties have a service charge which can increase anytime, plus ground rent, extending the Lease is relatively straight forward buy at a cost.
@@lillexus5589 thats pretty optimistic when Hackney Council are concerned 😂
Wow the leasehold system sounds like a pain in the ass to me.
Chaucer Court is a social housing block, The same design was used all over the UK, and the blocks are really well built, Used to live in an identical block next to
Wythenshawe Park Manchester.
The biggest mistake this country ever made was allowing people to buy their Council/Housing Association property.
This isn't allowed in other European countries, I have friends in Belgium-Denmark-Netherlands-Germany in the Housing Association
Properties The first thing you are told when you sign the tenancy is "You will not be allowed to buy your property."
@@j.pappas9083it is completely underestimated how corrupt the British government is. I mean corruption in the words truest meaning
What on earth were they DOING under that house? Trying to dig out a basement? 😱
They did. They just didn’t care. They wouldn’t be around to face the consequences
That was the awful Mrs Thatcher - pals with the awful Reagan
Thatcher convincing the working class that they were middle class, selling the countries roots out from under it and all so that we could pretend that we had dealt with class stuggle, rather than doing what was coming and having a revolution where the first thing on the agenda was to upend and remove the ruling etonian elite that were allowing the country to rot.
The sand on the floor could be from old and decaying carpet underlay. it breaks down and leaves a powder.
exactly😊
I live around the corner from the first flat in Streatham. Once that flat is renovated, it could sell for more than £500k. I also lived not far from the house in Tooting. Houses in that street can sell for close to a million. Some of the larger houses have sold for 1.2 million.
I sold my 3 bed semi in London (2002) and moved to South Wales. I bought a 4 bed, detached house outright. I was 32 years old and had paid off my mortgage.
How did you manage to own a 3 bed semi in London at 32 years old?
@@charleighblue I bought it for £134,000 in 1999, and sold it for £195,000 in 2001/2. I paid off my mortgage and paid £132,000 for my house in Wales.
I was born and raised in London and pop back once a year, so I'm aware that property prices are eye-wateringly high but I now live in Indonesia where we bought a house last year on the island of Java.
It has spectacular views out over rice fields with a (dormant) volcano in the distance yet is just five minutes drive from the city centre. It was renovated recently with new flooring throughout, 2.5 new bathrooms, new kitchen, new lighting, painted internally and externally, some added stonework and a new driveway. Total cost including renovations £75k! 😊
question, what on earth do you do there?
@user-nv7uq3zj5e Nothing now. I came to Indonesia 25 years ago aged 36 with some savings after working 10 years in oil exploration. I worked here for a year as an English teacher simply so that I could get a visa to stay while courting my future wife and also worked as a copy editor for four years for a couple of English language newspapers. I retired at 49.
We're not super wealthy but have a very nice lifestyle. We've been lucky too. We bought a couple of plots of land around 18 years ago and their value has skyrocketed.
Westerners tend to prefer Thailand, Philippines, Malaysia and Vietnam and most of those that do come to Indonesia head for Bali (which suits me).
Unless you have special skills that are in high demand, very good entrepreneurial skills or very good connections😉 it's difficult to get rich here but I have read that they've now made it easier for foreigners to stay longer here
Most people don't want to live full time somewhere so isolated, I guess
@jj-if6it It's hard to feel isolated when living on Java, the world's most populous island 😁(150 million people) but certainly isolated from family and friends, yes. However, the region is on the up while the West is on a downward slide IMHO. Better standard of living and better morals too. I can fly to Bali in less than an hour, Singapore in two.
Better food, better weather, very friendly and very sociable people. I feel safer here than I do in my hometown London too.
@@bungabening3530 yeah I don't mean isolated from people but Europe etc. Also it's not like you can drive to another country. I want to go though, I'm actually Australian and have never been to Indonesia. I was just put off but all the Aussies there lol. But yeah Australia and New Zealand are even further from everything. I lived in London for a couple of years and people were pretty rude
I live in sunny barrow in furness. My mortgate is £138 a month. I considered moving to london to seek a career back in 2001. Glad i didnt
I’ve been to Barrow, I’d sooner be skint and live in London.
Alll the sea and sun and a mega mortgage. Would hate live in big smoke. I’m south of Lancs in sunny Cheshire. Never rains here
@@Properbellendharsh. Every place has good and bad. Big smoke does have the best everything
But it's Barrow.....
@@zzhughesd have you been to Barrow? Its grim, and I’m not from London.
Thanks for highlighting the issues of leasehold. One thing to note is that flat with a 9 year lease would actually cost even more than that to extend. The calculator asks for the property valuation based on if it had a long lease not the current short lease valuation. It's a painful process I'm currently going through with 80 years left expecting to pay between £10-£14k to extend
I lived in a flat not much better than these once. The previous tenant had bought a tent in, and lived in that. He cooked campfire style in the fireplace. Indoor tent living has a lot going for it. As for disguise, try a clerical collar!
It is crazy, i moved from London to Manchester back in the early 90's, the mortgage i pay now in 2024 in Manchester is half of what my last rent was in London in 1992. Not sure how people manage to survive there on an average wage.
Most of us live in flatshares. It's not a good state of affairs.
That's is it, its surviving , not living
You’d have to be mental to live in London! I wouldn’t move there for all the money in the world ….
Not too dear when there's 22 living in it on benefits,all they have to do when there's a rise is bring in one more person so there's 23 to pay for the flat
They survive on average wage by not buying or renting an "average" price house.
The slanted house in Tooting probably went for so much, despite being in such a state, because it's a 10 minute walk to the railway, 20 minute walk to the underground, extremely close to two very popular primary schools, as well as a highly rated high school with a sixth form.
Parents have been known to spend hard to move into that area.
You got that slightly wrong about the fake houses. They were not demolished just to build the line. They were left like that because the first underground trains were steam and so it was to allow smoke to escape.
Very interesting thanks 👍👍
They have them in Newcastle too for the underground Metro. There's a couple of terraced houses on old Eldon square, you can see from above on Google satellite view.
The hole at the back of the tub is very common when you need to fix plumbing in the back of the tub, almost every home I've lived in has had that.
Surprised the fake houses aren’t on the market knowing what London’s real estate is like
You would probably find that the gaffs you looked at were when people died intestate and there was no family hanging round to cash in, it ends up in the hands of the state and they let it rot, if the state decided that all intestate property was appraised and renovated and let out to vital workers in expensive areas it might go a tiny way to solving our housing problem, every city has hundreds of them.
Btw - keep up the great work, always enjoy your passion and enthusiasm, there is real value in the work you are doing, good luck to you.
People really need their heads examining paying those sorts of prices. London is a piss take, you buy a beautiful villa in Spain for the same price as some of those shit holes. Why? I dont get it....
It’s crazy isn’t it 😂
Fake economy fake mortgages
Great if you can work remotely but more chance of finding a high paying job in London compared to Spain. Spain would be great to retire too.
you cant find high paying jobs in spain , they have high youth unemployiment, thats expat speak, tell the spaniards to buy a ranch in some african country then 😵💫
You can´t find a lot of high paying jobs in spain , they have high youth unemployment, that´s expat speak, tell the spaniards to buy a ranch in some african country then 😵💫
Under the new Government Building Safety Act, all high rise buildings have to have a safety certificate 'ESW1" otherwise mortgage lenders will not lend on Leasehold properties, cash buyers are wary of the huge costs that could be added to Service Charges for these properties to meet the required certified safety standards. This has created a slump in sales of Leasehold properties, which would also apply to London. This is significant & worth mentioning on your property tours.
Turnip is a wandering star! ⭐ It's pure magic! Look forward to this!
⭐👍😘
@@pimpozza Hi sweetie. I miss good times in the smoke Fee 🥰
Turnips the best!
The sand on the floor is most likely from the house being used for a cannabis grow house and that is also probably the reason the house is also suffering from mold and damp issues. 11:56
Ah very interesting cheers 👍
I can’t imagine the leasehold problem plus the amount of having to replace all the damage on the property
On the one from 9:50 forward - I would say, depending on how much you can actually do yourself, around £150k to spend to make it nice
I've missed these kind of videos. So interesting to see inside some old houses and flats. There is very much to do, but I think they would look amazing afterwards. The prices are something else.
With leasehold flats, as well as service changes, and ground rent, there is a shared cost for repairs. Freeholders can change you if you want to remodel the space, check the lease.
If the entrance and outside are damaged you are relying on the freeholder to do the work (and of course pass on the costs), many don't, often you can't even find them!!
The house to underpin, find where the damp is coming from, take back to brick, and refit, that is going to cost a lot. I hope the owners have the funds to do this, and still increase the value.
Great vlog, and love the disguise. If anyone asks you for building advice, you just say "oooh, this will cost you" 😆😆
It says something about the state of London when I was surprised that the one in Highbury & Islington went for "only" £195k.
The big cities here in Australia (e.g. Sydney and Melbourne) might be even more expensive
The "sand" is probably termite droppings from the rotten and eaten floor beams. That whole 3rd property is remove and rebuild.
Always a good day when Wandering Turnip uploads a new video, and back in disguise!
When you think about the rental costs of a flat in London, that 9 year lease doesn't seem a bad bet as it works out at £2k a month for all 9 years.
I love your videos mate. You're doing good work. Keep it up
My aunt lived in Walthamstow and lived in the bottom half of a Warner home so I believe it's called. It had a 125 year old lease and she had to extend the lease which cost close to £30k. I myself bought a leasehold flat but it had 999 years on it which is better. Currently trying to complete a sale of it and it is one of the worst experiences of my life. The whole leasehold system in England and Wales is rotten to the core and needs to be either abolished or heavily reformed. If you are a landlord leasehold is more palatable but if you are the owner occupier it can potentially be a shit experience. Thankfully I am not in London where you are ripped off without mercy.
Sorry mate, I'm just asking...
She had 125 years left, and she paid 30k to renew it??
I'm asking because I know when it drops below 80 years left on the lease, it gets really expensive .
Also was the landlord a private property developer of the property was an ex council??
Thanks
That's why I would never want to live in London. And With the leasehold that I just found out about a few months ago. You buy a property but you lease it. It's unheard of in the rest of Europe and totally a scam. I can get so much more for my money it's not even funny. I can get better food and nicer women in most part of Europe.
I had no idea about leasehold until now. It was banned in Scotland twenty years ago
@@desdicadoric that's good for Scotland.
@@harryukraine Yes and no. In some places you can lease a plot of land for 99 years or whatever and build a house on it. You own the house and can sell it but neither you nor any future owner will ever own the property it's built on. Doesn't sound much better to me. Usually these properties are owned by the Catholic Church or some other massive landowner. Short-term it's a cheap way of getting property in a relatively expensive area but the long-term costs are considerable.
Allotments with year-round habitation are the same thing, usually owned by the city.
602 000 for a house that's falling down...day light robbery!
I appreciate the video you shared with us all about affordable apartments in London in 2024. It's always a challenge to find deals in such an expensive city like London so your input is truly helpful for anyone seeking budget friendly choices. I particularly found your advice, about selecting neighborhoods valuable. Can't wait to see what videos you have in store !
Interest rates for 5.2% would be an absolute dream in Jamaica. Great video!
Same in Hungary. I bought a small flat almost 2 years ago with a 30 year mortgage wit 11% interest :') But the monthly payments are fixed for the first 10 years and I'm paying maybe 70% of what people who rent similar size apartments pay, so I'm still happy with it.
The lease extension entirely depends on who you're extending it from. If its the council, you'll never get ripped off and ground rent will always be low. Private developers can just charge whatever they want. Its also what they value the property, not what you bought it for.
They would value that flat way more than £215,000 so I'd expect the lease extension to cost over £200,000
Very interesting real estate scene in London. Im from the US so what the hell do I know. It seems like a young person with a good building education could make a ton of money in the UK. The need to extend leases is very strange and a whole other consideration. I could watch these videos all day. Thanks Turnip😊
Wait till you find out no one in the uk has a fix life time mortgage like you guys have🤣.
The whole country is held at gun point on interest rates and you could end up losing it all if interest rates go up to 10% and you are over leavaged.
To be honest growing up in London I never knew it was such a scam till I started looking at other countries like the USA
@@sko1beer good point. I heard about that. It's hard to believe. I got a 15 year fixed mortgage at 3.25%. 5 years in its as close to a free loan as it gets. I just can't imagine having to pay some "landlord" for the rest of my life on top of some crazy variable rate loan. It's bad here trying to live in a popular expensive city but that is almost an untenable situation in London especially for those totally ridiculous prices. Talk of 99 year leases etc. gives me a headache just thinking about it.
@@thomasrielly643isn’t landlordism a goofy concept honestly
Like the way you gave presentations of all these house properties. Great job.😊
Great video again mate. Have you ever thought about doing countryside series? I liked the dry stonewall one you did. You're making content just as good or much better than a lot of British TV. I could easily see you as a presenter on Countryfile or something, but screw that you can do it yourself.
Hey mate, yeah for a few more dry stone wall videos planned, I was just waiting for the sun to come out and looks like it’s coming soon 😂 keep an eye out for them and cheers for watching 👍👍
8:00
The point is why it's so smelly?
The refrigerator?
Hopefully easily solved by moving the refrigerator.
This is only areas of London with "London" postcodes. Which means most of outer London is left out. You will certainly find cheaper in areas of Greater London with Surrey Kent Essex postcodes. Still London boroughs so they count as London, such as Bromley Enfield Havering Croydon etc...
When London expanded in the 1960s to cover most of its metro area, the post system never updated. So that includes parts of or all of BR, CM, CR, DA, EN, HA, IG, SL, TN, KT, RM, SM, TW, UB, and WD postcodes
Would you buy in Croydon?
@@carolinestephens4082 outside of the town centre, Thornton Heath and New addington, Croydon is actually decent. However I already live in an outer London borough, in Dagenham which is arguably a worse place than Croydon.
@@RendererEP my friend lived in Croydon for 40 years. He may beg to differ
@@carolinestephens4082 I always thought Purley, Caterham and Wallington were nice areas. I have a friend who lives in Thornton Heath, which is somewhere I'm not particularly fond of. I go through those areas on the way, from the M25, whyteleafe as well but I don't think thats Croydon, is it?
There's no actual definition for what London is. That's the problem.
incredible video to be honest there is so many neglected properties in London. I think channels like yours do an incredible job
I recently sold my maisonette in Plymouth, the lease was low so I had to increase it to 999 years. The robbing leaseholders charged me £15,000 pounds to renew the lease. That was half of the equity I made on the sale. When I purchased the property, NO ONE explained the trap of being a leasehold property. Throughout the time I lived in the property, they did nothing, I repainted the front and back of the house (I had the ground and middle floors another guy had the top floor - we shared the cost) we had the roof fixed etc at our cost - using a contract tor we chose - because if the leaseholder does it they employ a contractor and YOU still have to pay the contractor and they always go for the expensive ones) My advice always go for the longest leasehold possible because the leaseholders will rob you one way or another.
David, all I can say is, _"aren't fake houses BRILLIANT!"_ 😉 As was this whole fascinating episode 👏 🙋🏻♀️
Hi ... Soho Road (Birmingham)has been slated so much but if those people had looked for the history in that area they'd be amazed.
The whole area was mainly beef ranch ...the original butchers from that ranch was lost to Big Johns about 10(??) years ago. The original bull ring is there too.
The Red Lion Pub is hundreds of years old.
In the 1930's it was THE place to be seen...that generation would go "promenading" in all their finery to hopefully meet the love of their life.
Mathew Bouton's house is down on Soho Hill/St Michael's Hill, the original central heating designer, where the Luna Society used to meet with James Watt. These two worked together to redirect a slow section of the river, first to builf walls in the river to direct the water for the steam engines. There's a school at the Bottom of Boulton Road (off soho road) that commemorates these engineerss on their gates ...well worth a look...the river runs under the school.
Those streets of run down terraced houses were built by Matthew Boulton and James Watt to house their workers...they are hundreds of years old.
Fancy a pint in a lovely spit n sawdust pub, walk down St Michael's hill to the Golden Eagle ...lovely old pub.
I feel sorry for the children growing up in this area ... It'll be known for all the gang culture instead of the fantastic history, and these children have bery tough lives there because the ADULTS can't get their sh1t together.
Any chance you could redress the balance please?
Btw, when the binmen go on strike, the press target the poorest areas and create the narative, creating in turn the stereotype that sticks to the kids... it's not fair.
Yes, amazing history in many parts of Birmingham and The Black Country. I lived there from 1989 to 2003. Moved back to a rural lifestyle and wouldn't live in a city again. However, I have a lot of happy memories of the West Midlands. Turnip - worthwhile doing some videos about the industrial history
One thing I didn't hear you mention about leasehold flats. Even if you have no plans to pass it on and the lease will outlive you, if you ever want to sell the flat (for example to upsize or move), the less time left on the lease the harder it is to sell.
That flat that sold at auction for £195,000 had potential. The slanting house had a nice backyard.
It gave me a panic attack. So crampted.
@@laurensa.1803 Then you probably wouldn't enjoy most flats. We don't all like the same things.
I would have bought the Highbury & Islington flat. Smells can be solved with stripping back and deep cleaning, and the building structure is good. That area is a great one to live in
The house with the big hole in the floor, I seen something similar before caused by a cracked sewer pipe, rats were coming out of the pipe and burrowing up through the floor over taking the property, owner had to dig down like that hole to fix the pipe,
Might not be the case there but reminded me of it when you showed it,
Nasty business his house was destroyed, dead rodents behind walls that had chewed wires, place stunk and was over ran with blue bottles regularly
Small suggestion: when you do the videos inside the flat, put the floor plan on the screen and highlight the room? Just a little square in the corner, it would be kinda cool. Good vid.
Yeah good shout I’ll get that in my future vids 👍
I loved this video. I found the Marylebone flat the most fascinating, but I did learn a bit about lease extension.
Imagine living in the flat above that first one, I'd not sleep for fear of waking up (or not) in the basement of the ground floor.
They probably don't know what's really going on downstairs. But their flat must be freezing!
Reminds me of my parents home and that was with their stuff in it! And subsidence! Most of London is built on a swamp from the Thames flood plane before they installed dams on it.
For anyone interested, please be aware that for any lease extension you'll have to pay your legal fees as well as those of the seller and there are additional costs. I bet they agreed a price for the extension prior as a package or its just too risky as the seller is only under obligation once to extend by law.
Great video, thanks. Would be great to also perhaps get a rough idea how much it would cost to refurbish properties like these. Just to have an idea of total costs to make them livable again...
Really enjoyed this!
thank you for explaining the difference between leasehold and freehold because as an American none of that was making sense to me. If I buy a house in America, that's my property forever. no matter what.
We're visiting London right now from Canada. I downloaded a UK realty app. I see some properties are sold as shared ownership? I Googled this and found out how it worked. This seems like a bad idea although I do understand why people want a foot in the real estate market. My family is from Aberdeen Scotland and we love the UK. Your videos are very good.
Shared ownership is a scam that has trapped so many young people. All of those properties have service costs too, so you're paying mortgage on the bit you own, rent on the bit you don't, and service charge which could be thousands a year on top!
@@Rumadeand? still better than renting and paying 2000 or more for a flat and having to ask the landlord if you can pin a poster on the wall 😂
@@vonder7you know what, honestly i don’t think buying like that is worth the headache… generation rent for life - not because we want to though.
Just as a side note.. the "sand" you saw on the floor was the carpet/underlay deterioration.
Another fantastic video David. Your enthusiasm is brilliant. Thank you for showing us such unbelievable prices. How do people survive in London? Very interesting to see the fake houses too I’ve never heard of them. Love your disguise it’s brilliant you made me laugh. All the best mate 👍
Nice one , ive used the hi vis and hard hat disguise to be rendered invisible , but the lanyard is the finishing touch :)
8:54 If you hadn't opened the fridge it might have fetched an extra £10K 😂
😮😬😬😬🙈🙈🙈
😂😂😂
I would never buy on a leasehold, though I suppose in the UK there is not always a choice. I have heard that Starmer plans to change that? Thank you for the video!
So sad ! I have family living one block from one of the special places in London. I would visit and be able to walk to church each morning for church.
I can’t believe the properties that I have seen on these shows and others.
As a Realtor 16 years here in southern Illinois. I have visited many homes that were totally disgusting!
You opened the door…. The fleas were hopping . I never walked in. The buyer was able at their own risk! Then talk about houses that had a swimming pool in their basements!!!
you’re so cute lmaooo your excitement about the hard hat and hiviz working 😭
The house is in the catchment of one of the best secondary schools 😉
That leytonstone flat is pretty near where I lived for years. A few streets away. The landlord offered to sell us the place, exactly same type of house, but the ground floor flat, when he wanted to sell. He offered to sell to us for 350,000 in 2015. Which, for the size, was too much for us. We ended up buying a house further east where we have lived since. Nice area though leytonstone. We were there for 9 years. Nice flat, landlord never put the rent up once in all the time we were there. And offered us the house 25 grand under what he could have.
I can tell you for certain that here in Manchester property prices did not drop…..
The ‘sand on the floor could well be crumbled, disintegrated rubber backing from cheap carpet that’s been taken up.
375k for a flat in Marylebone is a complete bargain. I think extending the least would actually be quite a bit more because you only put the rent at £350 per year lol.
it's not a bargain...it's hideous!!! x
When you think of the prices in London and compared to the dollar v the Pound you could really rent one cheaper in new York Manhattan depending on location.
That's cheap compared to Sydney Australia. Come down a do a video series on the insane property prices of Australia.
The second flat isn’t Highbury and Islington it’s in Stoke Newington Hackney
600k for that attached house is bonkers considering how much is going to have to go into that to fix it up.
London is nice to visit but I wouldn't want to live there....especially not at those prices.
where in England would you suggest looking for properties at reasonable prices and condition
Looks like someone was trying to put a staircase in or a lift shaft in that first place!
Great video. Love stuff about London. My youngest lives there.
Love the hi-vis and hard hat trick. You should try glasses and a clip board next time, say your a surveyor! 🤣
Oh no, someone could actually put him to work
please make a video on my hometown scunthorpe! one of the deadest towns in the whole country. the population went up 20x in the 60s when the steelworks was built, all my male relaives worked there. With mass redundencies (including my dad who worked there for over 40 years) had a massive massive impact on the town as you'd imagine. I can give you some other historical information
Whoever bought the flat on a 9 year lease made a good buy.
He could easily rent it out for £3500 p/m.
Over 9 years that equates to £378000
Profit £378000 - £22000 = £158000
This is only a ballpark figure as we all know rent is going up.
I had to extend my lease on a London flat some years ago as I couldn’t afford it when I moved in but because I had lived there for more than 2 years I did it via the leasehold act and got an extended lease for 125 years with peppercorn rent for £10k rather than £25k for 99 years and a (I think) £100 Pa for ground rent so worth knowing that if it hasn’t changed since then.
My husband and I were working 60 hrs per week,we couldn't afford to buy and we were struggling with high rents,near Brighton,so we moved to Carlise,we knew on one,we didn't know Carlise but we managed to buy a house for 80g were so happy,its easy going up here,most folk are lovely and we now only work 18 hrs per week each.No brained,why are people obsessed with the South and killing themselves to buy over expensive houses.
When was this?
@@Bluebird19-ll8su hi.2022.best thing we ever done.
@@justinefleming7756 Thanks for your reply. We'll be retiring in five years and are already thinking of places to retire to (currently renting in East London). We've been looking at Cumbria (especially around Ulverston as we have friends there). Good to hear you are enjoying it there.
@@Bluebird19-ll8suhi guys,my husband is 63 and im 59,we knew no one,we paid outright 4 our home,its a 2 up 2 down,small garden,our bills are low,were loving life now,our neighbours are lovely,be brave,why suffer.
@@justinefleming7756 That sounds lovely. Do you both still work? We can't retire until we're 66/67 unfortunately. Can't get pension until then and wouldn't have enough to live on if we retired earlier. My husband's job is in this area (mine just down the road), so we're kind of stuck for now.
Hiya David, I cant believe the property prices in London, for a 2 bedroom flat it would be the same as having 3 houses in the Cul-De-Sac where I live, I like your Disguise with your high vis and Hard Hat, this is Choppy in Whitehaven, Cumbria, England
" a lil bit of geology lesson here " 🤣🤣🤣🤣🤣🤣 love your sense of humour
Honestly, for 260k in Streatham a flat in that condition is a bargain, from a builders perspective its a period property that has stood for at least 100 years, everything inside really doesnt matter. I could completely renovate this myself for 20k.....40k would be high-spec....and sell it for 300-400 k (at least). The property in Seely rd was a nice property, but the selling price (602k) was a bit steep. Ive renovated properties in Seely rd....nicely made houses mostly, and great location for Tooting, its a great area for families. for 602K its likely a private buyer wanting to live there, not an flipper (and thats a good thing right ?)
70% of purchases in central London are cash only... It says a lot about the sources with prices like that
Often the current leaseholder pays to extend the lease and therefore can add value to the property. In Tooting, many leases are for 130 years.
The sand on the floor is degraded underlay, it crumbles to dust.
The new sand on the floor will be from all the sandals
In the last flat you made a comment about stripping a kitchen out if it’s grim and selling it without a kitchen. I could be wrong, but I don’t think you can get a normal mortgage if there is no kitchen because it wouldn’t be deemed as habitable. Mind you, I don’t think any of those were habitable! Great video.
i think less people are investing in the UK because more people are realizing thats its a sh@t hole with crappy weather
Unfortunately that's true
Love your videos! I watched them all before my trip to London a few months ago. I am from Canada so the whole lease thing isn't clear as we dont do that here. Could you please do a video one day that explains what leases are for your international views? :)
That last place, if it had sold for £100,000 …..that would have been £925 per month ‘rental’. It would be worth forking that out and then abandoning it after 9 years. Stuff the lease renewal fee.
How that house sold for £605,000 is mental! It would cost you an absolute fortune to do up!