u/Francesca007

anyone going to FOLD July 18? have never been but have heard only the most amazing things, and I already saw FJAAK at Fabric last year and loved them.

... but I think i will go ahead with it and wanted to share my reasoning.

30F, been living in London for 7 years and love the city. Do i know for certain i'll stay here forever? heck no, and I will likely move away for a couple of years in 2028 - which I'm already factoring in my decision.

The case for buying:

• I want a physical anchor to London - I don't have family here, not even in the UK as Im in Italian, and the thought of leaving this country in a couple years without anything tying me to it just feels wrong. I feel that having a pied a terre here will do that
• found a one bedroom flat in Zone 2, super well connected, period conversion property that was recently renovated (+ major works to the overall house just completed, think roof replacement, intercom etc all works worth £25k+ that i won't have to now do for a long time)
• the flat is a share of freehold, lovely neighbours, it's just 4 flats in total so very easy to manage and make decisions together on how to run things (and managing costs)
• this also means that there is no service charge (obvsiouly still need to budget for normal maintenance)
• cost for the house is £355k - and I've managed to (purposely) get a 95% LTV mortgage as my main goal is to minimize how much cash I pour into the asset upfront
• all in all, my cash investment will be ca. £30k all things included - which i don't think it bad at all given it's less than 1/4 of my liquid assets atm
• I don't plan on selling the asset for a long long time; if I'll be in London, I'll live in it myself, and if I'll be abroad i'll rent it out (similar flats in that area are going for £2.1k per month which is well above the monthly mortgage).

Yes, i know property prices in London have been going pretty badly in the last years (but if anything isn't that a reason why it might be good to enter now, close to the bottom?).

Yes, i know that property can be a bit of a pain to own (have already been exposed to it in the past).

But am I silly for wanting to go ahead with this? I've run the numbers and the logic countless times, but honestly reading the posts in this thread specifically makes it very easy to doubt yourself if you're wanting to buy....

In terms of income, i currently make ca. £160k total comp per year, and will have a windfall in early 2028 (ca. £50k post tax i reckon but we'll see). My plan is to overpay mortgage by 100-200 each month for the next 2 years, so that by the time i remortgage in 24 months time my LTV will be better, i will have built more equity and the monthly rate will be cheaper (hence making rental cashflow even better should i be living abroad at that point).

in terms of other assets, I have ca. £150k invested +£30k cash (which is for the house purchase).

Long post - thanks for the engagement!!

I'm in the process of buying a first floor flat in a late 1800s converted period house in SW4, London. Agreed price is £355,000. I love the flat - great location, no structural issues, new roof, lovely neighbours! - but I'm getting increasingly anxious about the damp situation and wondering whether I'm buying myself a massive headache.

The situation:

My RICS Level 3 survey flagged significant damp on the front right wall of the living room and elevated moisture readings in the bedroom, attributed to a historic roof problem. The main roof has since been replaced by the vendor. The damp in the living room is very visible - large yellow/brown staining, peeling plaster, clearly been an issue for a while.

The RICS surveyor's recommendation was relatively simple - hack off the plaster, let the brickwork dry out (could take 6+ months), then replaster and redecorate. He described it as a corner patch rather than a whole wall situation and said everything is fixable, it will just require some work.

I then got a damp specialist in who found moisture readings up to 44% in the living room and bedroom along skirting boards rising to ceiling height. They're recommending a full membrane tanking system — 3mm membrane drilled into the walls, timber battens, plasterboard and plaster on top — for £5k. However the true cost is likely significantly higher than this because the living room has built-in cabinets and shelving that would need to be completely removed and replaced to carry out the works, which is not included in the quote.

My questions:

1. Is membrane tanking overkill if the external source — the roof — has already been fixed? The RICS surveyor seems to think simple replastering is sufficient. Who should I trust more here — the RICS surveyor who has no commercial incentive, or the damp specialist who does?
2. If the external source is fixed and I just hack off the plaster and replaster without tanking, what's the realistic worst case?
3. The damp in the living room is very visible and has clearly been present for a while — does this suggest the damage is more serious than "just replaster it"?
4. Has anyone dealt with penetrating damp in a similar period solid brick property and what approach did you take? Did simple replastering work, or did it come back?
5. Most importantly — at £355,000 with visible damp in the living room, elevated moisture in the bedroom, an unknown bathroom ceiling issue, and a bill that could realistically exceed £8,000-10,000 once all works and associated costs are factored in, is walking away the sensible option? Or is this just normal period property stuff that I'm catastrophising?

For context: solid brick construction, first floor flat, so no rising damp from ground - this is purely penetrating damp from above. I love the flat and don't want to walk away, but these problems are making me nervous.

Any advice from people who've been through something similar really appreciated.