u/fiery_mergoat

I am single, currently earn £50k in a public sector job that I've worked at for a few years and has prospects, and I have £20k savings. My mum and aunt sold my deceased grandparent's house (London). My mum is sharing a significant chunk of her share of the money with me, enough to comfortably put a deposit down for somewhere in an area I've always wanted to live in. However, it also could pay for an undergrad degree (part time - it's not enough for me to quit my job and live off). I have no other debts.

My career is fine and my job is stable, but it has always bothered me that I don't have a degree and in my 15+ year career the lack of one has limited/influenced my life and choices. It is a priority of mine but also feels less practical than a house, especially seeing as I've had some success in my career without one - that said, a degree for me is not only about career but also about fulfilment. I am torn.

I've started searching properties, I understand well what I can afford etc., have an AIP in place and know that I'd comfortably afford the mortgage repayments + surrounding costs plus enough to keep an emergency fund and a fund for some upgrades. I'm keeping my mind open in terms of how much I'd like spare to put in some kind of index fund, but I've decided to cross that bridge when I know how much I truly have "left over".

I've been renting for a long time and I'm sick of where I live because it's far out and lacks amenities/connections to the point of gradually wearing away at my mental health, but my landlords are really solid and the rent is stable so I've stayed here all this while. I've outgrown the place but don't want to leave to rent somewhere in a better area - if I move, it'll be because I've bought somewhere. My thinking is that if I buy a property, I'll be in an area with better amenities and travel, and my mental and social wellbeing will improve hugely especially as I'll be closer to my current workplace, my loved ones, and central London. However if I get a degree, I'll also be massively fulfilled as education has always been important to me and it's a dream of mine, plus it'll boost my career options. I would also still have some money left over, but not quite enough to comfortably afford a deposit for a property + surrounding costs like conveyancer, wriggle room money for anything that comes up etc.

I am single so I am unable to plan with a partner in mind etc. and this is my one opportunity I think to afford something comfortably on my own. I've talked to people in my life and they're also not really sure what's best as they know me really well and know both are important to me. I don't even know if there's a way to do both, as I'm quite fixed on the area I want to live in especially for the reasons laid out.

Today is the last day to lock in cheaper rates for gas and electricity before the price cap increase kicks in. Normally I'd have sorted everything out but because I'm looking for somewhere to buy, I'm optimistically thinking it'll take less than a year. After my first setback I'm more prepared for the possibility of it taking a while. What should I even do? Exit fees make it less worth it especially if I do end up somehow finding somewhere and completing by the end of 2026.

More details:

(Low/cheeky) offer agreed on a flat in an area I want to live in, suits needs, etc. etc. but the lease is 86 years and the ground rent is quite high. I had held off on mentioning anything to do with lease extentions, I wrongly thought I could wait until the conveyancer started doing their searches etc. and I didn't want to put the vendor off with both a low offer and a request for them to extend the lease. Well it seems that was a bad strategy, because the mortgage broker is saying that the property is probably a no-go due to the fact that the original DIP won't apply with this property due to the high ground rent and short lease. I don't think she wants to proceed with the application, (although I have other concerns about this broker and have no idea what to make of her approach but that's probably a separate issue).

I don't know how many people in this sub have experiences with flats as it seems mostly people with freeholds/houses, I'd prefer to hear from people with experience - is there anyone who has dealt with this themselves personally, and what did you have to do? Did you have to walk away?

Edit: the title should really say NOT Right to Manage, rather than NOT share of freehold

I'm finding it surprisingly difficult to look up any info about how people in flats with service charges cope without either a) horror stories or b) people telling you to buy a house. Someone must be living in these flats and I want to know what it's like for them.

I have spoken to my one London homeowner friend (the rest rent or live with their parents, or live far outside of London in houses) and he said he just has to deal with the odd random high charge which he has an emergency fund for, but his service charge hasn't increased while he's lived there.

I am about to instruct my solicitor on an offer I've accepted (a low offer, meaning my monthly payments will be very manageable), but it's a high-ish service charge per annum. I'll find out from the solicitor what the charge history is, etc. and I know I can pull out if anything disturbs me. That said, I haven't come across many flats without service charges and property management companies so if it's not this one, it's likely going to be another one down the line.

I want to know from someone who's actually living it what the average experience is like, not the best or worst case scenario and not a speculation from someone who's never had to live with it but still has opinions. Most people don't live in London and hate flats.

edit 2: Thank you so much everyone, very helpful community ❤️

I've been talking to an agent after a viewing I did a week ago. Most of the questions have been answered, but there are a couple outstanding re. % of private ownership (it's ex council) and something the owner was liaising with the council about regarding a repair. At least one of the questions came from my mortgage broker. The last email he sent me was on Weds, and I phoned the office today to see if I could speak to him but he was out. I may or may not be irritating him, I don't know, but what I do know is that I'd like to put down an offer.

My first offer will obviously be my lowest, and I'm prepared to keep going until I hit my limit which I'm mentally firm on so I'm not worried too much about that part, funnily enough, but I want to send the offer via email and not sure if I should if he's yet to reply my last email (sent yesterday). They're also open tomorrow so I know I can send it then too. Have any of you been in this position?

(I've seen many tips about dropping the offer in the letterbox; the seller does not live in the property and I do not have their contact details)

I've been looking at East London as I'm from there originally, and I'm now in a position to buy a 2 bed flat. I've been looking at two boroughs specifically, and I've viewed an ex council flat that I may actually put an offer in on. However, the local authority is the freeholder, and I've seen many other properties that are similar across both areas, so I need to be open to the possibility of living in ex council. I've been all over the internet trying to figure out what these councils are like as freeholders, because some are better than others, but I can't figure it out.

Due to bias etc. about East London a lot of stuff out there just refers to the place as a "shit hole" or complains about certain local politicians, but very little of it is informative or objective, especially as I'm very familiar with both areas/communities and think neither of them are "shit holes". I want to know what service charge increases are like and how they're handled, I want to know about alterations as some councils are stricter than others, I want to be able to research who carries out their maintenance, etc. (e.g. the tenant said that the current maintenance is kept to a high standard, which I noticed myself. This maintenance is conducted by the local authority - I want to know if they're in-house or contracted). Is there any forum (paid or free) where I can research this kind of stuff?

... that they failed?

I've had the first part of my assessment (NHS) after being on the waiting list for years, and the session lasted for about 2 hours. My next one is the week after next. I walked away with that same sinking feeling I get when I know I'm not getting the job after an interview. Did anyone else feel the same?