🇬🇧Any advice is appreciated- Buying a Leasehold Flat in London as a First-Time Buyer- Thanks in advance!

Hi all,

I’m a first-time buyer and just had an offer accepted for a 1-bedroom flat in Colindale, London. Feeling a bit unsure since it is the first big purchase and would appreciate any advice!

Details:

• High-rise building, 250-year lease (246 years left from 2020).
• Property value £370,000
• Service charge: £2,300/year, Ground rent: £300/year.
• On market for 6 months (concerned about eventual saleability of the property in the future, since it has been on the market for some time.)
• Seller doesn’t own 100% since they bought it under shared ownership. However Peabody (housing association/landlord) approved it being sold for 100% ownership in the open market (property found on Rightmove and advertised through estate agents).
• ESW1 certificate in place, no cladding issues (built with Glenfall Tower in mind).
• Seller qualifies for Building Safety Act protections- agents assures that this will transfer after the sale.

Questions:

• Is now a bad time to buy a leasehold flat? with Leasehold Act 2024 coming into play?
• Any red flags dealing with Peabody as the landlord? especially related to the service charge increases and the Property Management company they use?
• Concerns about time on the market?

Using a mortgage with some cash savings. Thanks a lot in advance!