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Reconsider
Caveats apply
Reasonable buy
Strong buy
Matilda House
Matilda House, St. Katharines Way, Wapping, E1W 1LQ
Asking
£350,000
Ask Flatscope about this flat
It has read the full report. Ask about the lease, the running costs, or what to raise at the viewing.
A 1-bed in a 1930s ex-council block right next to St Katharine Docks, asking £350k. The location is genuinely excellent. Marina on the doorstep, three stations within seven minutes, postcode in the top 20% for safety in London. Service charge is £1,350 a year, which is half what you would pay in any of the modern blocks nearby. The catch is the lease. At 87 years remaining you are five years away from the 80-year cliff edge, after which the cost of extending the lease roughly doubles. If you buy this, you start the statutory extension process the day you complete. Budget another £25k to £40k for that on top of the asking price.
- Recently removed from Rightmove by EA2. Check why before viewing
- Section 20 major-works bills common in older council-managed blocks. Request 5-year history
Where you have leverage
Angles to use when you put in an offer. Each one is grounded in the public-record data below.
Lease decay is the seller's headache, not yours
At 87 years, every month on the market without an offer brings the seller closer to the 80-year marriage-value cliff. A 5 to 10 percent reduction from £350k is defensible on lease-extension cost alone (£25k to £40k for the statutory process).
Recently delisted by the previous agent
The listing was pulled from Rightmove by EA2 before reappearing. That usually means a fall-through or stale viewing book. Ask the current agent directly what happened and use it as a price anchor.
Priced at the 2015 comparable
Flat 29 in the same block sold for £350k in 2015. Eleven years of zero nominal growth tells you the lease drag is already in the price. The seller will not be expecting bidding above asking.
Section 20 risk is real and unpriced
Ex-council blocks of this age routinely issue Section 20 major-works notices. If the management pack shows any pending work, ask the seller to cover the bill at completion via a retention.
What to ask at the viewing
Specific to this property. Take screenshots, the agent will not have all the answers on the day.
- 1
Can I see the Section 20 major-works history for the last five years, and is anything pending in the next two?
- 2
What is the current quoted statutory lease-extension cost given 87 years remaining, and will Tower Hamlets confirm in writing?
- 3
Are there any prior Licence to Alter records on file for this flat, and what is the standard fee schedule today?
Property intel
Broadband
Fastest available here is about 1,000 Mbps download. Ofcom, for this postcode.
Ways to improve the EPC
From the property’s own Energy Performance Certificate. Indicative cost for all of them is about £4,615 to £9,215.
- Internal or external wall insulation
- Floor insulation
- Low energy lighting
Planning nearby
Recent applications around this address, from the local planning authority. Worth a look for what might change next door.
Replacement of windows to the rear elevation
Full · Approved · 2025-02-18 · Ref PA/25/00412
Listed Building Consent
2024-11-02 · Ref PA/24/02981
Will a lender lend on this?
Probably lendable, but one or two things a lender will want confirmed.
- Lease has about 87 years left. Lendable, but several lenders want 85 to 90+, and it costs more to extend the lower it goes.
How a typical UK lender is likely to see this, read from public records. A screening signal, not a mortgage decision — confirm with a broker before you rely on it.
Where each figure comes from
4 of 9 confirmed against an official record. The rest are taken from the listing or could not be checked, and are marked so you know what to confirm.
- TenureConfirmed
Leasehold · HM Land Registry
- Recent sold prices nearbyConfirmed
6 sales found · HM Land Registry
- Lease lengthFrom the listing
About 87 years remaining · Listing
- Ground rentFrom the listing
Peppercorn (a token amount) · Listing
- Service chargeFrom the listing
About £1,350 a year · Listing
- Energy ratingConfirmed
EPC C · EPC register
- Council taxConfirmed
Official charge for this property · Local authority
- Flood riskConfirmed
Checked for this property · Environment Agency
- Ground & environmental hazardsFrom the listing
Knotweed, radon and ground stability are on the full report · Official records
The full picture
All the underlying data the verdict above is built on. Each tab cites the public record.
Property Overview
A first-floor 1-bedroom flat in Matilda House, a 1930s purpose-built block adjacent to St Katharine Docks. Asking £350,000 (reduced from £365,000 on 09/01/2026). Leasehold with 87 years remaining, service charge £1,350/year, ground rent £10/year, council tax Band B. Double glazed throughout, chain-free.
Pros
- Prime location. St Katharine Docks marina, walking distance to Tower Hill, Tower Gateway DLR, Wapping Overground
- Asking price (£350k) matches 2015 sale of comparable Flat 29. Competitive entry point
- Low service charge (£1,350/yr). Ex-council managed by Tower Hamlets, far cheaper than nearby private developments at £3-4k/yr
- Solid 1930s brick construction. Thick walls, good acoustic insulation
- Chain-free, suitable for FTB or BTL
Cons
- Lease at 87 years approaches the critical 80-year marriage-value threshold within five years
- No lift, first floor only. Resale to elderly or mobility-limited buyers will be constrained
- Wall removal requires Tower Hamlets Licence to Alter (~£3,586+ in fees)
- Council requires carpets only (no laminate flooring) per leasehold alterations policy
Red flags
- Recently removed from Rightmove by EA2. Check why before viewing
- Section 20 major-works bills common in older council-managed blocks. Request 5-year history
Generated . 9 sources cited.