To those selling in these difficult times

LouBlue

We had a chat with our Estate Agent today and he said it is just getting worse - they are not busy at all. Our one bed flat was valued at £140k at Christmas...its now on for £123k (we can't afford to drop it anymore) and he said that the only one bed flats that are selling are going for £110k and below at the mo...looks like we are staying put for quite a while..............:(

Davesnave

Sorry to hear that Lou. Flats have taken a hammering in some places, because of the number of new builds, and they're FTB territory too. I hope staying put for now won't be too much of a problem. Come New Year, we'll maybe see more mortgages around, as there's a record low on those at present.

Iskane, your sellers were uncaring, but the main thing is, you've done it! Being half Scots, I am bound to say the system there is better, but it obviously has flaws too!
Thanks for your kind words. Our advice here is just opinion, but I think the main benefit of this thread is the support it gives people. If you know you're not the only one going through this nightmare, it has to help. And 35000 readers can't be wrong!

LouBlue

Davesnave wrote: »

Sorry to hear that Lou. Flats have taken a hammering in some places, because of the number of new builds, and they're FTB territory too. I hope staying put for now won't be too much of a problem. Come New Year, we'll maybe see more mortgages around, as there's a record low on those at present.

Ta.....;)..I know I'm not the only one in this situation. Its just typical, been here 9 years, value went up practically every year and I decide to put it on the market about a month before the property market went t*ts up. :rolleyes: We do desperately want to move but we have no choice, so just have to suck it up and see what the new year brings.

ukmaggie45

iskane wrote: »

So, currently staying with friends and have all our belongings split between friends, family and in-laws. I have not felt so low- all the excitement of moving just turned to tears at one point-it has been such a hassle but hopefully there will be no more mucking about and we will get keys on friday.

Oh iskane, how horrid! Here's hoping everything finally goes through and you can move into your home over next weekend. :beer: Best of luck!

ukmaggie45

jenny74 wrote: »

SO maybe my dream is not so far away. (Across the road and 15 houses down!! So near, but yet so far!!)

So when you move are you going to DIY it with a wheelbarrow? Would be truly money saving.

pawpurrs

Last week messy viewers have offered elsewhere.

No more viewings booked in, gone quiet as a dormouse.

Lotto have you exchanged yet? Any more news from anyone. Decided to go away for xmas, as fed up.

Booked some redemption flights with BA to Mexico, CW out, first back!

puddy

Hi, an update from me, I have put this information in a thread but stuck on the wrong sectionn by mistake and dont know how to move to the buying, sellin and renting thread here...doh!

I have had 6 viewings in total now that I reduced the price, with help from you lot on here, so thank you, but no one has expressed any interest until today. Someone came round to view and wants a second viewing on Friday. However, she has questioned the length of my lease, it is 81 years, being 99 years from 1989 and says that she wants to know how much it would cost to renew it. Well I suspect the answer to that is a lot of money and although I dont really know I think it might be about 20k. I said to the EA that I would do some investigation with the managing agents for the landlords and see what they reckon. However, a woman down stairs from me asked back last year about this, although her lease was very short, something like about 50 years and I think, but am not sure, that she was given a price of about 24k. Although for some reason the managing agents wouldnt put that price in writing to her and we thought this was a bit odd at the time so I dont know if they were trying to cheat her or something.

What do you lot think? Is 80 years too short, would you need to renew it for that length? My flat is now priced right at the bottom of the list of similar flats in this immediate area, hence the uptake in viewings now, so to knock more off just seems too much?

LouBlue

jenner wrote: »

What do you lot think? Is 80 years too short, would you need to renew it for that length? My flat is now priced right at the bottom of the list of similar flats in this immediate area, hence the uptake in viewings now, so to knock more off just seems too much?

Our lease has 77 years left on it to run, EA said it shouldn't be a problem. The viewings we have had, no-one has mentioned the length of the Lease, just that there are cheaper flats around....hence no viewings for ages...:rolleyes: Hopefully, someone with a bit more knowledge on Leases might be able to give you more advice.

puddy

well thats what I thought and when I said to the EA that I didnt understand why it would be a problem, he sort of said, oh yes, solicitors these days will want something longer than that,,, I thought, great, even my own EA is backing the viewer up!

lotto-dreamer

jenner wrote: »

well thats what I thought and when I said to the EA that I didnt understand why it would be a problem, he sort of said, oh yes, solicitors these days will want something longer than that,,, I thought, great, even my own EA is backing the viewer up!

One of the problems with shorter leases is that some mortgage lenders won't lend on a shorter lease. I think different lenders have different criteria on the term left on the lease (I think around 65 - 70 years is getting "too low"). Unfortunately, it does mean that this will disqualify some prospective buyers depending on their mortgage requirements.