advice needed - flat on market for 5 months and 3 viewings

ILW

stellaforstar wrote: »

cannon fodder - thank you. yes, i see what you mean about the sstc property. it helps that there is bright sunshine that day though! but good pictures and more of them. will take that on board when taking new pics.

I think you are getting a bit too carried away with the photos, weather etc. I believe the sticking point in getting serious viewings is purely price.

arthur_22

You say that you don't want to bother with the lease but that would be the attitude of any buyers too, especially first time buyers who are stressed enough as it is with trying to work out what they're supposed to be doing. Unless I really loved your flat I would walk away from a 77 year lease as it's another hassle.

What about a floorplan? Definitely agree on photos of all rooms - one room missing just makes me think that you've painted it black or something equally strange, or it's tiny, or whatever. I don't understand why some buyers or EAs only use about three photos, they're a huge selling point.

But I think as has been said that in the end if you're not even getting people through the door then it's the price.

Blackpool_Saver

Can I be honest, it's a small property and it needs to be made to look more spacious, brighten every room with magnolia for a start and get rid of the dark furniture, the kitchen looks a bit dark too, do whatever you can to lighten it all up, light rooms look bigger.
Next, the photos are atrocious, get a better agent, one who can take wide angled photos.
Finally, when viewers come round ensure there are no baby, smoke or cooking smells, pull back curtains and let in light.
edited to add, look how fabulous the hallway looks and carry that right through, light airy and spacious looking.

LittleMissAspie

Get a better photo of the bathroom too. Like googler above, I thought it was a shower room at first glance and that would put me off straight away. Replace the photo of the skylight with one showing the full bath.

I know how you feel about having no room by the way. My boyfriend and I are in a small 1-bed house and we hate it. We don't even have room to store a suitcase so we got rid of them. It must be even worse with a baby around.

Errata

Honest feedback: find out which mortgage lenders are lending on flats with only 77 years left on the lease. I suspect the list will be an extremely short one.

Fire_Fox

Some banks will not lend on a 77 year lease -where on your particulars does it say that the lease can be extended for £8K? Have you informally discussed this with your freeholder or have you actually served him with notice? If you think you can negotiate down to £5K why have you not done this? Don't forget it there are extra legal fees to pay on top, to me the lease extension reduces your price by £10K and slows the process down by several months. For that hassle your flat needs to WOW in the particulars, with a bedroom so so small you don't want to show it and dodgy pics of your hall and bathroom I don't see that.

stellaforstar

thanks again for all the feedback.

with regards to the lease, we had written quote from landlords that it would cost approx £8k to renew. we spoke to them and they said we could negotiate down to about £5k. however, sale fell through and so discussions ended. we are more than happy to sell it with a renewed lease and do the work ourselves , but we need to accept and offer first in order to have the money to buy the new lease. so, for example, if we accepted an offer of £150k, upon completion we would then be able to pay the £5k needed to renew the lease. we dont have the spare money to renew it up front.

perhaps we should take off the advertising that the lease is 77 years? get people in to see the flat first, like it, want to put in an offer and then tell them about the lease and that we would be happy to renew? not trying to be devious, but if we cant extend the lease up front and 77 years is putting everyone off, how do we have a chance of selling unless we drastically reduce the price? (and no , we cant reduce it that much - we need to walk away with some profit)

i know the photos arent everything, but will take on board all your points.

googler

You'll have to forgive me again, for we don't have leasehold in Scotland - why is a 77-year lease a problem?

If you extended it, what would it be extended to?

Errata

People flat hunting generally understand they will be leasehold, and one of the questions they will ask an EA before they waste their time viewing is how long is the lease.
If the flat won't sell at its current price and length of lease and you can't afford to extend the lease then I'm afraid it looks like you're stuck with it.

ILW

stellaforstar wrote: »

thanks again for all the feedback.

with regards to the lease, we had written quote from landlords that it would cost approx £8k to renew. we spoke to them and they said we could negotiate down to about £5k. however, sale fell through and so discussions ended. we are more than happy to sell it with a renewed lease and do the work ourselves , but we need to accept and offer first in order to have the money to buy the new lease. so, for example, if we accepted an offer of £150k, upon completion we would then be able to pay the £5k needed to renew the lease. we dont have the spare money to renew it up front.

perhaps we should take off the advertising that the lease is 77 years? get people in to see the flat first, like it, want to put in an offer and then tell them about the lease and that we would be happy to renew? not trying to be devious, but if we cant extend the lease up front and 77 years is putting everyone off, how do we have a chance of selling unless we drastically reduce the price? (and no , we cant reduce it that much - we need to walk away with some profit)

i know the photos arent everything, but will take on board all your points.

Buyers are not going to pay over the odds because you "need to walk away with a profit"