Been on market 4 months and no viewings!

Leaseholder49

I don't know the area so cannot comment on price, but I really think you are massively underestimating the disadvantage of having only 71 years left on the lease.

This is extremely unattractive to any buyer, regardless of price, and particularly those who need a mortgage. Enough to make them rule the place out before even viewing, if there is plenty of competition on the market.

Not only would a potential buyer have to bear the cost of extending the lease (if they have managed to get the required mortgage in the first place), they would also have the hassle of the procedure, plus they could not start the process until they have owned the place for 2 years.

It's not surprising that you haven't had any feedback from estate agents advising that lease length is a problem - they are well known for talking absolute twaddle about and/or not actually knowing the lease length or the importance of it. A good solicitor will advise any potential purchaser correctly though.

As someone else has advised, you need to get some formal quotes from the freeholder and preferably start the process (so the buyer can complete it), if you don't actually get the extension done whilst you own it (sorry to be a bit vague on the details of this process, I haven't done it yet but am looking into it).

You might want to look at this site if you haven't already: http://www.lease-advice.org/

Whilst this might not be the biggest factor preventing people coming through the door in the first place (can't really comment further on that since I don't know the area), it's very likely to become a problem once you get someone interested and they realise the implications of such a short lease.

bowieben2

Well we handed our notice in to our current EA at the weekend....

However, they have just phoned us now with a viewing! Our first viewing, Im trying to be pleased about it, but its a bit of a coincidence that its come just after weve handed in our notice!

Well, fingers crossed! :-)

teabelly

Get the lease extended. The pictures make the flat look pokey. 8 x 6 for a second bedroom is kind of tiny. The second sofa in the lounge/diner also makes it look a bit small. Put an arm chair there instead. If people aren't even coming to look then it is usually the price. The market is slow so unless you are one of the cheapest for comparable property types you won't get viewings. If they look and don't want then it is usually something else.

Not all Estate Agents are any good. There's always Tepilo which is free. Flat prices are much more volatile than house prices. If you can't afford to sell it for so little then consider changing to a BTL mortgage and renting it out for a few years until you can sell it for the price you want. But there is no guarantee prices will be any better in a few years and there is a degree of risk in doing this. Plus the mortgage valuation you get might not mean you can anyway.

Another 2 bed flat nearby is under offer at 96500 but it is much bigger than yours. There's a 3 bed town house at 95k. You can either keep it on at 90k and not sell it until next year or drop it now to 85k and maybe shift it before Christmas. If it doesn't get an offer soon then it won't for months as Christmas is a dead time.

aggi

hello, i think you have lovely flat, dont know the prices in area but i can tell you what i look for as ftb.
price has to reflect what was sold recently and for how much, there is no wrong thing in pricing a bit higher than the rest cause your flat is presented nicely but dont be affraid to accept low resonable offers.
first thing that strikes me is lack of central heating but that isnt end of the world, can live with that.
second thing is lease. i think you underestimating the problem. if lease falls under 80 years you have to pay marriage fee which can be as much as 10-15k. and as someone said before you have to own the flat for 2 years before you can even think of extending it. personally i this is the reason why i wouldnt even view your flat.not the price.
different thing is ea. try sending mystery shopper to him as interested in buying your flat. ea attitude can put off and it does. i didnt view one property because of that in the past.


stay on a positive side.
good luck

hislan

I think I might be the only person on here who actually *does* know the area (I live just down the road!!!)

I'm going through the house-buying process myself at the moment and can say that as a (young-ish) purchaser who uses the internet to search for properties, once it's on Rightmove, then it doesn't really matter which EA you use!

That said, I would think that your current EA has probably lost all enthusiasm for it, and are likely to talk about the 'new' over and above your property (which will be considered a 'hard sell') in order to get their commission!.....Definately DITCH YOUR CURRENT EA!!! I would suggest going for one that represents a lot of properties similar to yours in your area (Manning Stainton seem to cover quite a few?) That way, if a potential buyer is contacting them about another property in a similar price range, yours might be added to the mix?

Also EXTEND THE LEASE!!! It's an absolute NO BRAINER! Yes, I know it might cost them £300 more a month - but if they can't get a mortgage to buy the flat in the first place, it's a mute point!!!!

Lastly - don't think about how much you paid for the property then vs how much it will sell for now! Look at it in terms of how much your mortgage is now vs how much it would need to be to uy the property you want!...Remember, everyone is dropping their prices, so those 'above' you will have to drop them also!

Good luck!