Can't sell 1 bed flat in Eastcote, Middlesex

AnotherJoe

kazzamunga wrote: »

No that's not what I'm saying, cakeguts. Sigh. Maybe the market works differently in your universe. In mine, you expect people to make an offer about £10k below the asking price. So hey presto, that's how I reached my figure. If I was going to go by the actual offer we had a couple of months ago, I'd ask him to pay £290k - but I suppose you'll come up with some reason why that's outrageous too.
.

That makes no sense. It means someone could come up with an arbitrary / unrealistic AP and get it simply by adding £10k to it first.
In my and I suspect CGs universe I'd expect an offer £10k below what was thought of as a fair / market price for that property by the buyer. And neither what the seller regards as the market price nor the prospective buyers view, may have any relationship to the actual market price at all.
If in Acacia Avenue 3 bed terraces have sold at £150k plus or minus 5% for the past year then it would be reasonable to think £150k is the market price. So if a seller advertised at £200k a buyer would be barking to offer £190k because the AP is unrealistic to start with.

kazzamunga

Jeez the tone of some of these responses is just unnecessary. Appreciate the info, but that's about it. The market price, whatever whatever. Literally, the bottom has dropped out of the market, we can all see that. Supply and demand, blah blah blah. But I really resent being told over and over again that I'm being unrealistic, when all we have done is put the flat on the market for the price that we were told, and the price that all the other flats on the estate have gone on for. You will see from Rightmove that there are no other flats on the estate below our price. We have reduced the asking price twice, and we are basing our prices on prices that we have seen for the last five years.i don't know how many ways I can explain the situation. I understand what you are saying, but only about two people have said that the market is softer than anticipated, the rest have somehow blamed that on us, and the flat. I think I'm done here, it's pretty depressing to keep reading such negative stuff in an already negative situation. Thanks for the info re SDLT, I'll pass on that that's also a no go. Cheers.

comeandgo

kazzamunga wrote: »

https://www.rightmove.co.uk/property-for-sale/property-86505251.html


photos are looking good.

Yup, a lot better.

getmore4less

There is quite a good guide on how property ownerships works.

https://www.gov.uk/government/publications/private-trusts-of-land/practice-guide-24-private-trusts-of-land


If brother/dad/relative are to become the new beneficial owners then this is not a straight forward transaction.

Current beneficial ownership appears to be you&dad as nothing has been formalized to change that to the 3 siblings.

It is nor clear what % without seeing the original deed that that gave your mother beneficial ownership but lets assume for now it was 50:50

Lets have a stab at SDLT going with...

The new proposal is: We sell the flat for 286 to my brother, which is as per the Zoopla estimate. He has a £120k mortgage, my relative and dad put in £120k between them, and the difference is made up by the deposit that my brother would have got back from the flat.

new position
£286k Total
£120k Mortgage
£120k cash from dad&relative
£46k virtual deposit from brother.

3 lots of £46k is £138k making the current mortgage 148k which is more than £130k it started at.

If we say the mortgage is still £130k(was it interest only or repayment?)
Then we have the £52k each?

The real beneficial ownership is £78k each you&dad

With the change of beneficial owners dad still has £78k that leaves £208k to find

if you take out £52k that's a gift of £26k to the pot

£182 left made up of £120k mortgage and £42k extra cash from dad&relative

which goes
£130 mortgage
£52k you

The £52k for the other brother will need to be gifted from dad&relative.

The selling costs won't be that much knock off few £k

That looks like consideration for the purchase is £182k once you take off your gift and dads current equity

SDLT £6,800

seradane

kazzamunga wrote: »

Yes you're describing how it works when people are actually coming out of the woodwork to buy something. That doesn't seem to be happening for anyone I know at the moment. Not me with a 1 bed flat in London, not my sister with a 2 bed house in Chichester, not my friend with a 3 bed house in Exeter, etc. And they're not all hovels, people just aren't buying. So what you're saying doesn't really apply.

As a FTB who's currently in the process of buying a property in Chichester, can confirm. Things here aren't moving fast - at all. Things that do sell seem to come back on the market quite often. Have watched one property in particular go on and off the market 3 times in the last few months. One property near us dropped its price by about £200k over 6 months before coming off the market (admittedly it was massively overpriced to start with but still..). Other properties we have liked, and seriously considered buying, are still sitting on the market, months later. Or are taken off without being sold. The only things that seem to be selling quickly are lovely properties that are really excellent value.

As a buyer it's kinda great cause we could take our time & make keen offers but also less great because there's not a huge amount of selection as anyone with a choice in the matter is avoiding selling now.

So ignore the posters, yes if you were to drop it by 50k I'm sure someone would come out of the woodwork to buy it tomorrow but if you're not desperate to be rid of it just have to have some patience!

GDB2222

I suspect that to get a rapid sale in the present market you do need to price the property pretty keenly. We have a property on the market currently, and we have had zero interest.

RelievedSheff

kazzamunga wrote: »

We had an offer that almost went through and then they pulled out after 2 months. That was £290k and they pulled out in October.



No that's not what I'm saying, cakeguts. Sigh. Maybe the market works differently in your universe. In mine, you expect people to make an offer about £10k below the asking price. So hey presto, that's how I reached my figure. If I was going to go by the actual offer we had a couple of months ago, I'd ask him to pay £290k - but I suppose you'll come up with some reason why that's outrageous too.

Perhaps it is your understanding of how the market works that is flawed?

Has that thought crossed your mind?

RelievedSheff

kazzamunga wrote: »

Jeez the tone of some of these responses is just unnecessary. Appreciate the info, but that's about it. The market price, whatever whatever. Literally, the bottom has dropped out of the market, we can all see that. Supply and demand, blah blah blah. But I really resent being told over and over again that I'm being unrealistic, when all we have done is put the flat on the market for the price that we were told, and the price that all the other flats on the estate have gone on for. You will see from Rightmove that there are no other flats on the estate below our price. We have reduced the asking price twice, and we are basing our prices on prices that we have seen for the last five years.i don't know how many ways I can explain the situation. I understand what you are saying, but only about two people have said that the market is softer than anticipated, the rest have somehow blamed that on us, and the flat. I think I'm done here, it's pretty depressing to keep reading such negative stuff in an already negative situation. Thanks for the info re SDLT, I'll pass on that that's also a no go. Cheers.

Just because you are not getting the responses you want it doesn't make them unreasonable.

It is unfortunate that you have bought a property where prices have fallen and a glut of new builds have made your property less desirable to it's target market. You could not anticipate that when you bought the flat but that is the situation you are in now. There are always winners and losers in the property market.

People are not being negative with their responses they are being realistic. It doesn't matter what other people in the same estate are asking for their properties, if they are not selling then the asking prices are too high. You need to look at sold data not asking prices.

To add something positive the new pictures do make the flat present much better and make it look much larger and brighter then the previous ones.

Crashy_Time

kazzamunga wrote: »

Jeez the tone of some of these responses is just unnecessary. Appreciate the info, but that's about it. The market price, whatever whatever. Literally, the bottom has dropped out of the market, we can all see that. Supply and demand, blah blah blah. But I really resent being told over and over again that I'm being unrealistic, when all we have done is put the flat on the market for the price that we were told, and the price that all the other flats on the estate have gone on for. You will see from Rightmove that there are no other flats on the estate below our price. We have reduced the asking price twice, and we are basing our prices on prices that we have seen for the last five years.i don't know how many ways I can explain the situation. I understand what you are saying, but only about two people have said that the market is softer than anticipated, the rest have somehow blamed that on us, and the flat. I think I'm done here, it's pretty depressing to keep reading such negative stuff in an already negative situation. Thanks for the info re SDLT, I'll pass on that that's also a no go. Cheers.

Go to the "discussion" forum, you will find a few posters there (well a couple) who are still not ready to believe this. This forum used to be property price cheerleading central so if you are feeling a negative tone about your price maybe the market really has changed recently.

Crashy_Time

Photos are looking excellent BTW.