Can't sell 1 bed flat in Eastcote, Middlesex

[Deleted User]

Im an investor although I tend to buy houses now. The details say “long lease” ..... how long? . Is it worth quoting actual length ? Is the ground rent particularly decent? How much is the service charge ? Is it at a cost worth mentioning ? I never like OIEO - especially if house has been on the market longer than the local market suggests - just a few thoughts

Crashy_Time

GDB2222 wrote: »

Does your new agent have 'sole selling rights'?

You are actually in some danger of having to pay both agents! The solution is to put them in touch, tell them to work it out between them and let you know what agreement they reach. You can also threaten to take the flat off the market entirely.

Probably not a productive move at this stage though.

kazzamunga

Densol wrote: »

Im an investor although I tend to buy houses now. The details say “long lease” ..... how long? . Is it worth quoting actual length ? Is the ground rent particularly decent? How much is the service charge ? Is it at a cost worth mentioning ? I never like OIEO - especially if house has been on the market longer than the local market suggests - just a few thoughts

Thanks for the input, the ground rent isn't bad, as it's fixed for the next 10 years by a deed of variation. The long lease is 114 years, which isn't bad? The agent for some reason doesn't like to put specifics on Rightmove - don't understand why. Service charge does go up by a small amount each year, but doesn't seem too bad in the scheme of things, about £115.

kazzamunga

Crashy_Time wrote: »

Probably not a productive move at this stage though.

Agreed. There's a glut of 1 beds so I think the agents would both shrug.

kazzamunga

Alan2020 wrote: »

I know this area well enough, come to Yaprak sometimes to eat. Its not as amazing as you describe, as I live in the nicer parts. I haven't looked at the specifics but in the nicer parts £275K will bag you a similar apartment. I personally will offer less than that for a chain free sale if I were on the market for it, but I am not. Good luck getting £290K, achievable if you are patient I guess.

If I were on the market I would as a FTB buy this;
https://www.rightmove.co.uk/property-for-sale/property-76794112.html

Each to their own, it's a 2-bed for a fair price with a nice kitchen, but the sloping ceilings make it look a bit pokey to me.
Each to their own re the area as well - haha, Yaprak has an incredible following considering it directly replaced another Turkish restaurant that was literally empty all the time - don't know how they've done it! I don't know what you mean re 'the nicer parts'. The flat is at the Pinner end of Eastcote and you won't get many 1 beds of the same size in Pinner or that part of Eastcote for 275k. Help to buy on new builds might swing it for a lot of people though, that's true.
If it was in the Northolt end of Eastcote I'd understand what you're saying re 'there are nicer areas', but in my experience and my family's for the last 30 years, Pinner and Eastcote have always been desirable areas. Thanks for your generous offer of less than 275, ha - think we'll pass!

GDB2222

kazzamunga wrote: »

Agreed. There's a glut of 1 beds so I think the agents would both shrug.

So, what are you going to do about the problem? You seem to have a buyer and just need to sort out the estate agents.

kazzamunga

Yep, that's what I'm trying to do right now. Fingers crossed.

[Deleted User]

All those figures sound great ! The estate agent is thinking of himself in case the figures are wrong and he’s in trouble for miss selling etc
Id double check figures and demand it goes in details

RelievedSheff

kazzamunga wrote: »

Each to their own, it's a 2-bed for a fair price with a nice kitchen, but the sloping ceilings make it look a bit pokey to me.
Each to their own re the area as well - haha, Yaprak has an incredible following considering it directly replaced another Turkish restaurant that was literally empty all the time - don't know how they've done it! I don't know what you mean re 'the nicer parts'. The flat is at the Pinner end of Eastcote and you won't get many 1 beds of the same size in Pinner or that part of Eastcote for 275k. Help to buy on new builds might swing it for a lot of people though, that's true.
If it was in the Northolt end of Eastcote I'd understand what you're saying re 'there are nicer areas', but in my experience and my family's for the last 30 years, Pinner and Eastcote have always been desirable areas. Thanks for your generous offer of less than 275, ha - think we'll pass!

Potential buyers clearly don't agree with you regards the area otherwise the flat would have been sold by now.

And I wouldn't dismiss any offer just yet. You may just regret dismissing £275k as a bad offer if the flat is still for sale in several months time plus you don't know what your original buyers new offer is yet. It is for certain it is lower than the £290k they originally offered.

kazzamunga

Yes thank you for stating the obvious re the price! yeah whatever, the area is a hovel. It's getting boring saying it's not, so yeah, it's a dive. I suppose when the market eventually rebounds that'll be because the area has quite suddenly and inexplicably changed, as opposed to the much more general principles of supply and demand.