Cant sell my flat due to being under 30sqm

Leeannero1

Poster_586329 said:

Could OP offer his flat for sale to a neighbour to knock through into one unit?

My neighbour died last year, his flat is up for sale. Could ask the new owners when they purchase I guess? out they will agree but you never know ?

Leeannero1

deannagone said:

I'm not sure where this attitude is coming from.., I remember when I was 18 and living in London, studio flats existed then as a buying option for the young single person, they exist now.  I remember some purpose built studio flats in Birmingham near where I grew up.  The residents were proud of them, and definitely not as described above. 

They were just a way to get on the property ladder.  The market is limited as they don't suit everyone but they are an option.  26m2 means a main living space of around 4x5m if you include a seperate shower area.  That's bigger than many lounges for sure and with high beds, good design can allow someone to have a life who wants to live independently.  

Living in a house now, I wouldn't choose that lifestyle, but for a young person living in London, it might be more appealing.

yes they may have been just a way to get on the property ladder back then, but now you cant get a mortgage on them so its not a way to get onto the ladder its limited my buyers to cash buyers only, which is hardly anyone at all! so im now stuck with this flat I no longer want.

Leeannero1

Soot2006 said:

I agree that the size itself might not be all that limited. As you said yourself, some lenders are willing to lend. So you need to make a buyer want it enough to jump through a few hoops to get it.  A useful, well-designed small space for the right price can be a very attractive options for a FTB or someone who lives out of city who'd like a weekday space of their own rather than lodgings.

I really hope so. 

Leeannero1

Poster_586329 said:

Really depends on location, though!  Definitely a market for 30sqm in zone 1, SW London.  

Poster_586329 said:

Really depends on location, though!  Definitely a market for 30sqm in zone 1, SW London.  

Its not London, its a tiny village in Hertfordshire, 

Leeannero1

davidmcn said:

Leeannero1 said:

davidmcn said:

Leeannero1 said:

AdrianC said:

26m2 is, honestly, tiny. Would you be so kind as to show us the floorplan?

TBH, I'm surprised you got a mortgage in 2019.

This is the 2015 "Nationally Described Space Standard". It's not legally binding, but as government guidance, it is a very strong suggestion as to minimum spaces in properties.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/524531/160519_Nationally_Described_Space_Standard____Final_Web_version.pdf

Also...
https://www.designingbuildings.co.uk/wiki/Minimum_space_standards

For a single person, one bedroom - 37m2. That's not just a little bigger than yours, it's over 40% bigger.
For two people, 50m2. Damn near double yours.

Thank you so much for the links, I may look into this and see who is liable if I now cant sell. 

I can't see why anybody else would be liable.

I don't know if anyone is, but surely I should have not been able to get a mortgage on an unmorgageable property. a solicitor or someone should have picked up on this? 

It was (obviously) mortgageable at the time. Nobody could know what current mortgage criteria would be.

It apparently should not have been mortgaged in 2019 when I brought it 

davidmcn

Leeannero1 said:

davidmcn said:

Leeannero1 said:

davidmcn said:

Leeannero1 said:

AdrianC said:

26m2 is, honestly, tiny. Would you be so kind as to show us the floorplan?

TBH, I'm surprised you got a mortgage in 2019.

This is the 2015 "Nationally Described Space Standard". It's not legally binding, but as government guidance, it is a very strong suggestion as to minimum spaces in properties.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/524531/160519_Nationally_Described_Space_Standard____Final_Web_version.pdf

Also...
https://www.designingbuildings.co.uk/wiki/Minimum_space_standards

For a single person, one bedroom - 37m2. That's not just a little bigger than yours, it's over 40% bigger.
For two people, 50m2. Damn near double yours.

Thank you so much for the links, I may look into this and see who is liable if I now cant sell. 

I can't see why anybody else would be liable.

I don't know if anyone is, but surely I should have not been able to get a mortgage on an unmorgageable property. a solicitor or someone should have picked up on this? 

It was (obviously) mortgageable at the time. Nobody could know what current mortgage criteria would be.

It apparently should not have been mortgaged in 2019 when I bought it 

It's up the lender what they want to accept as security, it doesn't imply they're offering you any advice about its future marketability.

deannagone

You managed to get a mortgage on it in 2019 so it was clearly mortageable then.  It may be with more limited lenders now, it may not. But no one could foresee that at the time.., especially as you did get a mortgage yourself.

Leeannero1

deannagone said:

You managed to get a mortgage on it in 2019 so it was clearly mortageable then.  It may be with more limited lenders now, it may not. But no one could foresee that at the time.., especially as you did get a mortgage yourself.

Yes its still mortgageable with limited lenders ive been told. However my buyer has pulled out as she thinks she won't be able to sell it on in the future, and she is most probably right. 
Its just 2 buyers have now pulled out and it makes selling my home even more difficult.  I really hope someone who wants to buy can get a lender. it just seems such a silly rule. 

NameUnavailable

Lots of rules about flats have changed in recent years. Lenders are more cautious on a number of points including flats under a certain size, high and or doubling ground rents, requirement for EWS1 forms, short leases etc. etc.

Many of these points simply weren't an issue before, but they are now.

It's annoying for buyers too - I have seen a place I'd like to buy but it has high/doubling ground rent which is a deal breaker for me.

GDB2222

Leeannero1 said:

deannagone said:

You managed to get a mortgage on it in 2019 so it was clearly mortageable then.  It may be with more limited lenders now, it may not. But no one could foresee that at the time.., especially as you did get a mortgage yourself.

Yes its still mortgageable with limited lenders ive been told. However my buyer has pulled out as she thinks she won't be able to sell it on in the future, and she is most probably right. 
Its just 2 buyers have now pulled out and it makes selling my home even more difficult.  I really hope someone who wants to buy can get a lender. it just seems such a silly rule. 

You have three choices:
Put it in an auction and sell at a rock bottom price.
Continue as you are, and eventually someone will buy it. Could be a long and frustrating wait.
Reduce the price a fair bit, so as to make someone keen to buy it.

The third option means that someone will take a view that they can sell it on without a massive loss.  They may be right or wrong about that.