At Breaking Point - 1 year sale

fackers_2

NameUnavailable said:

The ground rent issue is going to be a problem (most likely) with any buyer requiring a mortgage.

Remarket for a cash buyer only or put it up for auction (proper auction, do not even consider 'modern method').

The other option is to pay for a lease extension via the official route and your ground rent will reduce to zero, but you need to consider if the cost/delay is worth it versus selling now at a reduced price to get a cash/investor buyer.

One buyer sold theirs a few months ago absolutely fine. We've been told by our financial advisor that it will sell the normal way but it needs someone with more wiggle room / bigger deposit in their application. We will now favour a cash buyer of course. 

We've asked to do a lease extension as above and they have comeback and outright said no to that too... They are beyond stubborn.

NameUnavailable

fackers_2 said:

NameUnavailable said:

The ground rent issue is going to be a problem (most likely) with any buyer requiring a mortgage.

Remarket for a cash buyer only or put it up for auction (proper auction, do not even consider 'modern method').

The other option is to pay for a lease extension via the official route and your ground rent will reduce to zero, but you need to consider if the cost/delay is worth it versus selling now at a reduced price to get a cash/investor buyer.

One buyer sold theirs a few months ago absolutely fine. We've been told by our financial advisor that it will sell the normal way but it needs someone with more wiggle room / bigger deposit in their application. We will now favour a cash buyer of course. 

We've asked to do a lease extension as above and they have comeback and outright said no to that too... They are beyond stubborn.

If you have lived there for at least 2 years then you can extend the lease by the statutory route - it is a legal right and the freeholders can't say no. The property tribunal will grant the extension and determine the price.

getmore4less

fackers_2 said:

getmore4less said:

If I found the right one having 2 others in the block for sale won't help
One SSTC on at £115k  
Also a sale Dec 2020 at £122k

They don't have a courtyard (ground floor) or their own access hence why it is higher value. Just simply had bad luck with a buyer. we're aware it happens from time to time. 

It does look to be the nicest I did not do a more extensive analysis of typical for the area.
Now you are back on the market buyers will see it's been for sale for a long time with 3 others in the block also been on recent market.

Going to get people wondering what's the problem.

Thrugelmir

fackers_2 said:

1 - Sale was delayed due to solicitors prioritising sales ahead of stamp duty holiday deadline
2 - 42 queries from the buyers solicitor incl some that were so pedantic (according to our sol) 

Be the total lack of a mortgage offer. Your buyers solicitor has had to filibuster to cover for their client.