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Struggling to sell London flat
Comments
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Just an addition if can buy new property and pay additional second home stamp duty you can claim it if flat sells within 3years I think- please check. Good luckInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
likely price and/or cladding issues"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
When I read of properties in London struggling to sell my first thought is what's wrong with it? Its obviously too expensive if its not selling, but why?
Web advert is now key. If it looks bad in the photos people will move on. Location? Size? Layout? External appearance? Lease length? Service charge? Cladding?
Without details its impossible to know which of these is affecting the demand.0 -
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OP most likely overpaid for their flat so now if they want to sell they need to take a good haircut0
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@07hthom You have my empathy. It is a rotten situation to be in and l am in a similar situation, but with the added complication of buying my flat in N20 through HTB and being constrained by their valuation and looking at a 25-50k haircut just to get out. I really hope it works out for you.
Happy to advise if you DM but I am already looking at what reserve price I could get away with at a property auction. I would say look at a modern auction (online) if the property has a rental value.
The only consolation is there is absolutely nothing to buy in the 2-3 bed house category outside of London.1 -
@ThirdGuitar sorry (typo)0
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Sure, I have sent this in a DM as we didn't want to share the link on a public forum.
if it is listed on EA website and Rightmove then it is already on a public forum if you want isefull advice then yo should share link0 -
I would post a link to mine but this site obviously thinks I am a bot and won't let me post links. Put Whetstone 2 Bed flats 500k to 600k though and it is on with Statons for 569k.
The issue is there are 26 other
similar flats on sale within 2km and very few buyers due to Brexit/'Covid race for space'. I suspect it is just simply oversupply and weak demand as it is for mine.
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