Selling A Retirement Flat

diggingdude

Is it an area where the older members of society want to buy and live? I used to work at one of these sites. Built on the side of a hill with no bus route and limited parking. Stupid as residents always needed taxis etc. 

If not just cut your losses and drop it as low as you can and get rid 

MalMonroe

Would something like a quick house buy company be any good?

https://www.moneyhelper.org.uk/en/homes/buying-a-home/quick-house-sales

Or could you sell the property back to the company that owns the development/complex? You could always ask them,. 

That's something that the council does where I live and it appears that at least one company does (I only know about McCarthy Stone as I've recently been considering one of their properties.)

https://www.mccarthyandstone.co.uk/what-we-offer/occupancy-options/resales/resales---selling-your-own-property/

babyblade41

I think if the OP has pricrd considerably over comparable properties it will have to come down a long way yet.. plus arranging viewing if tenant is not that happy having viewers.

IMO wait until tenant has vacated, remove from the market whilst this is being done then re-market when vacant possession is in place.

Retirement properties are for people who want to move in now not in 12-18 months so along with price end the tenancy & get vacant possession. Investment properties aren't something people want within a retirement community

jturt83

user1977 said:

jturt83 said:

lincroft1710 said:

jturt83 said:

Slithery said:

Modern auctions are always a terrible idea. The only people that they benefit are the agents as they get to claim their fees over and over again without ever actually having to sell the property.

Also having a tenanted property won't really save you any money as you'll have to get rid of the tenant before anyone will be willing to buy the place unless you want to take a big hit on the price.

Your best option would have been just to keep it on the open market and reduced the price until it sold in the normal fashion.

Well the tenant is on a 6 month contract, so I’m not sure what you mean by get rid of the tenant? And it will save me £1067 on the council tax aside from the fact after service charge is paid will earn me £400 and something each month. So it’s definitely some relief to not be paying that out temporarily 

The property is still on the open market, just being marketed in the background 

You do realise that if the tenant decides they don't want to leave the property at the end of the tenancy, you will need a court order to evict them and that could take many months. 

I’m well aware thank you yes, if we all thought this way though nobody would ever rent out a property 

It's different though when you're anticipating having to get vacant possession in the short term - if you do get an interested buyer, they're unlikely to progress matters until the tenant has actually left - and the delay itself may put them off.

Fair point, but I did think about that. And to me if somebody likes the property that much and for the right price they will be willing to wait, I know I would. And if I didn't then it clearly wasn't the property for me or I found somewhere cheaper

jturt83

GDB2222 said:

jturt83 said:

user1977 said:

Are any similar properties in the area actually selling? If so, at what price? 

Quite a few on the market yes, and in the same building for a similar timeline to mine there has been around 5 or 6. And they range from £90-120k but they too were struggling to sell. There’s a few with home wise at a very low price but I don’t know much about what home wise do. 

But in terms of selling I would need to look but I don’t think many if any have sold since but I shall double check 

I'm lost! You're trying to sell at £135k. There are several others struggling to sell at £90-120k, and you are wondering why there's no interest in yours? I understand that you have had 3 estate agent valuations. Yes, there are newish carpets, kitchen and bathroom.

But, you are £45k more expensive than the cheapest one. That's 50%. And, the cheapest one is struggling to sell. It's not as if it has been snapped up.

I'm not trying to sell at £135k, that is what the estate agents valued it at, which is a fair valuation. I listed it for a short while at this price then came down to £115k as a guide price. I still very much would like the valued price, but I'm well aware I may have to come down a bit. You have missed the point, if there is no interest in the lower priced ones either, why would I lower it? And besides these lower priced ones would need some work, where as mine would not.

jturt83

diggingdude said:

Is it an area where the older members of society want to buy and live? I used to work at one of these sites. Built on the side of a hill with no bus route and limited parking. Stupid as residents always needed taxis etc. 

If not just cut your losses and drop it as low as you can and get rid 

It is in a good location for older residents, a 5 minute walk into town and good transport links

jturt83

MalMonroe said:

Would something like a quick house buy company be any good?

https://www.moneyhelper.org.uk/en/homes/buying-a-home/quick-house-sales

Or could you sell the property back to the company that owns the development/complex? You could always ask them,. 

That's something that the council does where I live and it appears that at least one company does (I only know about McCarthy Stone as I've recently been considering one of their properties.)

https://www.mccarthyandstone.co.uk/what-we-offer/occupancy-options/resales/resales---selling-your-own-property/

I've tried some of these companies but they won't touch retirement properties. But thank you for the links, I will take a look at these ones though

lisyloo

jturt83 said:

user1977 said:

jturt83 said:

Slithery said:

Modern auctions are always a terrible idea. The only people that they benefit are the agents as they get to claim their fees over and over again without ever actually having to sell the property.

Also having a tenanted property won't really save you any money as you'll have to get rid of the tenant before anyone will be willing to buy the place unless you want to take a big hit on the price.

Your best option would have been just to keep it on the open market and reduced the price until it sold in the normal fashion.

the tenant is on a 6 month contract, so I’m not sure what you mean by get rid of the tenant?

It's far from straightforward to get a tenant to leave if they don't want to.

But surely with a managing agent for the building and an estate agent overseeing this and also given the clientele these properties attract (added to the responsibility the managing agent has with the interview) I can’t see it being that difficult. Besides I’m looking for advice and peoples own experiences with retirement properties here not negativity 

You are being advised of a risk here.
if the tenant won’t leave what are you expecting the managing agent or estate agent to do? Estate agents sell properties, they have no authority with tenants.
you will have to serve an eviction notice (and make sure all your paperwork is perfectly in order otherwise it’s invalid), then you’ll, have to get a court order.
around my way the wait for a court date is around 4 months, it may be less or more where you live.
so it might not happen but it’s a risk you’ve taken,
its not being negative for people to advise you of potential pitfalls that others are very aware of.
The law is on the side of tenants not landlords at the moment

you can choose to write it off as negativity, but conveyancers and hence any potential buyers will be aware of it.
they will want guarantees or a discount for the risk of a sitting tenant.
you tenant can also sabotage viewings if they wish 

GDB2222

jturt83 said:

GDB2222 said:

jturt83 said:

user1977 said:

Are any similar properties in the area actually selling? If so, at what price? 

Quite a few on the market yes, and in the same building for a similar timeline to mine there has been around 5 or 6. And they range from £90-120k but they too were struggling to sell. There’s a few with home wise at a very low price but I don’t know much about what home wise do. 

But in terms of selling I would need to look but I don’t think many if any have sold since but I shall double check 

I'm lost! You're trying to sell at £135k. There are several others struggling to sell at £90-120k, and you are wondering why there's no interest in yours? I understand that you have had 3 estate agent valuations. Yes, there are newish carpets, kitchen and bathroom.

But, you are £45k more expensive than the cheapest one. That's 50%. And, the cheapest one is struggling to sell. It's not as if it has been snapped up.

I'm not trying to sell at £135k, that is what the estate agents valued it at, which is a fair valuation. I listed it for a short while at this price then came down to £115k as a guide price. I still very much would like the valued price, but I'm well aware I may have to come down a bit. You have missed the point, if there is no interest in the lower priced ones either, why would I lower it? And besides these lower priced ones would need some work, where as mine would not.

I apologise if I'm too judgemental. I am just trying to be realistic.

If you want to sell, you need to be competitive in the market place, taking into account the prices at which other comparable flats have actually sold, as well as the condition of your flat. Asking prices for unsold flats are not such a good guide.

If you find that the only flats that have sold have gone for a low price that you won't sell at, then you know where you stand.

TripleH

The estate agents' valuation of £135k is too high sadly, it is merely a 'quoted' sale price. The value is what people will pay for it. The excess supply of properties means you could have a bidding war downwards to sell. It might also make people wonder why so many are up for sale and if there is something wrong with the area (I understand why you are selling and why there are several other flats for sale but some people might not think logically).

Is it costing you to rent it out at the moment?

I know it might not be ideal but it might make sense whilst waiting for the other units to sell?