Keep trying to sell or give up?

W0rryW4rt

I have been trying to sell my apartment since 2023 on and off and am now at the point of 4 separate sales falling through. They have all fallen through for different reasons (first time buyer fear, £250 ground rent issue, BTL investor changing mind about investment…)

When we decided to put it back on the market this year, we were thinking we would just leave it on the market until a sale eventually goes through to completion (in the vain hope that surely it has to go through at some point). At least 3 other flats in the building have sold in the time we have been on and off the market but we just can’t seem to complete.
But now this current sale has fallen through, I am losing faith. Especially with the new extra solicitor costs related to buildings over 5 storeys.
I really don’t want to give up again but am struggling to know if pursuing this is just stupid. It isn’t great for our mental health to be constantly in limbo…

Any thoughts or advice?

Tabieth

The three other flats - what did they sell for? How does your flat compare with them? (Does yours need a lot of work for example?). 

W0rryW4rt

One sold for more and the other 2 a similar amount. No work required at all on mine. All decorated up to date and to a good standard. 

I accept there are difficulties in the sale (such as the ground rent and the height of the building) which will make things take a bit longer and are a bit fussier…but that must have been the case for the ones that have sold too? 

gwynlas

Are you with the same agent? If so they should be able to manage a sale.

Is there anything off putting about your side of the building, eg poor view compared to others?

Is your listing similar with the same photographs to those that have sold?

km1500

might be worth having a chat with the estate agent(s) who sold the other flats? Did you get any feedback from your viewings ?

RipleyG

W0rryW4rt said:

One sold for more and the other 2 a similar amount. No work required at all on mine. All decorated up to date and to a good standard. 

I accept there are difficulties in the sale (such as the ground rent and the height of the building) which will make things take a bit longer and are a bit fussier…but that must have been the case for the ones that have sold too? 

Assuming they are leasehold flats, it's possible that the other owners had extended their leases and their new leases did not include the same ground rent clause as yours.

Asking someone who will give you an honest answer about anything that might put buyers off could be helpful. And revisit your reasons for selling - if they are still valid then it would seem counterproductive to take it off the market. 

It could also just be that you've simply had bad luck and the next buyer will be the right one. 

ReadySteadyPop

W0rryW4rt said:

I have been trying to sell my apartment since 2023 on and off and am now at the point of 4 separate sales falling through. They have all fallen through for different reasons (first time buyer fear, £250 ground rent issue, BTL investor changing mind about investment…)

When we decided to put it back on the market this year, we were thinking we would just leave it on the market until a sale eventually goes through to completion (in the vain hope that surely it has to go through at some point). At least 3 other flats in the building have sold in the time we have been on and off the market but we just can’t seem to complete.
But now this current sale has fallen through, I am losing faith. Especially with the new extra solicitor costs related to buildings over 5 storeys.
I really don’t want to give up again but am struggling to know if pursuing this is just stupid. It isn’t great for our mental health to be constantly in limbo…

Any thoughts or advice?

Adjust the price until it sells, then move on with your life.

W0rryW4rt

Thank you all for the replies. I did approach one of the previous owners to ask if they had had an issue with ground rent when selling but got no reply from them 🤷🏻‍♀️
It’s difficult to track people down when they have moved on!

20122013

Hopefully, yours will be sold by the time the new owner(s) move in, maybe you can have a chat with them. 

There are usually more than one factor that influences the sell, but one thing for sure if the price is right it will get sold.  Good luck.