Any property sale is going to be stressful.
But with so many flats listed on the market at any time, you have competition if you’re trying to offload a flat.
Luckily, all is not lost. You can take plenty of steps to ensure a smooth sale of your flat.
In the blog below, we’ve outlined some important advice on how to sell a flat. Keep reading for more.
How long does it take to sell a flat?
On average, selling a flat in the UK takes between 3 – 6 months. However, this timeframe varies depending on several factors, including:
- Location
- Condition of the flat
- Market conditions
- Whether the flat is a freehold or a leasehold
- Price.
For example, below are the average times it takes to sell a flat in various UK locations:
- London: 149 days
- Newcastle: 98 days
- Liverpool: 145 days
- Edinburgh: 51 days
- Cardiff: 145 days
- Belfast: 177 days
You can sell your flat in a fast seller’s market within a few weeks. But it may take several months to find a buyer in a buyer’s market.
What makes a flat difficult to sell?
There are a few key factors that can make a flat harder to sell:
1. Overpricing
You’ll deter potential buyers if your asking price is too high for your area and flat type.
Do your research in advance to be realistic about prices for comparable flats.
2. Poor presentation
An unclean or cluttered flat will not show well. Staging it neutrally (i.e., to appeal to a broad taste rather than your taste) helps buyers to imagine living there themselves.
3. Lease issues
Leaseholds are an important selling point for flats.
Most lenders limit mortgages on flats with short leases. Renew your lease if it has 80 years or fewer remaining. Otherwise, potential buyers will struggle to get a mortgage on it.
4. Structural problems
If not addressed, issues like damp, cracked walls or sloping floors can be dealbreakers. Fix any defects before listing, as people do not want to move into an unsafe property.
5. Noisy neighbours
Badly behaved or loud neighbours will often put buyers off. Be upfront about any neighbour problems, but be willing to compromise on asking price.
6. Restrictive lease terms
Check that your lease allows subletting, pets, and improvements. If you have restrictive terms, it can make your flat harder to sell.
7. Onerous service charges or ground rent
High recurring costs deter buyers. You may need to compromise on your asking price in this position, or try to negotiate with the freeholder.
Taking steps to tackle any problems that might put off potential buyers can help sell your flat faster and for a better price.
Extend your lease, if necessary
One crucial preparation step before selling your flat is checking the remaining length of the lease.
Most mortgage lenders are reluctant to lend on flats with leases of 80 years or fewer remaining.
If your lease is short, extend it before putting your flat on the market. This involves negotiating a lease extension with the freeholder, the person or company who owns the building and the land it stands on.
It’s worth doing as it will make your flat more attractive to a broader pool of buyers.
The process can take several months, so start well before your target selling date. Consult a property lawyer who can help you navigate the legalities of a lease extension.
While extending your lease costs money, the cost will likely be recouped through a higher sale price.
Add to your flat’s value by handling any lease issues before potential buyers view your flat.
Selling freehold vs. selling leasehold flats
Freehold flats are relatively rare in the UK. Because they come with maintenance responsibilities, they are often harder to sell than leasehold flats.
That said, it is difficult to definitively answer whether leasehold flats are easy or difficult to sell. It depends entirely on several related factors (length of lease, lease terms, etc.).
Choose the right estate agent
Choosing the right estate agent to sell your flat is essential.
A knowledgeable, well-connected agent with experience will price your flat well. They can also secure a buyer in a short timeframe.
Look for an agent who is rated and has good reviews.
Meet with two or three agents to compare their valuation of your flat, marketing plan, fees, and local expertise.
Consider both high-street chains and independent agents.
Key questions to ask prospective estate agents:
- How long have you sold flats in this area? Can I see comparable past sales?
- What marketing will you do to target suitable buyers?
- What fees/commissions do you charge? Are there any hidden costs?
- How will you keep me updated on viewings and feedback?
Avoid agents who overvalue your flat to win your business or push for a quick sale. The right agent will price fairly and work hard until you have a fair offer.
Get several independent price valuations
Before setting an asking price:
- Get valuations done by different estate agents
- Aim for 3-4 valuations from a mix of local and national agents
- Don’t tell them what others have valued it at.
Also, research prices of comparable flats recently sold in your area. Consider:
- Number of rooms
- Size
- Condition
- Outside space (including balconies and parking spaces)
- Local transport links
- Amenities.
Adjust for any special features your flat has.
Take the average of the agent valuations and your research. This gives a realistic starting price to begin marketing your flat.
Overpricing can deter potential buyers and cause your property to sit on the market for longer than necessary.
Be prepared to negotiate at a lower price than your asking price.
Find a chain-free buyer if possible
A ‘chain-free’ buyer is a buyer who does not have to wait to sell another property before buying yours. They can complete the sale quicker and easier than regular buyers.
Common types of chain-free buyers
First-time buyers and commuters looking to buy a flat in the city are often chain-free. Your estate agent can market to these buyers. Be upfront in the listing if you need a fast sale.
Best times to find first-time buyers and commuters
Consider selling before or after the spring and summer peak times. There are often more first-time and investment buyers entering the market. Be flexible on timing and viewings to appeal to chain-free buyers.
Investors and cash buying companies
Another option is finding a cash buyer who can buy the flat outright without financing.
Cash buyers include wealthy individuals or investment companies. They can complete fast as they don’t rely on mortgage approvals and surveys.
Remember that cash buyers may expect a discount on the sale price in exchange for a fast and sure sale. Consider if this trade-off makes sense for your situation.
Sell your flat with We Buy Any Home
We Buy Any Home are chain-free cash property buyers who can purchase your property up-front and quickly, without hassle or stress.
We offer the perfect opportunity for people looking to sell their flat fast.
Fill in our enquiry form below if you want a cash offer for your home.
