Selling A House In 2009.............sold!

[Spark]

Yes, decided pretty much spur of the moment to sell last summer, put a sign on the gates which I'd printed myself at 7am Friday morning, first phonecall 9am Friday morning. 3 viewings within 10 days, sold to the third person.

Like others, seriously nail biting time between offer accepted and completion - however I do live abroad so the intial offer is binding... although I wouldn't have fancied chasing that through the courts.

I doubt I broke even all in all with fees etc., etc.... lesson learned! Not sure I'll ever buy again.

Wow, that's pretty good going! My place is in a cul-de-sac of 10 houses and there are only 100 or so houses in the whole village. There's not that much passing traffic, so I might not have much luck with a sign in the garden. I was, however, thinking about placing an ad in the local free book that is delivered to everybody in our village and the adjacent larger village on a monthly basis. Local people are more likely to buy the place as the know the area and like living there. When I bought the place the woman who delivered the post was also wanted to buy it, but she still had to sell her old place. I had sold my flat and was in rented accommodation, so I could complete quickly.

My neighbour said his retired friend may be interested in my place as he wants to downsize, but I don't know if how he is getting on with selling his place. Another neighbour said her daughter is looking for a place, so I'm currently refurbishing the house ready to put it on the market. It's getting a new kitchen, bathroom and combi boiler and I'll need to neutralise the interior. It's a semi-bungalow, so it could be bought by a young couple with no/one kid(s) or a retired person.

[Starla]

Yep and I didn't have that much riding on it, in as much as it wasn't my home, just part of a trust fund. 'Kin 'orrible experience though from top to bottom, without a shadow of a doubt the worst buying/selling experience I've ever had and over a relative small amount of money too. Strange how in a bull market everything goes smoothly...

I wonder if there's any stats on how long it's taking from offer to completion and whether or not that's getting stretched? RM used to point it out and RICS I'm sure, but iirc they've dropped this bit from their analysis data/now. I'll bet the average time is in the reigon of four-five months as opposed to the ten weeks it was at the peak.

I can't find any stats on it apart from some agency garb about how it fell from 2007 figures of 7.3 weeks to 6.4 weeks in 2008. 6.4 weeks I wish. With the Estate Agent frantically trying to push it through to get their commission (save their business), me on the case (to save my bacon) and my clueless first time buyers desperate to move into their new home - it still took 5 months.

It's not like the surveyors, mortgage companies, solicitors, local councils were overloaded with sales either.

I think we can safely say we were blessed by the lucky stick to get a result.

[Vaevictus]

I forget, are vicars catholic?

if so he'll probably pull out at the last minute

[Foundthelight]

Hi all

Thought It's time to make my first post and thought this would be an appropriate thread. I won't bore you with details but let's just say until the crash and until I found this site all I could do was talk about property and how I would make my fortune. Stupid possibly naïve definitely. I was one of the people that thought house prices could only go up. I feel like it's confessional and I'm seeking absolution. Unfortunately 2 hell Mary's probably won't be enough.

Anyway some more detail: I owned 2 properties in St Reatham Hill (Streatham). 1 sold and one sold STC.

2 bed one I've just completed at 18% off peak bought in 06. Massive flat so a bit special.

And I've just accepted an offer on my one bed bought in 04 at 24% of peak (165k). With a 78 year lease I'm bricking it for this to go through. Should wipe it’s face. Lady teacher FTB with a 50K deposit so finances should be ok.

Link

God I'm pleased I found this site, my economic knowledge has gone through the roof. Thank you all. Going to rent until things become more clear.

Rich

Edited February 18, 2009 by Foundthelight

[TeddyBear]

Hi all

And I've just accepted an offer on my one bed bought in 04 at 24% of peak (165k). With a 78 year lease I'm bricking it for this to go through. Should wipe it’s face. Lady teacher FTB with a 50K deposit so finances should be ok.

Nice first post for us bears :-) How much do you think a lease extension will cost? Her lawyer should be on to that if he/she is any good

[Converted Lurker]

Hi all

Thought It's time to make my first post and thought this would be an appropriate thread. I won't bore you with details but let's just say until the crash and until I found this site all I could do was talk about property and how I would make my fortune. Stupid possibly naïve definitely. I was one of the people that thought house prices could only go up. I feel like it's confessional and I'm seeking absolution. Unfortunately 2 hell Mary's probably won't be enough.

Anyway some more detail: I owned 2 properties in St Reatham Hill (Streatham). 1 sold and one sold STC.

2 bed one I've just completed at 18% off peak bought in 06. Massive flat so a bit special.

And I've just accepted an offer on my one bed bought in 04 at 24% of peak (165k). With a 78 year lease I'm bricking it for this to go through. Should wipe it’s face. Lady teacher FTB with a 50K deposit so finances should be ok.

Link

God I'm pleased I found this site, my economic knowledge has gone through the roof. Thank you all. Going to rent until things become more clear.

Rich

Just watch out/be preprared for the conveyancing problems given it's a lease.

[Foundthelight]

Nice first post for us bears :-) How much do you think a lease extension will cost? Her lawyer should be on to that if he/she is any good

Good question… When I bought the place the previous owner enquired about buying the freehold which was quoted at £19k between 5 flats. So I’m guessing that it shouldn’t cost more than £5-7k. After initial worry she’s been shown this letter and seems to be happy with it, I’m hoping her solicitor keeps as shtum as possible. Interestingly though I’ve had about 7 viewings a week since November only 2nd’s and this is the first offer not a single cheeky one? It indicates to me that there have been very few serious buyers out there. I’m so pleased she’s an art teacher and ahem not more academic..

[brocken spectre]

We Sold at the end of last year.I felt like a man who stepped of the nose of the Titanic as she slipped beneath the Waves!

BS

[Cozza]

Nice first post for us bears :-) How much do you think a lease extension will cost? Her lawyer should be on to that if he/she is any good

It depends on the Ground Rent per year as well as market value, etc. Without this piece of info, difficult to say how much it would cost.

In any case, a lease extension for a flat under 80 years attracts 'Marriage Value' so will be more expensive. Also, bear in mind that you must have owned the flat for at least two years before you can exercise statutory lease extension (ie a further ninety years extension on a reduced ground rent of one pence a year). Otherwise, leaseholders are dependent on their freeholder to increase the lease informally, which is never a good thing. They tend to increase the Ground Rent or provide a lease extension of only 99 years. Wubbish.