I Want To Sell My Flat - What Price Do I Ask?

[lpparker]

I need a bit of advice.

I want to sell my flat, I don't live there, or in the area anymore and now we've decided we're not moving back to London it seems like it's time to sell.

It is rented out, the tenant's lease has just ended and want to put it on the market in August (once I've given the tenant notice)

The roof is about to be replaced, giving me a lovely 10k maintenance bill which I am happy to pay and also new security entrance buzzers and stuff which I'm also happy to pay for. (I assume these bills are at least part of the reason the 2 on the market aren't selling as the news only broke in Jan 06) however, I'm not sure when this work will be completed and when I'll get the bill - can I agree with a buyer to pay these bills as part of the sale?

All the flats are pretty much identical except my flat is the only one which has a private garden - it was the only one the council originally sold with a garden.

I has had a new kitchen, bathroom in the last 2 years and new central heating 4 years ago.

How do I price it? - there are 2 already for sale at the moment (162,500 and 157,000), 1 sold in Jan 06 for 160,000 (on rightmove sold prices)

I'd like some good advice - obviously I want to get the best price I can, but I do want to sell quickly.

[newaccount99]

I need a bit of advice.

It is rented out, the tenant's lease has just ended and want to put it on the market in August (once I've given the tenant notice)

I'd like some good advice - obviously I want to get the best price I can, but I do want to sell quickly.

Without detailed understanding or knowledge of your area or property you are unlikely to get advice of much use....you seem to indicate that 160K is about the ball-mark whether you go for a few over or under is dependent on how fast you want to shift and advice an EA could offer.

One item I could think of is have you considered offering it for sale to your tenent? Bypassing an agent could save £2K on fees and cut a lot of hassle also save him having to move....that would give both of you the opportunity of a win-win.

[lpparker]

Without detailed understanding or knowledge of your area or property you are unlikely to get advice of much use....you seem to indicate that 160K is about the ball-mark whether you go for a few over or under is dependent on how fast you want to shift and advice an EA could offer.

One item I could think of is have you considered offering it for sale to your tenent? Bypassing an agent could save £2K on fees and cut a lot of hassle also save him having to move....that would give both of you the opportunity of a win-win.

Thanks very much for that - It's nice to know there's someone out there!

Unfortunately, I don't think my tenant could afford it sadly - as she's a single mum on a fairly low income for the area.

[teddyboy]

As previously stated - unless we know the area we dont know whether the £158K and £162K are fair prices. The one that sold for £160K is a good indicator though. The fact that you have the garden will mean it is worth more than the others but it does depend on the interior.

If it were me I would put it on for £160K make sure its stated that you HAVE A GARDEN and test the market. Make it clear to the agent that you will listen to sensible offers.

That was the good news, now the bad. I take it there is a maintenance charge on this flat? If there is this take as good proportion of somebody's outgoings. £70 a month is common. This COULD be spent paying off a mortgage for a house, so in this downturn that MAY be happening this is why flats will fall FLAT (sorry for pun) on their ass!

I would make it clear however, that if someone offers £155K for example, and you are tempted. Just say that yopu only sell for £155K if we can tie the deal up in 6 weeks. If they fail to meet the deadline then you will put it back on the market. The fact that you may not, is irrelevant. Just let them know you will accept a low offer on a condition. It tends to make you case stronger and you dont look weak and desperate to sell.

Good luck whatever you do. The decision is ultimately up to you.

TB

[enworb]

I would put it on the market ASAP since it can take months between someone accepting and exchanging contracts and compltion.It's also a busy time for selling property so your £160k ish flat won't be as important to a solicitor as a £500k property....unforunately!

Find a good EA (their are some, i'd go for a girl personally EA because they seem more genuine to viewers) and let them earnn their money.

When the EA shows a viewer round the flat, they will mention that the roof is soon to be renewed which will give them peace of mind.

Ask for £165k and hopefully you'll get £160k.

One problem you may have is that a normal tenancy agreement will state that you can't have viewings for sale of the house any more than 2 months before your tenant's contract expires. But she may be willing to help you since you've been honest with her (haven't you?).

[CrashIsUnderWay]

a million billion trillion squillion gazillion pineds

ooops, sorry, slipped into 'kirsty' mode there...

[Rachman]

I would put it on the market ASAP since it can take months between someone accepting and exchanging contracts and compltion.It's also a busy time for selling property so your £160k ish flat won't be as important to a solicitor as a £500k property....unforunately!

Nonsense, solicitor gets paid sod all to sell a house or a flat, the rates are not based upon the value of the place. In reality, a freehold house is easier to sell than a flat with service charge and company.

This sort of stuff annoys me - it's your biggest investment, the solicitor gets paid virtually nothing (though if you want to use bulk conveyancers, God help you) - my solicitor charged me less than a grand to sell and buy over a full Bar of property - that's 0.1%. It's just not worth doing it yourself for the tiny fees and big risks in it. yet people persistently think it's greedy lawyers. It's not.

If you were buying a £20K car used, you would usually happily pay £200 to a man to inspect it. Would you pay out 0.odd% insurance to check you are not buying a whole heap of legal trouble, of course you would.

Why do people think it's the lawyers that make buying and selling expensive, it's not. In order, it's EA and the government (interchangeable dependent on price), then valuers, surveyors and a long way down the list, lawyers.

Also, you would choose a girl EA because they are dead good right ? ER come on, you choose the one you trust - the one who appears to have a handle on the market and often has similar properties for sale and a track record in selling them, who does you the right deal on commission and who gives you the best answer on how to raise the roof issue (which will be a huge sticking point - you will HAVE TO take more than £10K off if you sell before, as there's risk and opportunity attached to it (it could cost more and be more hassle to live with whilst it's being done)). If that's a girl, a bloke, a hag, fag, a transexual you don't care - it's the person who you believe will be best placed to sell your property.

Edited May 11, 2006 by Rachman

[lpparker]

Thanks for your responses.

I haven't told my tenant yet - but I'll be doing that this weekend, and giving her 2 months notice as her lease has expired.

I think the major problem is the roof replacement - but I'm happy to pay for that as I think it will be a no go otherwise. I know when I bought the flat I wouldn't have been able to find £10k to cover the roof replacement.

I'd be happy to get a reasonable offer around 150k-160k, but I don't want to appear desperate, as there is nothing wrong with the flat it's actuslly quite nice (if a bit ugly from the outside) - it will be newly decorated when it goes to market (with the obligatory cream walls) and it has had a new kithchen, bathroom, and fencing around the garden all within the last 2 years.

I don't know whether I should sell it empty, or get some friends to stay there for a while or to furnish it to sell or not?

I think choosing the agent will be the key thing - and it won't be about how high they value the property but whether I think they're honest and can do a good job for me.

I would love to ask Krustie prices and retire in 3 months - but that ain't going to happen, it's just time to move on and I want the sale completed before the end of the year if possible, so we then have the deposit for our next house in the bank - whenever we find what we want for a price we can afford.