How to Sell Your Flat Fast
Selling a Flat Quickly
Selling property quickly can be a daunting prospect, especially if you are trying to sell a flat quickly. Flats have a lower success rate and the market moves more slowly than for houses, meaning it can take a long time to find the right buyer. There are a number of ways to sell your flat, here we look at traditional routes and new, faster ways to sell your flat quickly and easily.
The quickest way to sell a flat is to find a cash property buyer. This is because it takes much longer for a mortgage buyer to complete a property purchase, due to the amount of time it takes for a mortgage to be issued. If a quick flat sale is preferred, then finding a cash buyer is the ultimate priority.
There are two main ways to try and find a cash buyer. The first is to use an estate agent and inform them that you only want cash buyers to be considered, so as to achieve a fast flat sale. However, this creates a challenge because the vast majority of buyers that an estate agent has on their books will be mortgage buyers.
The other option is to use a property quick sale company such as Serene Homes, which guarantees to buy a property at an agreed price within a very short timeframe. There are only three simple steps involved:
In order to confirm the value of a flat, Serene Homes will pay for and instruct a surveyor to visit the property to conduct a valuation. Following the result of this survey, a member of the Serene Homes team will call to confirm the final cash offer for the flat. Once this price has been agreed upon, Serene Homes is able to complete the purchase within a much shorter timeframe than an estate agent.
For people looking to sell their flat quickly and who want to avoid delays related to marketing a property with an estate agent, Serene Homes offers a straightforward and easy way to sell a flat. Each final offer made for a flat after the survey comes with a guarantee that the sale will actually complete. This avoids the risk of any property sales falling through.
Further to the above, Serene Homes covers all fees involved in any transaction, and those requiring a quick flat sale often walk away with close to what they would have received, had they used an estate agent. The major difference is that a flat sale can be completed in as little as 7 days, as opposed to more than 6 months with an estate agent.
The process of selling a flat quickly to Serene Homes is the same as selling a house. It comes with the same guarantee of a quick property purchase following one survey. All fees and viewings are avoided and selling a flat to Serene Homes is just as easy as selling a house to Serene Homes.
More information on receiving a free valuation for your flat can be found on our property valuation page.
What Are the Main Differences Between Selling a Flat and Selling a House?
There are a number of differences and similarities between selling a flat and selling a house. It is important to understand both in order to avoid making mistakes. There are also various options available when selling a flat and choosing the correct option will determine how long the process will take. Serene Homes is a fast flat buying company and is able to buy any type of residential property, in any condition in as little as 7 days.
Ownership of a typical house in the UK is what is called ‘freehold’. This means that the owner of the house owns the house outright. They own the actual bricks and mortar as well as the land that the house is built on within the legal boundary. With a flat it is different. When somebody buys a flat, they buy what is called a ‘leasehold’. This means that you have a lease agreement with the freeholder, who is the ultimate owner, and you own the lease for a fixed period of time.
For example, if someone buys a flat with a lease of 99 years remaining, then at the end of this 99-year period, they would have no legal entitlement to the flat. Their ownership would effectively be worthless. This is why lease extensions are undertaken so that this scenario never arises. Typically, flat owners aim to keep their lease above 70 years because anything below this level and banks typically don’t offer mortgages. The cost of a lease extension is usually considerable, so it is very important that this information is gained as early as possible. The cost can typically range between £10,000 to £50,000 for a flat in the UK.
In order to complete the purchase of a flat, leasehold enquiries need to be answered through a solicitor. This requires the solicitor to contact the freeholder, or the solicitor acting for the freeholder, and gain information about the terms of a lease. It is important to understand the terms of a lease as well as the length. None of this is required when buying a house, because houses are usually freehold in the UK. There can however be the occasional exception where a house is leasehold, but these are few and far between. Solicitors will always determine whether a property is freehold or leasehold when going through the legal process.
Another difference between flats and houses is associated costs known as ground rent and service charges. Ground rent is the rent paid under the terms of a lease to the owner of the land on which it is built. It is the rent paid by the leaseholder to the freeholder and is usually a nominal amount such as £50 to £100 per year but can be more. A service charge is a fee collected by the landlord of the building (all the flats together) to pay for insurance, upkeep, and maintenance. The service charge is usually paid by the leaseholder to the landlord.
What Are the Similarities Between Selling a Flat and Selling a House?
The main similarity between selling a flat and selling a house is that both types are property. The ownership structure is different between freehold and leasehold, but the sale process of transacting between someone buying a property and someone selling a property is the same. A property buyer needs to pay cash or take a mortgage to buy a property and the seller receives the agreed sum through appointed solicitors.
Get more information on selling your property to a fast cash buying company.
The options available for selling a flat are the same as selling a house. Property sellers can either appoint an estate agent to create marketing materials and sell on the open market, which takes a considerable amount of time, or sell for cash privately to a company such as Serene Homes. The legal process differs because of leasehold and freehold status and there can sometimes be delays with flat sales due to leasehold enquiries, but the process of finding a buyer is the same.
Serene Homes offers a particularly attractive service to those selling a flat, especially where a quick flat sale is required. Leasehold enquiries still need to be answered through solicitors, but all marketing tasks, viewings, and fees can be completely avoided. This allows a fast sale to be achieved and Serene Homes can complete the purchase of a flat within as little as 7 days, which is the same as for a house.