selling a leasehold flat and things are dragging.

[pneumothorax]

just to put you in the picture. i've never sold a property before and know next to nothing about the process. however...i'm currently selling a flat in central windsor. asking price was a little up on what i got it for in 2006. the place went on the market in november and i accepted an offer in early december. i accepted 308 k when i'd asked 320. i've moved out and have no interest in the place anymore , so was happy to accept the lowish offer when the buyer was described as with no chain/funds in place etc. i'm in the lucky position that i dont have to sell and the process has/is dragging on. i've informed his solicitor's that my deadline on the exchange is the end of february, because as i see it, then the property would be worth more-moving towards summer and all that. also in the back of my mind i'm thinking 308k was the december price when i envisaged the thing being off my hands. not sure how to play it. i'm sure the delays are due to legal parties and people awaiting replies to others questions etc. however, i have half a mind to insist after the february deadline that the price goes further toward my idea of the real value, or start again and market in the summer? any thoughts?

[bonsai]

I would say that knowing the cause of the delay, especially since you say they're not part of a chain, would be important in deciding how to play this.

[Wings]

Being Leaasehold, is there a Property Management Company involved, if "Yes" then that is where the delay might be.

[pneumothorax]

yes. i think, as of this morning, my solicitor is attempting to get a reply from the management company. i've had no contact with them. never have apart from sending them the annual rent. why would they want paying?

[davidjpowell]

In my experience every buyer says they can move quickly. Most cash buyers seem to end up needing a mortgage valuation for some reason. And treat with suspicion anyone who says that my solicitor is really quick and will not hold things up...

[pneumothorax]

i don't own a share of the freehold. i have a lease which has been described as short. it's 78 years.

[Engineer1]

Being Leasehold it seems that the 99year lease is short as soon as the first buyer sells it on irrespective of how long they owned it, then lease renewal seems to have the think of a number double it treble it and if you still think it sounds low add a zero, and of course they hold the upper hand as the price can and will only ever go up.

[chris_w]

pneumothorax said:

i don't own a share of the freehold. i have a lease which has been described as short. it's 78 years.

I always thought 75 years and below was considered short? Either way, if they can't raise the mortgage because of it I'm afraid the sale is not going to have a happy ending - extending the lease on our previous flat was one of the slowest and most painful things I've ever done (though we did complicate things by collectively buying out the Freehold so not an entirely accurate comparison).

[SJobson]

anonymous said:

[redacted]

I seriously doubt that it requires landlord's consent to transfer a long residential lease, at least not if it has more than 5-10 years remaining.

[SJobson]

It's a virtual freehold; the landlord has no reason to care who his tenants are because he's taken his money when the premium was paid on grant of the lease. Commercial leases are quite different to residential in this regard; if you take on a commercial lease, you are usually expecting to trade from the premises for the term. If you buy a residential flat, you expect to be able to sell it on without difficulty. Usual provision is simply to give notice within 28 days of any transfer, no consent required for assignment.

ETA: what may cause delays is obtaining up to date service charge accounts, evidence of buildings insurance, etc. from the landlord/managing agent.

Edited by SJobson on Friday 12th February 12:27