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Where to find a cash buyer/investor for a flat? has anyone done this?(10 Posts)
To cut a long story short I really need to sell my flat to someone who will not need a mortgage.
I am in London and selling a 1 bed new-built flat in a small brick building. It looks like, although we have no cladding, post-Grenfell, and although I had found a regular buyer banks are reluctant to agree mortgages on any new-built without an ESW1 certificate. Our freeholder won't commission one (or it will be years) because our building has no cladding and is 'low risk' so we are stuck
A quick way to go around this is to find an investor/cash buyer who won't require a mortgage.
I wonder if anyone has any advice about how to attract such a mythical buyer?
I really need to move out of the city for personal reasons and because my health is quite bad, so working is becoming tricky, and I need to cut my outgoings and moving to a cheaper location.
I don't care if I don't make any profit on the flat, I just want out...
@Requinblanc sorry and i have no advice. but just wanted to ask if this is just affecting new builds or all flats in general?
my own flat is brick, no cladding and built in the 1920s.
Thank you and hope you find a buyer soon. x
Hi Desiringonlychild, I assumed it was mainly new-builts (in the past 20/30 years) as this seems to be when developers started putting dodgy cladding on the outside of the buildings and cutting corners with fire safety but I don't really know to be honest. I think many people don't realise this is an issue until they try to sell and the bank gives the property a £0 valuation unless they can produce a clean ESW1 certificate. It is a growing scandal. Even flats with low risk are getting affected by default...
Could you try putting in a property auction?
I second putting it up for auction.
Meanwhile can you rent it out while you rent somewhere?
Cash buyers of flats in London will currently be thin on the ground. Best bet would be to remarket on Rightmove for 15% cheaper than anything comparable in the area, with ATTENTION INVESTORS! Or similar.
@Requinblanc I called the bank and a surveyor, and they have told me that if it has no cladding, there shouldn't be a requirement. there is a lot of haziness in this regard, and i suspect some banks (and their valuers) are more cautious than others.
Could you simultaneously market to both investors and FTB, perhaps one of the FTB would have a surveyor who would not require the EWS1 form.
Speak to some estate agents. Most will have a list of potentially interested investors, developers and landlords who they circulate details of properties to when something in their ballpark comes to the market. I’ve just sold my flat to a cash buyer professional landlord this way and had quite a bit of interest from several others in the same position before accepting the final offer, so they aren’t necessarily thin on the ground for the right property.
I also used to work in the social housing sector and it’s not unheard of for councils and housing associations desperate for stock to buy properties from the private sector, so you could also drop an email to somebody in your borough’s housing needs team.
Thank you for your replies. I should have said it has no cladding and it's a small building, not a high rise, but it has a balcony with bits of timber flooring which is the issue.
Thank you for the advice about auction/estate agent/rightmove with a discount.
I really don't want to rent it, I am moving to Scotland so I would not be able to keep an eye on it and I really don't want to waste money on rent myself...
I suppose the only saving grace is that it is a really nice flat in a popular location. So someone will hopefully spot a bargain.
Hi OP, I wonder whether have you seen my message?
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