Feedback for London flat

I'd love to live round there! I just wouldn't want the service charges and ground rent etc. It's a lovely flat though.

Good for you, why are so many landlords allegedly trying to sell up in that case?

What an amazing location..

Declutter and get rid of everything. Neutral colours.

No idea on price but simplicity works

The leaseholder never owns the land (unless they buy the freehold). The freeholder owns the land and the building, so they are responsible for insuring the building (not contents), maintaing common areas and the structure itself (ie. roof, outer walls etc). Unfortunately, many never do. If they do a truly abysmal job and/or charge fees that are totally unreasonable, the leaseholders can band together to buy the freehold or challenge the fees.

Leaseholders are resposible for complying with the terms of the lease, usually things about noise, whether you can rent the flat out, what you are resposible for maintaining, access to shared areas (like pipework) for repairs, what you can renovate and whether you need the freeholder's permission. It's basically a really long-term rental.

Banks take into consideration the length of the lease when they consider mortgage offers, as they want to know they can recoup their investment if you fail to pay the mortgage.

When the lease if getting low or when it is up, the leaseholder must leave. Usually, you would renegotiate a new lease, which means you pay the freeholder a lump sum to extend the leasehold period (it cost me £20k about 15 years ago).

Biggest (fixable) issues - price and Foxtons

If your friend doesn’t want to spend any money to sell then:

• relist for £600k (it may be Covent Garden but in its current condition its nowhere close to being an £800k property)
• switch to any agent but Foxtons
• remove offer of selling furnished - it’s not an offer and adds costs to the buyer to empty
• market as a 1 bed with study

If they’re prepared to spend some money;

• clear out clutter and move belongings they want to keep into storage
• repaint and change flooring to neutral tones (but not grey!)
• stage dress it - hire a company to show future buyers how it could look
• extend the lease

It’s overpriced given the short lease and the current state of the flat market in central London.

Suggest she finds out how much the freeholder will charge her for a lease extension and if it’s reasonable, kick the extension process off. That will open her up to more buyers as lots of buyers (and mortgage providers) won’t consider leases under 100 years these days.

The lease of 89 years is by far the biggest blocker for selling.

However, the layout looks like really it’s a 1 bed flat rather than 2 bed. The bathroom effectively in the kitchen is going to put a lot of people off. If someone was going to spend a lot of money and willing to do work, it could be made into an absolutely stunning high end 1 bed. But only if the lease issue is fixed first. No-one is going to spend big money plus £800k on a cramped flat with a 89 year lease despite the great location.

Gorgeous flat , wonderful location, but it's really a one bed, with kitchen and bathroom squashed into one small room to create a second bedroom . I would price it as a one bed and drop the price to allow for changing it back .

Only plus is the location @onpills4godsake

If she bought in the 90's, (presumably as a 1 bed) she likely paid under 300k

It's only 44sq m, ergo tiny.

It looks rather scruffy, messy and unloved to be pricing it at 50k over ¾ of a million!! even for London prices.

Do not list it at 600k.
Do not market it as a 1 bed.
Do not repaint - the buyer will completely renovate.
Do not stage it, as per previous point.

To me it doesn't look too bad for the price, but I think post covid and a lot of working from home it may be too expensive now. What are similar things in the area actually selling for?

It’s overpriced- in my experience that particular estate agent always puts a high price on. It’s tiny and even though it’s a good location you can get much cheaper but similar style flats in Bloomsbury for £200k less. Drop the price and try a different agent

What are similar things in the area actually selling for?

Most recent sale: 10-14 Macklin St, £13.3 million, Oct 2025.

That's reasonable advice if selling to an investor. But not for a private sale. For the latter, at the very least it needs a declutter and to look warmer and more welcoming. And that can be done reasonably cheaply.

A. It looks like student digs.
B. It has a short term left on the lease. Tell her to apply to extend the lease under the statutory provisions (Leasehold Reform, Housing and Urban Development Act 1993, I think) and do it quickly. The premium you have to pay to the landlord goes up the shorter the lease gets, and significantly so below the 80 year point. Its effectively a depreciating asset at this point and no one will take a punt unless its a huge bargain.

Looks like it's a one bed flat that someone has converted into two bed by squeezing a bathroom into a very small kitchen which isn't very appealing. It's obviously quite dated which can be changed but I'd be more concerned about the kitchen/bathroom. She needs pictures showing where the worktops are to prepare food as it looks like there aren't any on the photos. Doesn't look like there's room for a dining table either but maybe not an issue for everyone and guess it's aimed at students or younger people without kids.

Curious why not?

It’s listed way too high and marketing as a two bed for sqm and box room that is the second bedroom isn’t helping

Agree that someone will renovate but it’s not in any way presentable for those with the budget and interest to buy in CG

Massive flexibility then for big price cuts and still taking a good profit, best way to sell is to be cheaper than the competition, people with 800k in their back pocket are not going to buy this, prime London prices are also in free-fall I hear?

Is it two bedrooms? The details don't seem to say and that would be a big plus.

Click on the link!

Not all properties, service charges or locations are the same

to the point here, Covent Garden is very unique !

So nothing selling for nearly a year? Not good (if you are selling)

I really like it and like the style. But I am probably the same age as the seller, and also an artist. I’m looking to buy at that price at the moment - but at my age I’m not looking to live in Central London any more as not interested in the nightlife and don’t work in Central London. So there’s probably a bit of a mismatch to the demographic the style appeals to, and who would actually buy it.

I don’t like the kitchen / bathroom layout though, the 89 year lease is really on the cusp of being a problem, and I distrust Foxtons.

Interested as my DD is looking and we're also unfamiliar being from the North.

Unfortunately it is very unappealing because of the layout, no entrance/hallway and bathroom off the kitchen. Decoration can be updated but unless your friend can completely alter the floorplan, the only way would seem to be reduce the price to entice someone to buy it because of the great location.

I did and I didn't think it said, but it looked like two bedrooms, can't see the link any more.

Yes, so are many places, but "unique" doesn"t put money in buyers pockets? Fair point on the service charges, and with landlords if they bought some years ago yes they can make decent returns somewhere in demand like areas of London, Manchester etc.