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Original poster

1 Bed Flat which just wont sell!!

149 replies

danielleir · 26/04/2021 19:53

Hi everyone.

Me and my boyfriend put our 1 bed flat on the market in September of last year to try and sell with the view of up grading to a 2/3 Bed house in the same area. By December it had lots of viewings but no offers so we took it off the market as we didn't think we'd be able to buy anywhere before the end of the stamp duty holiday and would need a few extra months to save the difference.

Then the stamp duty holiday was extended so we went back on the market in March with a different agent (still not expecting to complete before the end of the holiday but we have more saved now).

Its been over a month and we've only had one viewing this time round!! We've since reduced the asking price, took all new pictures to jazz up the listing. and nothing!

We don't have the option to go any lower on our asking price and don't have the option of letting the flat out instead of selling.

This is our first flat (we're 25) and have no idea what more we can do to get it moving as know the longer its on now the 'staler' it looks...

Is it just the market at the moment?
Any top tips for property newbys?
Or even just advice to not loose faith?

For context, we're in a village in St Albans and have lived here 2.5 yrs. Its a first floor flat with large private garden

OP posts:
SwedishK · 27/04/2021 10:03

@smallgoon

It is actually a problem. It's harder to get a mortgage on properties with less than 90 years lease, so the likelihood is that whoever is buying this flat will have even bigger problems selling it. Once it's below 70 years, you have very few, if any, options and you will then need to find a cash buyer. You can apply to extend the lease but it costs money.

emmathedilemma · 27/04/2021 10:08

I don't think the photos are great, you can only see half the living room and bedroom.
I would clear all those jars off the top of the kichen units as that shouts that you don't have enough storage space.
Can you move the wardrobe or bed round as from that photo it looks like there's barely room to squeeze round the end of the bed.
If there isn't a dining table I would try and get a small one in the living room.
The garden definitely need to be more of a selling point.
If i was going to spend any money on improving it I would get the fire and fireplace taken out.

Caspianberg · 27/04/2021 10:18

I would:

  1. take out right hand bookcase in living room. Add small dining bench/ nook area there. Look online for ideas

  2. add desk area in hallway, or just move the chair from living room and lamp there.

  3. add desk/ dressing table in bedroom to show space potential

  4. can you change bed to one without high foot end?

  5. garden. Needs to be tidied, space that’s yours clarified, and shown as a useful space. I would potentially add a summerhouse so people can store things and use as garden not connected to flat

TakeYourFinalPosition · 27/04/2021 10:22

@SwedishK I'm not sure that's true anymore. Or maybe we've just had bad advice!

When we bought our flat, we were told less than 95 years was risky, so we asked our vendors to extend (which they did, at their cost).

We've now got 90 years left, and thought we'd have to extend too, but everyone has advised the opposite. Even MSE says not to bother until you get to 85 years or so... banks apparantly start to care at around 83 years now.

With the Government having now announced plans to let leaseholders extend by 999 years, we were told to leave it well alone as there wouldn't be refunds when it came in...

We've sold and nobody questioned the lease at all... selling a flat was a pain, the market for them seems to have totally disappeared, but the lease never came up in conversations after we confirmed the time left.

We offered to start the extension process for the buyers if they wanted, but of the three that offered, none of them asked for it.

Zzpplant · 27/04/2021 10:24

I agree, previous photos are so much better. Each room looks bigger, brighter and more inviting. They make it look completely different and appealing. Try looking on Pinterest for ideas to incorporate a dining area into a small living room . People will want to know they have an option to eat somewhere other than the sofa.

SwedishK · 27/04/2021 10:29

@TakeYourFinalPosition

It's possible that the mortgage lenders have changed their view, but I am sure most people would't know that and simply wouldn't even entertain the idea of buying a flat with a short lease. Especially since the rules do change every few years so who knows what it will be like in 10 years when this flat only has 85 years left. It could be why there aren't any viewings (plus the terrible pictures). If there are other options in the area I think I would avoid one with a short lease.

Original poster
danielleir · 27/04/2021 10:40

For all comments re a dining space we do actually have a table which attaches to the bookshelf on the right and can fit 4 around it. We currently use it to work and eat from. We were advised by the agents to not have this on show in the photos

I think from all the feedback we'll defo be changing agents either now or take it off for a while to make some improvements then change!!

OP posts:
burritofan · 27/04/2021 10:42

If i was going to spend any money on improving it I would get the fire and fireplace taken out.
Whaaaaaaaaaaaaaaat that would be madness.

Caspianberg · 27/04/2021 10:49

Oh you def need to re attach that dining table then and show it set up and styled as dining for 4, and as desk space to show the potential

I think the key thing now due to Covid is that even small spaces need to show how they can adapt.
Things like moving that arm chair to hallway or bedroom and styling it with lamp and small side table as a space will make a difference as if there’s two people in flat it shows there’s another room or area they can go to to read/ work/ relax whilst the other is using main living area.

That cupboard in bedroom, what is it? Does it contain boiler etc or is it proper storage?

JudyGemstone · 27/04/2021 10:54

@idontlikealdi

You seem to have a giant uterus on your bedroom wall...Grin

Price price price. It's always price.

My thoughts exactly about the uterus!

It’s a nice flat OP, just think flats aren’t selling well anywhere at the moment. No reason you can’t get a puppy with a garden like that though, not necessary to put life on hold forever.

Ariela · 27/04/2021 11:05

@danielleir

For all comments re a dining space we do actually have a table which attaches to the bookshelf on the right and can fit 4 around it. We currently use it to work and eat from. We were advised by the agents to not have this on show in the photos

I think from all the feedback we'll defo be changing agents either now or take it off for a while to make some improvements then change!!

Can you have this set up as a dinner for 4 table in a separate photo?
jayritchie · 27/04/2021 11:10

Hi OP

My thoughts - and I roughly know the area your flat is in and have been looking for a one bed in the North London ish area (and they are going for crazy prices in zone 4 and 5 right now):

  • I couldn't understand the garden from looking at the pictures. Wasnt clear if it was shared, or had problems with access. General experience - if it isn't clear in the agents blurb its won't be good news when you view...
  • parking would really bother me. The move to more days working from home should really open up the market but i would still need to park and be able to travel.
Doomsdayiscoming · 27/04/2021 11:33

What did you buy it for? And when.

Doomsdayiscoming · 27/04/2021 11:37

@Doomsdayiscoming

What did you buy it for? And when.
Ah, £217k, 2.5 years ago.

Hindsight is a wonderful thing, but sadly I think you overpaid.

I’d take the loss and move on. You are super young, and presumably in a decent financial position.

RichardMarxisinnocent · 27/04/2021 12:31

@FAQs

People asking why a 95 year lease is an issue, each year below 95 will reduce the price, even more so when the competition flats have either new or 150 year leases.

Within 5 years it’s less valuable to sell.

Honestly 95 years left on a lease is fine. My flat had 89 years left when I bought it, it started with 99 when it was new. I renewed when it was at 84 years left (started the process at 85). The legal fees cost more than the actual lease extension. Yes the flat will lose a bit of value as the lease shortens, but not generally a huge amount until it gets to under 80 years. Once under 80 years it's a lot more expensive to extend the lease and extending increases the value by quite a bit. My extension probably increased the value by a bit, but not hugely. It does mean that I don't have to worry about it getting below 80 years and costing a fortune to extend, and being very difficult to sell due to a short lease.
minuetpiece · 27/04/2021 12:41

Invest a little bit and get a gardener in to totally hack back the garden and make it look appealing and not neglected. Paint the bedroom wall white. The bedroom photo looks like you'd have to be stick thin to get past the end of the bed? Do you have to climb over?

RichardMarxisinnocent · 27/04/2021 12:43

[quote SwedishK]@smallgoon

It is actually a problem. It's harder to get a mortgage on properties with less than 90 years lease, so the likelihood is that whoever is buying this flat will have even bigger problems selling it. Once it's below 70 years, you have very few, if any, options and you will then need to find a cash buyer. You can apply to extend the lease but it costs money.[/quote]
I got my initial mortgage and my remortgage while the lease in my flat was less than 90 years. My solicitor and sites like moneysaving expert warned not to let it drop below 80 years as it costs a lot more to extend, and much more difficult to get a mortgage, but below 90 (but above 82 to allow for having to own it for 2 years before you can extend) was fine.

minuetpiece · 27/04/2021 12:46

I've looked several times and cant work out which bit of the garden is yours on the arial shot. The description doesn't say its your garden and not shared. The gar
den should look like another room to entertain in, IMO.

RichardMarxisinnocent · 27/04/2021 13:02

[quote SwedishK]@TakeYourFinalPosition

It's possible that the mortgage lenders have changed their view, but I am sure most people would't know that and simply wouldn't even entertain the idea of buying a flat with a short lease. Especially since the rules do change every few years so who knows what it will be like in 10 years when this flat only has 85 years left. It could be why there aren't any viewings (plus the terrible pictures). If there are other options in the area I think I would avoid one with a short lease.[/quote]
But mortgage lenders haven't changed their view. I started flat hunting over 8 years ago and it was the case then that less than 80 years was very problematic for getting a mortgage, less than 82 or 83 could be tricky (but you could get the vendor to start the lease extension process which you then continue so you don't have to wait the 2 years of ownership). I know there are issues around leasehold homes, ever increasing ground rents, ridiculous service charges etc, but some of the info about "short" leases and extending leases being given here is just plain wrong.

Iusedtoliveinsanfrancisco · 27/04/2021 13:04

Garden/ flat ratio is off. Maybe you could sell the back part of the garden to adjoining house? We did something similar

INeedNewShoes · 27/04/2021 13:27

The two different sets of photos are a real eye opener into how a skilled photographer can make or break a listing. The difference is staggering!

minuetpiece · 27/04/2021 13:39

The first set of photos on initial listing were much better. Not fantastic but the second listing is very poor and lazy.

Stonecrop · 27/04/2021 13:55

Do a Rightmove search for it and check if the agent has put the criteria on correctly e.g if it is showing up as having a garden?

helpmemakeit · 27/04/2021 14:24

Not being rude but it looks tatty.

minuetpiece · 27/04/2021 14:28

I thought that about the carpets and living room curtains on one of the sets of photos