Anyone else selling a leasehold flat at the moment?

[Heebiejeeby]

And fancies a bit of a support thread? All I read everywhere is that the market is going crazy and property is selling for thousands more than asking price within a day of being listed. All I can say is not if you're in a London flat with no garden it's not. We finally accepted an offer of approximately 30k less than we bought the place for in 2016 (we are moving into rented and selling to FTB so no chain). This was at the end of April and the homebuyers survey is not even taking place til next week. Our solicitors seem to be fairly competent but the freeholders are an absolute PITA and take ages to respond to everything. Ground rent is basically nothing (peppercorn) but service charge has been high the last couple of years due to external building works that needed doing (now all complete). Absolutely terrified buyers will pull out. I know I need to just accept what will be will be but I will be devastated. We are so fed up of being here now. 500sq feet with our 4 year old and we've not been able to have another baby due to lack of space.

We definitely can't rent it out either if it all goes pear shaped, haven't got nearly enough equity for a BTL mortgage- still got 260k on the mortgage. We bought it for 345k, selling for 315

We are having problems selling our flat. We rented it out for a year but actually not getting much money at the end because of agents fees and everything else that comes with it so are selling. Ours is leasehold but it's got 100 years on it.
Our flat is very unique, in fact it's huge and we actually downsized but gained an extra room in our house.
We thought it would go quick but it's been over a month. Now getting worried as the tenant will move out soon leaving us with two mortgages to pay and I'm not in work.

Ours is a long lease too - 160 years. Flats are just not going at the moment. We can't even rent ours out as not enough equity. We do have savings and could pay off the chunk of the mortgage required to get us enough equity for a BTL mortgage, but I feel very nervous about doing that.

Is that a 2 bed flat as you mentioned you had a 4yr old? 500 sq feet is small for a 2 bed. Sorry, I know that's not helpful - I'm in a one bed which measures almost 600sq feet and I still find it a little tight.

I'm sorry you'll be selling at a loss. Seems that you deffo bought at the top of the market. Which part of London are you in, North, West etc

We do have savings and could pay off the chunk of the mortgage required to get us enough equity for a BTL mortgage, but I feel very nervous about doing that.

If it's worth less than you paid for it 5yrs ago, I prob wouldn't pour any more money into it. Are you sure you can't get an interest only type BTL or you do need to have a minimum LTV to do this?

Yes that's right, it's a two bedroom. Bathroom and kitchen are both very teeny.

No we definitely couldn't get a BTL, we don't have enough LTV, especially now it has dropped in value.

I just have to hope and pray the sale goes through.