Flat not selling

[Bellabella82]

We’ve had our 2-bedroom shared ownership flat in London on the market for about 5 months now. There’s been a fair bit of interest and quite a few viewings, but unfortunately no serious progress. We did have one offer early on, but it fell through when the buyer didn’t pass the leaseholder’s financial assessment.
One of the challenges we’re facing is the service charge – it’s £340 a month, which feels steep given what’s on offer. There’s no concierge, gym, or any of the usual extras. The only real shared facility is a large communal garden, which islovely and well-used by residents, but we’re not sure if buyers are put off by the costs versus what they’re getting.
We’re really keen to sell, as we’re a family of four – with a 1-year-old and an 8-year-old – and space is getting very tight. We’re desperate to upsize, but we feel quite stuck at the moment.
Has anyone else had experience selling a shared ownership property in a similar situation? Is there anything we can do to make it more attractive or to speed up the process?
Any advice would be so appreciated!

Sorry, no advice except to say it looks lovely. However my eye was drawn towards that very cute rocking horse 😍

It’s 12 minutes walk from Colindale station. Similar properties are going for more than ours in our development so the price is not far higher or lower than others.

Thank you! If only looks alone or the rocking horse could sell it quickly lol

Similar properties are going for more than ours in our development so the price is not far higher or lower than others

what are the selling for though?

That’s a good point. The garden looks far better in real life and the photos do it no justice. It’s a very good sized communal space. Thank you this is worth mentioning if we updated the photos.

Around the £390,000 mark.

This is a very good point about the property being SO, as it should be made very clear. Will follow this up too! Thank you!

If I was looking at that online nothing about the ad would tell me it was shared ownership. As soon as I called estate agent & found that out I would be put off.

What % does £350k buy?

I agree, I don’t see anything about shared ownership on the listing. At face value it seems like a reasonably priced flat but what proportion is that buying me??
the photos aren’t exactly selling the communal gardens that you’re paying a lot of money for either.

It’s such a tricky time now for people trying to sell flats. That £4.2K service charge would deter me (the average for similar properties in that part of London is £2.3K) as would the short lease but you can pay to extend this.

As others have mentioned, no mention of shared ownership on website would put me off. It's very misleading to not have this on the listing. I would also want to know what percentage I would own.

The service charge is the equivalent of what you would pay in interest and capital repayments if the flat cost at least an additional £75,000.

As someone else mentioned - it's always the price.

I don't think that's just London specific though. Where I am (NE), the best homes have tiny yards.

I think you need to get better photos, but before that, you need to make better use of the space. It looks like a flat that is significantly too small for the family that lives in it.

The kitchen/ dining room/ office/ sitting room in particular needs a revamp, but the bedrooms do too.

You seem to have furniture end to end against all the walls, with a big empty space in the middle of the living area. You need to demarcate different areas and get rid of the excess furniture along the walls.
You should move your table and chairs to where there's a natural spot to put a kitchen island - perpendicular to the fridge, basically.
Take the papers/ artwork off the fridge.

You need to take the endless furniture currently parked against the walls (various trunks/ cabinets, etc) and put it all somewhere else for the photo session.
Get a nice rug for the sitting area.

Take out all but one chest of drawers and beds from the bedrooms for the purposes of photos.
Are the kitchen cabinets all different colours of beige/ gray or is it a trick of poor lighting?

The patio looks bleak and unloved. There appears to be a mat draped over the railing. At least put some potted plants out there to male it look as if it is used.
Is the patch of parched grass the communal garden?

I don’t think that SC is abnormal for London despite what pp said
i just think flats are selling slower at the mo in London as they aren’t generally increasing in price. No experience of SO but maybe that impacts too

The SC does seem high considering it's not central London.

Does it include anything that saves people money like communal heating bills or water bills, for example?

The garden does not look inviting in the photos. I know most gardens are looking a bit scorched at the moment but that garden doesn't look like somewhere people would sit out in so better photos would be worthwhile. Seeing as the service charge does include maintenance of the communal gardens.

You actually have private outside space - a large patio - but haven’t made much of it. Would stage and get a better photo. Likewise communal garden - even an aerial shot would be better. Any chance of moving the giant Hot Wheels track (?) out of the kids’ room for the photo there?

Other than that - it’s price.

It's a great flat with an amazing patio. You need to show this. Have a picture with the patio doors open and table and chairs outside. Dress it up a bit ...

There no mention on how much % the shared ownership is nor the cost of the rent.

do you know if it’s coming up under the shared ownership tab on websites? Is it listed with the shared ownership scheme as well?

mathanxiety I was going to say the same thing- mismatched furniture - table and chairs in the wrong places, kids bedroom doesn’t make sense and if anything looks smaller than it should - balcony under used - no kids play area or table and chairs, does not give city living vibes - main bedroom doesn’t not scream luxury!

You need to show off how great the flat is and it looks like a dumping ground -

As others have said, the advert needs to make the SO element very clear.

The garden looks awful. If you say it's actually much better than that, then get the photos redone.

Buy some lovely pots for your patio, and put a brightly painted bistro style table and chairs out there so it looks like somewhere that's nice to sit out.

The SC. Is huge though given you get almost nothing for it

Ppl who are saying £4400 SC is normal are probably not paying their own SC, council tax and never had to draw 4.5% interest rate mortgage with current flat prices.
No garden is worth paying £370 monthly on top of my mortgage, it's a scam, and 4400 can easily rise to 5500 in a couple of years as there's no regulations about that. It's already too high, meaning managing company has a good appetite for it.
I would not consider a flat with SC above 2500 and I am in London.

Is what you call a lovely communal garden that gets used a lot by residents that charred piece of grass that is right outside your patio? If anything, that would put me off. The patio is already completely bare, but if people are out on that piece of grass hanging out a lot that would make it even more of a drawback. There is no privacy at all on that patio but you could put some garden sofas, a table, an umbrella, plats etc to make it look like a usable space with at least a bit of privacy.

Agree about the photo of the patio- a seating area would make it look much more inviting. It looks big on the floor plan so could be a draw for someone wanting outside space.

I also agree about the patio @Bellabella82

Even if you don’t actually use it ( because it doesn’t look very private overlooking the communal garden) you should at least dress it as though you do use it for the purpose of selling your flat.

A nice seating area would be a good idea out there. Also pots of flowers, you can take them with you when you move.

Is it an "American first floor", or a UK first floor? Because if it is a UK first floor, then how is the patio private for your flat? Also wondering as you have laminate flooring, which I didn't think you could have unless you are on a ground floor.

I'd definitely need to know what % of the property I was getting for my money, and how much more I'd be spending on the rent for the remaining %. This needs to be very clear on the listing.

I would also like a couple more photos of the communal garden, and information on how you get from the underground car park to the flat.

As theres only one allocated parking space, are there other "free for all" spaces in the car park if you are a two-car family, or is it street parking?

I couldn't open the video.