Sell My Flat Fast UK
Looking at how to sell my flat fast, the costs involved with selling a flat, and how we can help you sell in as little as 28 days.
Alexandra Ventress ★ Digital Content Writer
Table of Contents
When it comes to selling a flat, there are plenty of aspects you will need to consider, especially if you are seeking a speedy sale. From the management packs to the viewings, choosing an estate agent, and negotiations, it can be easy to feel overwhelmed. Especially if you are concerned about the desirability of your flat.
If you are currently saying to yourself, ‘I want to sell my flat, but I’m unsure how to go about it’, then you have come to the right place. In this blog post we will be looking at how to sell your flat fast, the costs you can incur, and how we can help you sell my flat online.
Looking for a quick answer? Check out our interactive menu to the right!
Are flats falling in value?
Every flat is different and some may continue to rise in value whilst others may fall. However, as a general rule of thumb, flats do appear to be declining in value. This can be put down to a variety of factors, such as rising interest rates, economic uncertainty, and changes in buyer preferences influenced by external factors like the COVID-19 pandemic. The surge in interest rates has made mortgages more expensive, particularly affecting first-time buyers who are a significant market for flats. Additionally, problems with supply and demand, recent market trends, and the end of the stamp duty holiday have further contributed to the challenges in the flat market..
Are 1 bed flats easy to sell?
Exactly how easy it is to sell a one-bedroom will depend upon a variety of factors, such as location, market demand, and the condition of the property. As with any selling opportunity, there are advantages and disadvantages to selling your one bedroom flat.
One of the main advantages of selling a one bedroom flat is that they are attractive to specific buyers like property investors or first-time buyers, and can contribute to the marketability of one-bedroom flats. In desirable locations, they may be particularly appealing.
However, there are also disadvantages such as limited space and potential challenges in selling, which should also be considered. Limited space may make it less suitable for individuals or couples looking for a long-term residence, especially if they plan to start a family.
Additionally, the fact that one-bedroom flats can be harder to sell than two-bedroom flats due to their limited space is highlighted as a disadvantage. The limited ownership associated with leasehold properties could also impact the attractiveness to buyers.
All in all, while one-bedroom flats have advantages that make them appealing to specific buyer profiles, the potential challenges, such as limited space and potential difficulty in selling, suggest that it may not be universally easy to sell one-bedroom flats. The ease of selling will vary depending on the local property market, property conditions, and buyer preferences.
What paperwork will be required to sell my flat?
When it comes to putting your flat on the market, you will need to complete and compile a variety of documents. These include:
- The Leasehold Information Form (TA7)
- The Property Information Form (TA6)
- Name and address of the freeholder or landlord
- A copy of the lease
- Details of payments you may have made during your ownership e.g ground rent and service charges
- Details of any attempts that may have taken place to purchase the freehold of the property
- Any correspondence that may have taken place between yourself and the managing agent or freeholder
What is a flat with a short lease?
A flat is classed as having a short lease if it has anything less than 80 years left on the lease. If you have a flat with a short lease, there is no need to panic. It is not necessarily an issue and many short lease flats are both bought and sold on the open market.
Sell flat with a short lease
If you find that you own a flat with a short lease, then you will need to consider your next steps carefully. A short lease does have the ability to affect a buyer’s manageability and can potentially jeopardise the sale.
You may wish to extend the lease to avoid selling to a cash buyer. Exactly how much this will cost you will depend on how many years are left on the lease.
Other factors which may affect how much it will cost to extend the lease on your flat before a sale include:
- Any improvements you may have made to the flat interior
- How much ground rent is payable
- The market value of your flat
Whilst you may not wish to extend the lease on your flat if you are planning to sell, doing so may be within your best interests. Flats with a lease under 99 years are not always viewed as desirable as those with longer leases. If you extend the lease before moving, then you will make your flat a lot more desirable and may be able to increase the property value further. Talk to your estate agent first, as they will be able to give you a valuation of the property as it currently is, and how much it could be with a lease extension.
Typical costs when selling flat in the UK
You may find that you will encounter many of the same costs when you are selling your flat that you would if you were selling your house. However, depending on your property, there may be a few extra charges that crop up when selling a flat. Below, we take a closer look at what you may have to expect:
If you are selling a leasehold flat, then you should expect to receive additional charges from your conveyancing solicitor. This is due to the complex nature of leasehold properties which can often result in extra work for your solicitor.
Another two charges you will need to get familiar with are ground and service charges. These will both be payable until the day of completion. Even if you have sold your flat and exchanged the contract, you will still be required to pay until completion day.
When the time comes to sell your flat, you will be required to provide a management pack. This pack is a collection of documents that you can obtain from the freeholder or managing agent. It costs between £100-£500 and includes:
- Major works plans
- Ground rent statement
- Service charge statement
- Asbestos survey
- Buildings insurance
- Notice fees, Deed of covenant fees, and other freeholder fees
- Disputes and Enfranchisement
- Annual accounts for Management Company for the last 3 years
- Form EWS1 External Wall Fire Review
When you sell flat, the buyer will be required to sign a deed of Covenant to agree to comply with the terms of the lease.
Finally, another fee you may be liable to pay is a retention fee. As the exact sum of service charges may not be currently known when you are selling, you may find that your conveyancer will ask for a certain amount that they will “retain” until the outstanding charges are made known.
Or, if you don’t fancy forking out for solicitors fees, you can sell through The Property Selling Company, which will cover all legal fees for you! Want to find out more? Click the button below!
I want to sell my flat, what do I need to consider?
If you need to sell a flat, then there are plenty of factors you will need to consider. From the local property market to the age and condition of your flat, there are plenty of factors at play when you trying to achieve a quick flat sale. Below we take a closer look at some of the factors you will need to consider when selling a property on the open market:
One of the most important factors you will need to consider when putting your flat on the market is to look at its age and condition. This is because it has a direct correlation with the price you will be able to achieve. Chances are, a newer, well looked after flat will sell for a lot more than an older flat in a state of disrepair.
Another vital factor when selling your home on the open market is the asking price. This will determine how many offers you will get and will dictate the success of your sale. Price it too high, and you risk not receiving any offers and being stuck on the market for months before eventually reducing the price. Or on the other hand, you can price it too low and end up either scaring buyers away as they wonder what may be wrong with your flat or selling it for far less than it’s worth and cheating yourself out of profit.
Knowing what is happening within both the local and wider property market can give you an idea of how long you may be on the market for. It can also give you an idea of how much you can price your own property for. Look at similar flats that have sold recently in your area and check out historic sale data on Rightmove.
You should also look at the wider market, looking to see whether it is currently a buyer or a seller’s market. This will give you an idea about whether you will need to price your flat competitively or not.
The location of your flat is another key aspect you shouldn’t ignore when it comes to selling your flat quickly. Should you own a city centre flat, then you will more likely achieve a higher asking price than those in more suburban areas. You should look carefully at the amenities that are local to you. Are you within walking distance from public transport links? Are you a short walk away from a shopping centre or leisure centre? Think about what your flat has to offer potential buyers and factor this into your asking price.
Different ways to sell flat
If you are looking to sell your flat fast, then you will have multiple options to explore. The most common way that sellers look to sell a house or flat is to sell through either a property auction, cash buyer, or an estate agent. Each of these selling avenues comes with its own pros and cons, which we will look at in closer detail below:
If you are looking to sell your flat quickly, then a route you may have looked into is selling through a property auction. A property auction works by selling to a group of bidders rather than on the open market. You will set a minimum reserve price that will need to be met in order to sell your flat, and from there, potential buyers will bid on the property until they meet the minimum reserve price. From there, the highest bid will win, raising your total profit.
Property auctions are a popular option for those with a flat they are looking to sell as property auctions tend to attract serious buyers. This is because once the gavel falls on a lot, the winning bid becomes legally binding and the buyer cannot pull out without facing serious financial consequences.
Another reason why flat sellers may choose a property auction is that property auctions often attract investors who are looking for their next opportunity.
However, if you are looking for a fast sale, then a property auction may not be for you. This is because selling via auction involves a lot of waiting which is less than ideal if you are seeking a quick sale. You will be required to wait for the next property auction before you can sell your property, which can sometimes be months away depending on the popularity of the auction. Then once you have found a buyer, you will need to wait for the paperwork to be signed and completed, which can also take time.
Furthermore, selling your flat through auction is not without cost. In exchange for the marketing and selling of your flat, the auction house will require a commission which will come out of your final profit.
One route you may wish to explore when it comes to selling your property is to sell through a cash house buyer. A cash house buyer will be able to give you a cash offer and purchase your property in as little as 7 days, without the need for a loan or a mortgage. Because they have the cash funds ready and available, a genuine cash buyer will be able to purchase your flat as soon as you are ready to sell.
One of the downsides to selling with a cash buyer however is that you will not receive 100% market value for your property. In return for the quick sale and security they offer, cash house buyers will buy your house for less than it is worth. Most cash buyers will offer between 90%-80% below market value, however others will go further.
Furthermore, it is important to ensure you are selling with a reliable and reputable company. The cash buying business is unregulated, which means there are no rules and no regulations that they are required to follow. Because of this, some cash-buying companies are able to get away with dodgy practices. Whilst the business is unregulated, there are boards that cash buying companies can join to help reassure customers that they do partake in unethical business practices. Boards such as The National Association of Property Buyers and The Property Ombudsman are both there to provide customers with peace of mind about who they are selling their flats to.
If you do decide to sell with a cash buyer, ensure they are members of The Property Ombudsman or The National Association of Property Buyers, make sure to check a variety of reviews across several different platforms, and stay clear of companies who claim to offer “100%” market value.
Another way to sell your flat fast is through an estate agent. An estate agent is one of the most popular avenues for selling, as they will undertake all of the heavy lifting and legwork in your sale, from marketing to viewings, creating floorplans, and negotiations in return for a percentage of the final sale price.
One of the reasons why selling a flat through an estate agent is so popular is because it is an estate agent’s job to sell property. They know the local and wider market, what potential buyers are looking for, and how to paint a property in the best possible light. They are professionals who live breathe, and eat property.
Furthermore, an estate agent is there to take the stress out of your property sale. They are there to take the weight off of you to ensure that the sale goes as smoothly as possible.
Popular areas we can sell flats quickly
As an online estate agency with a difference, we can sell your flat in as little as 28 days. We are interested in areas all over the UK, however, these are some of the areas where we get a lot of inquiries from:
However, if you do not see your area above, don’t worry. We can help you sell wherever you are across England and Wales.
Are flats harder to sell?
It’s no secret that selling a flat or home is not always the easiest task. But it doesn’t need to be that way. Here at The Property Selling Company, we believe that selling a flat should be three things: fast, effortless, and free.
We have made it our mission to change the way that you feel about selling your property. Thanks to our personal philosophy, we offer a full online estate agency service but without the fees and the hassle, you can typically get from putting your flat on the market. Say goodbye to the days of expensive legal and estate agent fees, as we cover them for you. It’s just one of the ways that we take the stress out of selling.
Our tailored service means that our dedicated team of property professionals is by your side throughout the flat selling process, offering you support even after you have sold. We will advertise your property on Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals for free.
We are making the challenges of selling your flat a thing of the past. Over the years, we have built a seamless process to provide you with an excellent service and sell for free.
Benefits of our sell my flat quickly service
I want to sell my flat quickly.
Fantastic, but how should you go about it?
Although we may be a little bit biased, we believe we are the best choice for selling your flat quickly. We are an estate agency with a difference. Besides being able to sell your flat in as little as 28 days, we think that there are many other benefits of using our service, such as:
- Customer service – Our wonderful team of property professionals who are by your side throughout the selling process.
- Our fee-free service – Say goodbye to legal bills and estate agent fees, we cover them all for you!
- Advertisement – We will advertise your property on Rightmove and Zoopla, sites used by 98% of buyers.
- Stress-free process – We take the stress out of selling, with our streamlined and direct service.
How can I sell my flat fast?
If you are looking to sell my flat fast, the good news is it has never been easier. All you need to do is to fill in your details in the box below to start your inquiry. One of our property experts will be in touch to find out more about your property and from there we can agree on a price and we will take the rest from there! It’s that easy!
So if you are ready to get your flat on the market and sell in as little as 28 days, fill out one of our free no-obligation forms today!