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Selling a flat to someone who owns the building... any point using an agent?

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    Selling a flat to someone who owns the building... any point using an agent?

    We bought a flat in a converted house in Cornwall about 4 years ago as a holiday let-cum-holiday home but it's ended up as a regular BTL and realistically it's very far away as a plain investment.

    There's 4 flats and at the time there were 4 different owners, however the owner of one flat has since bought the other two and is keen to acquire the whole building in order to redevelop, which definitely makes sense.

    Since they already know the building and its history intimately, I'm wondering how much can be trimmed away in terms of estate agents, etc. Is it feasible to do your own conveyancing without major risk if the buyer is happy?
    Annoyingly we're still early in our current mortgage and there is a repayment penalty, but AFAIK that's just the risk you take and can't be avoided, we aren't looking to buy anywhere else and port the mortgage.

    Anyone done anything similar?
    Originally posted by MaryPoppins
    I'd still not breastfeed a nazi
    Originally posted by vetran
    Urine is quite nourishing

    #2
    Have they made you an offer? Many years ago I had a flat in a converted mill containing 14 flats. One guy had two others and approached me about mine. Problem is he thinks he knows all about them and the offer was pretty low once I'd researched it. Went to open market and sold it for 10k more to a young couple that really loved it rather than the guy that just wanted a cheap investment.

    My thought would be that he will attempt to get it cheaper than it's really worth on open market. He may not have a desire to buy it like a starry eyed potential new owner. He could offer you a good price or more in an attempt to get it off you because he has greater plans of course but if I were you I'd be doing a lot of research in to what it might be worth on the open market first. Add a good percentage more as he really really needs it as well.

    Estate agents fees are next to nothing but I would be using a proper conveyancer all the way. Just too many issues to be doing it yourself. Not worth cutting the corners IMO. I say that as I did have issues selling my flat due to management company and lease issues. House hmm, maybe? A flat no chance. Properly all the way for me.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #3
      You can get a rough valuation for free. get 3 estate agents out and see if the price is right. If he doesn't believe it then get a RICS surveyor out?

      conveyancing is < £1k and worth every penny.

      "If you didn't do anything that wasn't good for you it would be a very dull life. What are you gonna do? Everything that is pleasant in life is dangerous."

      I want to see the hand of history on his collar.

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        #4
        Conveyancing and estate agents are 2 completely different things.

        I wouldn't buy or sell without a qualified conveyancer doing their bit.

        I would happily sell without an estate agent. As others have said, get one or 2 around to give you a rough guide price, then add 10% (or whatever you want) to that and tell the buyer he can have your flat for that price. He wants your flat, you can sell it for pretty much what you can get away with).

        As a similar situation, our neighbour wanted to buy some of our land. I came up with what I thought was a ridiculous number and after a little too and fro, he paid it. Our solicitors then did their bit on drawing up plans etc. I even got him to cover our legal fees as he wanted to buy, rather than us wanting to sell.
        I am what I drink, and I'm a bitter man

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          #5
          Yeah in the grand scheme of things conveyancing can be done quite cheaply and IIRC selling costs less than buying anyway(?) so it might be .25% of the property value which isn't worth the hassle.

          On valuation yes that will be interesting. I can have a pretty good idea on the open market so on the one hand he might try to squeeze it, on the other he wants to combine my flat with the one above into a maisonette. And as it has a shared courtyard, it's far less room for problems as a holiday-let having full control, rather than the chance someone could have a troublesome tenant or whatever. I had had the same idea to end up owning all 4 but he beat me to it
          Originally posted by MaryPoppins
          I'd still not breastfeed a nazi
          Originally posted by vetran
          Urine is quite nourishing

          Comment


            #6
            You could probably make a tidy sum holiday letting it this summer. From what I've heard, places in Cornwall are renting out for silly money.
            Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

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              #7
              Originally posted by DealorNoDeal View Post
              You could probably make a tidy sum holiday letting it this summer. From what I've heard, places in Cornwall are renting out for silly money.
              yep make out like its snowing and you have a garage full of sleds. Maybe tell him you will sell next year! Agree adding a few quid as it completes his investment. My ex BIL's parents bought the cottage next door to make a huge house on the village green paid a premium for next door.
              "If you didn't do anything that wasn't good for you it would be a very dull life. What are you gonna do? Everything that is pleasant in life is dangerous."

              I want to see the hand of history on his collar.

              Comment


                #8
                Originally posted by d000hg View Post
                We bought a flat in a converted house in Cornwall about 4 years ago as a holiday let-cum-holiday home but it's ended up as a regular BTL and realistically it's very far away as a plain investment.
                You dirty spekulant, repent!!!

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                  #9
                  Originally posted by d000hg View Post
                  On valuation yes that will be interesting. I can have a pretty good idea on the open market...
                  If you can, it would be worth getting a couple of estate agents to value it. Prices have gone up quite a lot in Cornwall over the past year or so, and places are shifting much faster than normal.
                  Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                  Comment


                    #10
                    Like others, I'd be bypassing the estate agent, but definitely pay a qualified person to do the conveyancing (you seem to be conflating the two).

                    I'd also be getting my own valuation(s) done (here, you could "use" estate agents), add 15-20% to the valuation and offer the investor the flat at that price - what you have is a bricks-and-mortar version of a ransom strip and its worth more to him than it is to others on the open market. I'd also be thinking about adding your early repayment fee to his costs, depending on the overall price.
                    Last edited by Paralytic; 6 April 2021, 15:00.

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