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

[d000hg]

Newquay's not even that nice. And I doubt SDLT has much bearing as it only applies to residences IIRC

[DealorNoDeal]

Cornwall property market seems to be going a bit nuts.

https://www.bbc.co.uk/news/business-56734468

Has news spread about where AtW lives?

"Birmingham city centre is the worst place for sellers"

[courtg9000]

I know if you have an AST you have to keep the tenant, I couldn't recall if a rolling tenancy allowed transfer or a new contract must be signed.

Rolling continues.
New Landlord must issue S21 if they want the tenant out after completion.

[d000hg]

You can sell with the tenat in situ. Then when the tenant moves on/is given notice the buyer will have unfettered access.

You can make a big thing of the added value of him completing his monopoly set and if he wants to pay you well over the odds for it then would be daft not to bite his hand off busy or otherwise IMO

I know if you have an AST you have to keep the tenant, I couldn't recall if a rolling tenancy allowed transfer or a new contract must be signed.

[MrC]

We have a tenant in so I think next year is where it's at and we're probably too busy with other ventures right now

You can sell with the tenat in situ. Then when the tenant moves on/is given notice the buyer will have unfettered access.

You can make a big thing of the added value of him completing his monopoly set and if he wants to pay you well over the odds for it then would be daft not to bite his hand off busy or otherwise IMO

[d000hg]

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.

Holiday lets are a fortune (I think we were estimated a grand a week for a small flat) BUT a lot of expense to run if you're not local. We looked into this and after cleaning and management I think the revenue wasn't much more than BTL, and someone else takes half the dosh. Some of them even charge you if you want to use it yourself!

We have a tenant in so I think next year is where it's at and we're probably too busy with other ventures right now

[courtg9000]

You don't need an estate agent for the sale. You will probably spend an hour two of your own time chasing solicitors or conveyancers than you might if you used an agent but probably worth the saving in this case.
Generally speaking I personally recommend using solicitors as opposed to conveyancing firms. Might cost a few notes more but they are more often than not better and can sort out any unforseen more easily too.

[Paralytic]

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.

[DealorNoDeal]

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.

[AtW]

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!!!

[vetran]

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.

[DealorNoDeal]

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.

[d000hg]

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

[Whorty]

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.

[vetran]

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.