How To Sell A Flat In The UK | The HIDDEN Costs
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- čas přidán 5. 06. 2024
- Selling a flat in England is NOTHING like selling a freehold house, I share the exact process involved, the costs you can expect and how it almost cost me £15,000 to sell my leasehold flat. If you have any questions, please leave me a comment below!
Other Videos on Leasehold:
The pros and cons of buying a flat in the UK: • The Pros and Cons of B...
Why I would never buy leasehold again: • Why I Would Never Buy ...
Facebook group I mentioned: / 786983251448976
Leasehold extension calculator mentioned here: www.lease-advice.org/calculator/
00:00 Intro
00:49 Finding a solicitor
02:10 Initial paperwork
02:36 LPE1 Form & Cost
04:58 Lease clauses & indemnity policies
06:32 Ground rent over £250
09:43 Deed of variation costs
12:23 Indemnity policy & other routes
13:48 Lease extension
15:03 Selling a flat with cladding
16:38 Retention fees
#leasehold #leaseholdscandal #propertyforsale
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Superb video & i hope young people think very hard on leaseholds, i like control so i bought freehold as didnt want that mess but from what you describe its actually 10 times worse than i thought! Ouch
Thank you so much, and I'm very glad you made the right decision to avoid leaseholds!!
Wow. Very informative. I wasn't expecting to be so many additional problems.
Glad it was helpful, yes, it’s a total minefield!
Thank you for this. I've bought a flat in Sherford Plymouth and I'm already concerned about the potential selling process. So this has come at a good time 👍🏼
You're welcome, and hello from Plymouth! Best to be aware of the situation before you come to it, hope everything goes smoothly for you when it comes to selling :)
Estate agents will and do tell you. They want the sale to go through and deal with this all the time. Sometimes they know more than solicitors, e.g. regarding indemnity policies. The problem is solicitors bringing issues like DoV at the last minute, or if they disagree if it is needed at all.
Just bought a retirement flat lease. The guy selling had to drop the price £55k over 1 year cos it wasn't moving, and he still had to pay all the charges (it was his deceased father's). What I noted in my searches for a home was the large number of properties up for sale with less than 80 years on their leases. Yes they were priced on the low side, but no info available on approx cost of lease extensions. A MINEFIELD
Oh wow, sounds like you got a good deal but must have been an absolute nightmare his side. I have been watching the property market over the last 4 months and flats are virtually not shifting this climate, I also noted about no info being on any of the listings about ground rent, lease terms, terrible if you have no prior education about leases
I helped a former girlfriend sell her flat and the freeholder suddenly decided to carry out thousands of pounds worth of maintenance work to areas around her flat prior to the sale going through. She was charged for this. I would never buy a leasehold property. It is totally unregulated and you are at the whim of the freeholder and management company to charge whatever they like, when they like and you have no choice of contractors and the level of work they do. It's basically a money making scam and the leaseholder is the victim.....
That sounds awful, freeholders hate people selling and make it as difficult as possible to leave. Uncapped, unregulated, 100% a scam. Thanks for your comment!
Thanks for the video. I have now received a ground rent review letter from my freeholder - wish me luck! 😕
Ahh I’m keeping my fingers crossed for you! Plus, let’s hope there is positive news for leaseholders on the kings speech on Tuesday 🤞🏻
Thank you for this video. I've been thinking about whether I should buy a flat. I'll avoid leaseholds.
You’re very welcome, and I’m glad I could help!
840 GBP for an enquiry, to a boomer who traded the land for 3 pound and a bag of chips in the 80's. It's such a scam.
100%
Bit of a mare, I'm going to be going through this shortly too. Appreciate the info tho. Thank you
No worries, good luck with your sale and hopefully it will be more plain sailing than mine :)
Can you please make a video how much did you spend to run one bed flat? Bills, insurance , ground rent serv charge etc?😊
Yes, thanks for the suggestion I will be working on that this week so keep your eyes peeled for that :)
I am in process of Buying a flat in Zone 5 Sidcup. It's ground rent is £250 per year and service charge £2200 per year and 115 year lease left.
As a buyer do I get an LPE 1 pack and is it through my solicitor ? In London houses are £500k plus and flats are £350k. Buying a house is too expensive and so thinking about buying a flat as the rental rates are increasing. Which area does the £250 per year ground rent rule applies as the property is in Sidcup , Kent.
Yes, you will receive the LPE1 form pack through the solicitor, they will share all the info with you for this, if in doubt, I would just ask the solicitor if it's been received yet. Yes, houses are so unaffordable in London, £250 ground rent issues is anywhere outside of London, and £1,000 within central London area. I'm not familiar with Peabody, but I'd recommend joining the following group on Facebook and searching the name in the group as someone in there is bound to have had experience with them; facebook.com/groups/786983251448976
Most solicitors in this country when it comes to conveyancing are absolute crap. Leasehold sector full of criminals. My property also had cladding issies although I got around this by selling to a cash buyer who was a BTL for realistically 15% less than it was worth.
Deed of variation cost £13,198.
Yes completely agree with you there. Very glad you managed to get out of the system with a cash buyer even though it was below value, DOV costs are disgusting, absolutely criminal
How is Peabody management company ?
and how about freehold apartment it is have same problems ?
I don't know from my experience, but a share of freehold is definitely better. However, you can still encounter issues when it comes to selling/organising maintenance with the rest of the leaseholders etc
I'm a share of freeholder and director of our block of flats. We have a managing agent but we don't have to have one. I would like to complete the LP E1 form myself. I have a copy of the lease. I can request a copy of who is up to date with managing agents fees within the block. I have a docment with the percentage I pay for the reserve fund for major works.
A massive saving if you can do it yourself!
😮
When i checked solicitor fees for selling leasehold they are mostly around 1500-1800.do you think this is inaccurate
Yes that sounds about right, I paid around £1500 and I’m in the South West
You sound very angry and don’t balm u , they are scam bags, well done
Yes, still so angry about the system! Although after I filmed this I heard that my retention fee is being returned to me, so officially free from leasehold now!
They are utter. Scum bags. Cost me around 7 to 8 grand to sell my flat. Estates and management was my freeholder and first port was property management company. The had a disgusting amount of hidden fees and BS to pay for regarding all the silly unreasonable clauses in the lease. I've commented on every one of these videos she's done. I can't stress enough don't ever ever everrrrer buy a flat. You are just used as a cash cow.
@@NicoleSage All these exrtra costs should have been mentioned in your "Pros and Cons of buying a Flat" but it would have been double the length. So NOW I hope you think buying a house (freehold) is a PRO ‼️‼️
@@joline2730 yes, way too much for one video but so important to mention in a separate video. Buying a freehold house was a dream compared!
" they are scam bags"
I'm assuming that you meant to say scum bags. However, I have to say that I MUCH prefer your spellling of the phrase. Scam bags? Hmm, I think that phrase could be used for so many things these days, I think I may have to borrow that phrase off you! Cheers!
The flat owners who wants to sell ,they will hate
Management companies make it very difficult
You walk in to a solicitors and 90% of what he talks about gos way over a novices head and the letters cost you an arm and a leg all thay say is so and so is interested in your place bla bla bla and there's the bill ouch
This is very true, sometimes the love of a property takes over and you want it to go through regardless.
@@NicoleSage thank you for your comments I watch a you tube video about Warren buffet.. one of the things he said not to do was buy a home or a new car as the car loses money the minute you drive if off the forecourt. He said least one or get one second hand .
as for the house your tied up with your repayments on your loan and you don't have any control over it as your bank can do as thay please and work just with in the law.
when I did own a place before I sold up I had a £23.000 loan I think the flat cost £24.000 .
that's going back 31 years ago if I hadn't sold up I would have been mortgage free .
The intrest on that loan was 9.5% fixed for 3 years I had mates at work who where trying to hold on to there places who where paying up to 13% intrest on there mortgages .
scary times and the factory's where I come from where suddenly going to the wall as well.
when you think you just signed a contract for 25 years suddenly your jobs on the line so is your home .
miss a payment or two and you would end up getting into trouble with your bank if you where not careful because your job was suddenly on the line
I was blessed enough to meet
my wife to be and sold up and we now rent a place and are happy with where we live .
I did the mortgage for 9 years sold it of £40,000 back in good old days
I paid back bank there loan cleared the solicitors fees and got married i paid
for the wedding honeymoon and had a nice time a way.
moved as well from home town and started a new life with someone I care for.
to me it was never about money when I took on that flat on all them years ago it was about being independent and standing on ones own to feet .
oh I have googled what that place is worth 30+ years later it was last up for sale with a asking price of £140.000
When I saw the phots I thought all thay have done was give it a link of paint flipped the kitchen around paved the garden and put some double glazing windows in and a new bathroom suite oh it still has the same bloody front door as well
Take care and be blessed in your life may your channel grow in letting people know that what the housing markets really about its one giant ponzi scheme
Leasholds are a nightmare under 80 years no body want low leaseholds
Yes, completely agree, avoid like the plague
Welcome to the world of leasehold aka scamhold.
Spot on
What a nightmare! UK leasehold is such a scam!
100%
Indemnity policy was the greatest moment of your life? Really
Considering I might not have been able to move/cost me thousands of pounds to extricate myself, it's definitely one of the best moments of relief for me
@@NicoleSage I was being facetious. Apologies.