Can't sell my apartment GRRR

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Comments

  • pblakeney
    pblakeney Posts: 27,493
    coriordan wrote:
    Yes but some people insist that they want capital gain (i.e every purchase must be an investment) without considering that they are investing in their own quality of life even if the price may fall.
    Sage advice which will be missed by those who need it most.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • Anonymous
    Anonymous Posts: 79,666
    Me no more than most. Fingers crossed joining the ladder this month all going well
  • metronome
    metronome Posts: 670
    coriordan wrote:
    You are making it sound way worse than it is. You should have been more careful and not let the lease fall below 100 years.

    You don't know or understand my situation so don't tell me what I should have done. Understand that Flats / apartments in blocks built since the 60s mostly only ever began life with a 99yr lease period.
    coriordan wrote:
    As it costs a small fortune to extend the lease as it gets forever shorter (the shorter it is, the more it costs to extend), then you are doomed as the buyer or seller to extend it. You either get your asking price and you do it, or you knock the cost of the asking price and the buyer does it. Normally the former because the main issue is that banks won't issue a mortgage against a short lease.

    Correct. The point in which it becomes much more expensive is at 80 yrs because you have to pay Marriage Value on a lease extension.
    coriordan wrote:
    Finally service charges are only included in large blocks. Most small houses only have a token amount of ground rent (£500 per annum, so 45 per month)

    The flat I sold was in a block of 6 flats. 2 high x 3 long. The monthly service charge paid for gardeners, grounds maintenance, exterior electricity, exterior painting, window cleaning, sinking fund and such like.

    Regardless of block size or number of properties, a service charge is standard. I don't understand why you mention small houses.
    tick - tick - tick
  • Anonymous
    Anonymous Posts: 79,666
    So you do understand all the issues?
  • bernithebiker
    bernithebiker Posts: 4,148
    Bought our 1st 2 bedroom flat on Richmond hill, Surrey in 1992, for £75 000. Over 7 years we renovated it ourselves (hadn't been touched since 1960), scraping every penny we had, sacrificing sunny weekends sanding and filling....

    Sold it for £195 000 in 1999 and bought 3 to 4 bed house over the bridge in St.Margarets for £340 000, again mortgaging up to the hilt. And renovated that.

    Prices now in London have just gone beyond crazy. You only have to look around, outside of the UK to see that. No way I would buy there now, it's far too toppy, and sterling has gained 20% in 6 months. We recently sold a 1 bed GF flat on Richmond Hill for 480k. 6 months later the buyer has put it up for 550........

    For £200 000 you have your choice of fine, large detached houses in all sorts of lovely spots in France, Spain, Italy.

    So my advice would be to rent in London (rents are relatively cheap versus sale prices), make some money, then get the hell out, and live in comfort in the sun.
  • Anonymous
    Anonymous Posts: 79,666
    The thing is, you can't 'rent in London and make some money' as the rents aren't as cheap as you make out.

    Zone 2, you are looking at 800-1K per person per month including all bills (that was in a shared 4 bed house, so worked out a bit cheaper). No small sum - although if you were extremely diligent, it is do able.
  • bernithebiker
    bernithebiker Posts: 4,148
    coriordan wrote:
    The thing is, you can't 'rent in London and make some money' as the rents aren't as cheap as you make out.

    Zone 2, you are looking at 800-1K per person per month including all bills (that was in a shared 4 bed house, so worked out a bit cheaper). No small sum - although if you were extremely diligent, it is do able.

    Fair enough, it's not 'outright' cheap, but it's quite cheap compared to what that house is worth to sell.

    IMO if you're not earning a good wage in London, what point is there in being there? You have to really love the place if you're not earning, as you're gonna get bled dry in rent, transport, etc...
  • Anonymous
    Anonymous Posts: 79,666
    Yes, but think about what it's worth to buy!

    Move to London, start career, move up ladder. GTFO
  • mroli
    mroli Posts: 3,622
    OP - if you let that apartment - as a top tip - look to let to students who are doing the Graduate Diploma in Law or the Legal Practice Course at Trent. They have been students for 3 years already so will be experienced in living by themselves, they're doing law so (hopefully) will be well behaved (although may be a pain in the arse if they want to practice what they are learning), will often have come from other Unis and therefore not know loads of people in Nottingham (less chance of parties etc) and often have jobs for when they finish at law firms, so have money.
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  • iPete
    iPete Posts: 6,076
    coriordan wrote:
    Yes but some people insist that they want capital gain (i.e every purchase must be an investment) without considering that they are investing in their own quality of life even if the price may fall.

    I'm 'investing' in somewhere that has space for my bikes... I guess that ties in nicely with quality of life :D
  • bompington
    bompington Posts: 7,674
    Maybe the issue is that no-one in the UK is looking for an appartment - people in the UK live in flats, apartments are dodgy foreign things where unspeakable behaviour might easily occur.
  • graham.
    graham. Posts: 862
    bompington wrote:
    Maybe the issue is that no-one in the UK is looking for an appartment - people in the UK live in flats, apartments are dodgy foreign things where unspeakable behaviour might easily occur.
    Absobloodylutley. Apartments are what they have in downtown Manhattan! :evil:
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  • rick_chasey
    rick_chasey Posts: 75,660
    Graham. wrote:
    bompington wrote:
    Maybe the issue is that no-one in the UK is looking for an appartment - people in the UK live in flats, apartments are dodgy foreign things where unspeakable behaviour might easily occur.
    Absobloodylutley. Apartments are what they have in downtown Manhattan! :evil:

    No. In downtown they have cupboards in which people live.

    Apartments are for rich people who live upper east or upper west.
    _
  • kajjal
    kajjal Posts: 3,380
    The big problem is most peoples wages have dropped alot in real terms unless you are a high earner. In the meantime the cost of living has shot up. This means while london prices shoot up alot of other places are declining to what people can now afford.

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