With lots of potential pitfalls and ways to slip up, understanding how to sell a flat is crucial for sellers in the UK. As property experts with years of experience, we know what goes into selling a flat, so we’ve compiled this handy guide to steer you through the process.
From key considerations like selling with sitting tenants to quick tips, relevant documentation, the different ways to sell a flat, and more, this guide will help you achieve a sale you’re happy with when putting your flat on the market.
Let’s jump in with the million-pound question.
Is it Easy to Sell a Flat in the UK?
If history is anything to go by (and it usually is) flats are easier to sell than houses, especially in a city or a large town. As well as being a cheaper option for buyers, they’re smaller than houses and therefore easier to manage and refurbish. They also appeal to a wider audience, particularly younger buyers, who can’t afford a larger property purchase.
However, due to difficult economic conditions like rising living costs and high inflation, selling a flat is more difficult than ever. That being said, there are signs of optimism from estate agents who are beginning to see an uptick in interest as the economy recovers from COVID and recent financial difficulties.
How to Sell a Flat – Considerations to Make
Selling a flat isn’t as straightforward as you might think and there are two key considerations to get your head around before considering a sale.
How to Sell a Shared Ownership Flat
If your flat is shared ownership, there are different guidelines to consider before selling it. The most important is that you might have to offer first refusal to the housing association before you put it on the open market. Because of this, you must speak to the housing provider to assess the situation.
How to Sell a Freehold Flat
You can sell your freehold flat and your share will be transferred to the new owner once the sale is complete. Again, you’ll need to offer relevant leaseholders first refusal before going to the open market for a private sale, which can slow down the house-selling process.
Conveyancing companies can usually handle the sale of a freehold or shared ownership flat, but ensure you enlist their help quickly to help things run smoothly.
The Process of Selling a Flat
Most flats will be leasehold by nature, as opposed to freehold or shared ownership as we’ve touched on above. The process for selling leasehold flats will generally include nine steps:
- Get a valuation.
- Choose your estate agent.
- Instruct a solicitor.
- Address issues in the flat. This means cleaning up, carrying out DIY jobs, and any other problems that could hinder your flat sale.
- Advertise your flat.
- Carry out viewings.
- Review offers.
- Accept an offer.
- Complete.
Of course, each of these steps can have complications, so it’s best to use an expert when selling your flat.
Tips for How to Sell a Flat Quickly
If you want to sell a flat in a quicker timeframe, certain actions will help speed up the process.
Find Out Charges
Many flat blocks have management fees for communal services, which buyers will often ask about before anything else. So, find out all the information you can regarding service charges, as well as the lease type and ground rent.
Research Similar Property Sales
To give yourself a head start, research similar flats that have sold recently in your area. This helps you achieve a realistic asking price, set expectations, and speed up the process.
Carry Out Improvements
A fresh lick of paint and other DIY jobs can work wonders for first impressions. Don’t go over the top with too many bright, out-there colours, though and try to keep things neutral and fresh.
It should also go without saying that your flat should be free from any smells before you take viewings and that it’s clean and presentable. This helps you appeal to a wider demographic and gives you a better chance of achieving a sale.
Embrace Modernity
You can add modern touches to the flat if your budget allows it. Adding a new bathroom, kitchen, or appliances helps deliver a contemporary feel for your flat which can entice buyers into making an offer.
You should also make sure windows, doorframes, and fittings are up-to-date and not worn down.
Documents Needed to Sell a Flat
You’ll need a range of documentation to sell a flat in the UK. Here are the most common documents you’ll need.
Management Pack
Management packs include information about future maintenance on the apartment or building. They might also include accounting information, insurance, fire risk assessments, and asbestos reports.
Proof of Identity
Estate agents won’t sell your property unless you prove who you are. This is to prevent fraud and money laundering and is an important, yet simple document to attain. A passport or driver’s license will usually be enough.
Energy Performance Certificate (EPC)
EPCs are also easy to find using the Government’s online database and show the energy rating of the flat you’re selling.
Gas Safety Certificates
Carried out by a Gas Safe registered engineer, gas safety certificates prove that the boiler in your flat is safe and in working order.
Electrical Checks
If any wiring has been changed since January 2005, you’ll need a Part P Building Regulation Certificate from the electrician who carried out the work. If not, you don’t need anything legally.
Guarantees and Warranties
Have you fitted a new appliance fitted, installed a damp proof course, or anything else? You It is a good idea to provide the warranty and information, which will give peace of mind to potential buyers.
Leasehold Documents
If your flat is a leasehold, find the lease agreement and provide it to your buyer.
Advice on Selling a Flat With a Short Lease
Flats with leases less than 90 years long may be harder to sell than those with longer leases. This is because buyers might find it difficult to find a suitable mortgage which could ruin your chances of selling your flat.
The best option for a short-lease flat sale is to find a cash buyer who doesn’t require a mortgage. If this isn’t possible, you can extend the lease, which could be cost-effective if it helps you make a sale.
At Chancellors, we specialise in helping sellers achieve an asking price they’re happy with when it comes to selling their flat or house, and we achieved 98% of the agreed asking price at the time of offer in 2023.
With a reputation built on trust and years of experience, we offer all kinds of selling services including valuations, access to all major property platforms, 24/7 bookings, live chat, and more.
All of this means that we’re best placed to help you sell any kind of property, including all types of flats.
Selling a Leasehold Flat – Solicitor Fees
Compared to freehold sales, leasehold flats are more labour-intensive for solicitors. As a result, you’ll be charged more money and might even face additional fees.
The costs will depend on the solicitor you choose, but some add a supplement fee to their flat fee which is generally around the £250 mark. Other solicitors work differently and depending on your location, flat fees can vary from £1,000 to £1,500 for a more complex sale.
You might initially want to avoid solicitors with higher fees, but if they’re highly regarded and have a strong reputation, they could be worth the extra money. Having a solicitor who isn’t up to the job can slow down the flat-selling process and make things more complicated than they should be.
Shop around to find the best fit and compare reviews on Trustpilot and other trusted review websites to understand how each solicitor operates, and which is best suited for your requirements.
What to Know About Selling a Flat With Sitting Tenants
It’s possible to sell a flat with tenants in but you’ll probably receive lower offers than if the flat was empty.
Crucially, you must respect your tenants’ rights when selling a flat and keep them in the loop with viewings and the flat-selling process. You’ll also have to give them notice of the end of the tenancy and you aren’t allowed to evict them to sell the flat.
Check your tenancy agreement for a firmer understanding of how to behave and seek legal advice if you need more assistance.
You may wish to read our article on selling with sitting tenants.
What is the Best Way to Sell a Flat?
If you’re wondering how to sell a flat, there are three main avenues to go down. Let’s explore these in detail and the benefits of each.
Open Market Sale
This is the most popular way to sell a flat in the UK and it’s not hard to see why. Because you have access to the widest pool of potential buyers, you’re much more likely to achieve the best price and fastest timeframe.
Using an estate agent is crucial with the open market as they have the expertise to help you get your flat sale over the line efficiently. Check out our guide about how to find the best estate agent for selling a property for inspiration.
Auction
Auctions are trickier than the open market and are full of buyers looking for bargains. They’re strong solutions if you have a tenant, though, because they attract investors who are happy to have somebody renting the property when they buy. They’re also handy if you don’t want to extend your lease.
However, you’re likely to be knocked down from your asking price as many investors are professionals and want to achieve the best price possible. That’s why auctions are usually reserved for people struggling to sell a property.
You may also want to read our article on how to sell a property at an auction.
Property Buying Company
Property-buying companies are the third and most of the time, the least desirable option for selling a flat in the UK.
While they can often purchase the flat in a quick timeframe, sometimes as short as a week, you’re likely to be undercut and receive lower offers than you would with the open market. They’ll usually come in with an offer when another sale falls through, helping you achieve a sale but for a lower asking price.
How Much Does It Cost to Sell a Flat?
Selling a flat will depend on varying circumstances, but as a guide, here are some of the costs you’re likely to face:
- Legal fees – these can be anywhere from £1,000 to £1,500 depending on the flat size, location, and complexity of the sale.
- Estate agency fees – expect to pay up to 1.5% of the property sale price.
- Removal costs – this will vary depending on what needs moving but expect to pay upwards of £100.
- Auction costs – if you go down the auction route for your flat sale, you’ll likely spend around £500 plus VAT and up to 2% of the property sale.
How Long Does it Take to Sell a Flat?
It takes 44 days on average to sell a house in the UK and flats don’t tend to take any longer to sell than a full-sized house.
So, expect at least six weeks to sell a flat, but of course, this can vary substantially depending on the market in your local area, the state of the flat in question, and many other variables.
How Does Selling a Flat Differ From Selling a House?
Selling a flat may seem similar to selling a house and while this is the case at a glance, there’s more than meets the eye when trying to sell a flat.
First of all, instead of thinking about the property when selling it, which is the case for a house, you need to consider the building your flat is situated, other residents in the building, service charges, management fees, and considerations relating to the building itself.
This makes it more complicated than selling a house, but with the right estate agent and property expert at the helm of your sale, the process doesn’t have to be complex or stressful.
Are You Looking to Sell Your Flat?
Chancellors estate agents are highly trusted with a reputation for professionalism and high standards. With a wide range of quality services built to help people like you sell flats, we can help you sell your flat quickly and at a price you’re happy with.
With offices all around the home counties, Hampshire, Herefordshire, Oxfordshire, Wiltshire, Worcestershire, and London, get in touch to get started with your flat sale.
Frequently Asked Questions
Is it Difficult to Sell a 1-bedroom Flat?
Flats with single bedrooms are more difficult to sell than those with two or more because your pool of potential buyers is limited to couples or single people. They also have less space which can further reduce your options.
Can I Sell 50% of My Flat?
You can sell 50% of a shared ownership flat but sometimes, you’ll have to offer first refusal to the housing association. If selling a freehold share of a flat that’s held by a company, your share in the company will also be transferred.
Can I Sell My Flat With Cladding?
Selling a flat with cladding isn’t impossible but you’ll have to take steps to prove it isn’t a fire risk. You might struggle to find this information, however, which will make it more difficult to sell than a flat without cladding.
How Long Does it Take to Sell a Flat in London?
In 2023, flats in London took an average of 246 days to sell, making them the hardest to sell in the country.
How Can I Sell My Retirement Flat?
Selling a retirement flat is more complex than a normal flat, but by taking proper precautions, you can still achieve a sale you’re happy with. These include upgrading appliances and fixtures/fittings in the property, maximising space, and using a professional, experienced estate agent.
Do I Need an Asbestos Survey to Sell My Flat?
Yes, if your flat is in a building with common areas, you must have an asbestos report to sell it.