Selling a Flat with a Leak
There can be several reasons why your flat might have a leak, but you can still usually find a buyer swiftly if you follow some straightforward tips.
Your top questions when selling a flat with a leak
✅ What does it mean when a flat when has a leak?
A leak in your flat means that unwanted water is entering the property, and this can in some causes cause significant problems such as damp that might harm the health of anyone living in the home. There are many reasons why a flat could have a leak, ranging from damage caused by severe storms or floods through to faulty installation of devices such as dishwashers.
✅ Who is responsible for resolving a leak in my flat?
The answer depends on the type of leak that happened, and the source of the problem, because the person responsible for fixing the issue could be you, the freeholder of the block of flats, or someone living in another flat. You might have to get an independent expert involved to determine the precise source of the leak, which will help identify who has the duty to fix it.
✅ Should I repair a leak in my flat before trying to sell it?
If the leak is caused by something that is your fault, the owner of the block of the flats might require that you fix it immediately. But generally, you are not required to repair a leak in your flat before you attempt to sell. Just beware that some buyers might lose interest in making an offer on the property once they learn that it has a leak which you are not fixing before selling.
✅ Will I be required to pay Capital Gains Tax on the sale of my flat with a leak?
Possibly. Capital Gains Tax is usually charged on the profit, also called gain, that you earn from selling your flat, and not on the greater total sale price of the property. But there are situations in which the amount of tax you have to pay can be significantly reduced, or eliminated altogether. Consult with a financial expert who will be able to clarify how much tax you may end up owing.
✅ What are the fees that I should expect to pay when selling my flat that has a leak?
You might not have to pay any fees if you sell your property to a quick buying company, because they usually don’t make owners pay any commission for selling their homes. You can also avoid paying any fees by selling on your own. By contrast, if you sell via an auctioneer or estate agent, you’ll have to pay commission that will be subtracted right away from your sale proceeds.
✅ What is the typical timeline for selling a flat with a leak?
The schedule for selling your flat will vary based on which method you choose for selling it. Using an estate agent or trying to sell on your own can often take many months or even more than an entire year, whilst an auction takes several months to complete. Selling to a fast buyer is typically very quick, as the entire process can usually be finalised within just a few short weeks.
✅ How do I know that fast buyers can be trusted with buying my flat?
Trustworthy quick home buyers are members of an independent organisation called The Property Ombudsman (TPO), which writes rules to guard owners against fraud in the fast buying industry, and that all TPO members must follow. Be careful of selling your flat to a company that cannot prove it is registered with TPO.
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