Selling a High-Rise Flat

There are several reasons why a high-rise flat can be a desirable property to own, but there are also some downsides that might make it more difficult to sell one.

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Your top questions when selling a high-rise flat

✅ How do I know whether my property qualifies as a high-rise flat?

Your home is a high-rise flat if the building where it’s located has at least 7 storeys or is at least 18 metres tall, and there are at least two units in the building that are only used as residences. These requirements are laid out in the Building Safety Act 2022 and such buildings can’t be lived in until the property is first registered with the Building Safety Regulator.

✅ Why might a potential buyer be interested in owning a high-rise flat?

There are a number of reasons why someone might want to make an offer on your high-rise flat, with one of the most common being that flats on higher floors will provide better views of the neighbourhood and areas beyond. Another factor that can potentially help you with attracting buyers is if your flat is situated in an area where demand is currently very high for homes.

✅ Are there any factors that may make a buyer view my high-rise flat negatively?

Yes, depending on the specific features of your high-rise flat there could be one or more reasons why a prospective buyer might lose interest in it. One explanation could be if the property is situated in an undesirable area, and another may be that the building lacks a lift, which will make it much harder for someone with mobility problems to live on a higher floor.

✅ How might the issue of cladding affect my ability to sell a high-rise flat?

Some high-rise flats are located in buildings that were constructed using cladding that is flammable and could help fires to spread quickly, whereas other flats of this type may be in properties with safer cladding that slows the spread of fires. Depending on the material used for the cladding at your tower block, this could make buyers reluctant to make an offer.

✅ What are the various ways that I might be able to sell a high-rise flat?

Typically, you will be able to select from four common methods for trying to find a buyer for your property, which are selling to a quick buyer, selling at an auction, selling with an estate agent, or selling without any help. There are pros and cons to learn about each of these strategies because they range in terms of how much they cost, how long they take and other factors.

✅ How much will I pay in fees when selling my high-rise flat?

If you choose to sell on your own or through a no-commission quick home buyer like LDN Properties then you won’t have to pay any fees. But if you opt for using either an auctioneer or an estate agent to sell your flat then you will need to pay them commission, and this will cause your selling expenses to rise because the fee will be deducted from the final sale proceeds.

✅ What is the average timeline to find a buyer for a high-rise flat?

Your schedule for selling will hinge on how you choose to seek a buyer because selling without any help or selling through an estate agent are two strategies that might take more than an entire year, whereas selling with an auctioneer can take at least several months. The speediest option is contacting a quick home buyer as the sale should be completed within a few weeks.

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