Selling a New Build Flat

When the time comes to sell your new build flat be sure to read our complete guide first.

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Your top questions when selling a new build flat

✅ How do I know whether my flat qualifies as a new build?

Although there isn’t a single definition of a new build that covers each and every type of property, they all share some common features. You own a new build if it’s yet constructed, or has been built, renovated or otherwise converted at some time in the last few years. Typically, but not always, new builds will never have had anyone else living in them before you.

✅ If I own a new build flat, am I the freeholder or leaseholder?

Generally, if you have a new build flat, you will be the leaseholder, which means that you own the unit itself for many years, typically between 90 and 120 years or longer, in exchange for paying the freeholder a ground rent (which can be nominal). The freeholder in turn has unconditional ownership over the building in which your flat is situated, as well as the land on which it was built.

✅ Why might some buyers be wary of purchasing a new build home?

It’s possible that some prospective buyers could lose interest in purchasing your new build flat for several reasons, including the fact that new builds are sometimes much smaller than similar but older properties, they might come with premiums that have to be paid to the company or person that built the flat, and they may not have as much character as an older home.

✅ Will a buyer have any trouble getting a mortgage to buy my new build flat?

Certain lenders could be suspicious of the fact that you want to sell your new build property so quickly, and they might fear that there is something wrong with the home that could make it impossible for the lender to sell later if the buyer defaults on their mortgage – but you can avoid this by selling to a quick home buyer that doesn’t need to first get a loan to buy your flat.

✅ How much commission will I have to pay when selling my new build flat?

You might not have to pay any commission, if you sell on your own or contact a fast home buyer like LDN Properties, because they never charge sellers any fees. By contrast, you can expect to pay a fee if using a property auctioneer or estate agent.

✅ How quickly might I be able to find a buyer for my new build flat?

This will depend on the method of selling that you decide to use, because selling on your own or using an estate agent might take more than a full year before you receive a serious offer from a buyer. Selling through a property auction will likely take at least a few months. The speediest choice is often using a fast buyer, as that usually takes only a few weeks to complete the whole process.

✅ Can quick property buyers be trusted with the sale of my flat?

Absolutely, and the honest fast buyers are almost always registered with The Property Ombudsman (TPO), an independent organisation that publishes regulations which are designed to protect homeowners from falling victim to fraud in the quick buying sector.

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