Selling a Basement Flat
With many types of flats in the UK, you may be looking to sell a basement flat.
Your top questions when selling a basement flat
✅ Are there are any advantages to owning a basement flat?
Yes, basement flats often tend to have separate entrances from the rest of a building, giving you more privacy. The floor plans of these units can also be more open because of the lack of stairs and dividing rooms, and they can also be more affordable than flats in the same property above ground because some people consider basement units to be less attractive.
✅ Why do some people view basement flats negatively?
Because they do have some features that above-ground units might not have, including fewer windows and therefore less natural light. They are also the first parts of a building that will flood in the event of a serious storm, and that potential damage can be a turn off for buyers.
✅ What's the quickest method for selling a basement flat?
The speediest option is typically selling to a fast home buyer such as LDN Properties, who will be able to complete the entire transaction within a handful of weeks. Compare that to estate agents or auctioneers who might both take at least a couple of months to sell your home, and in worst case scenarios an estate agent may fail to find a buyer for more than a full year.
✅ Will I have to pay fees when selling my basement flat?
Again this depends on the method you choose for selling your property. Estate agents and auctioneers will make you pay commission, and you will have to deduct this amount from your basement flat’s final sale price to calculate your net profit from the sale. But trustworthy fast buyers will never make you pay any fees, which means you can keep all of the proceeds.
✅ How do I know that fast property buyers are reputable?
The honest fast home buying companies are registered with The Property Ombudsman (TPO), which publishes policies to protect owners against scams in the sector, and all TPO members must abide by those regulations. If a company either refuses to join TPO or claims to be a member but cannot prove it, there is the potential that you’re dealing with an unreliable business.
✅ Should I renovate my basement flat before attempting to sell it?
This depends on your individual budget and timeline for selling the property, and it’s not a requirement that you renovate the basement flat before trying to sell it. Installing a new kitchen, bathroom or making other major changes to the unit can be one way to increase its value when you try to sell it, but it will also need a significant investment of time and money.
✅ Why is it sometimes more complicated to sell a basement flat?
Because almost all basement flats are leasehold properties, meaning someone else, known as the freeholder, owns the land on which your home is built. You will own your flat through a leasehold agreement with the freeholder, and this can make the process of selling more complicated compared to if you were the freeholder trying to sell a property.
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