Why some homeowners look beyond the open market
Homeowners contact LDN Properties for a direct sale for a range of reasons. We have been buying property directly across London since 2003 and there are a few recurring situations where this route makes sense.
Properties that need significant work are one of the more common reasons homeowners look at a direct sale. Estate agents typically advise spending on repairs and presentation before listing — a route that can run to tens of thousands of pounds and several months — and many sellers would prefer to sell the property as it stands. We are typically happy to consider properties in their current condition, including those with structural issues, damp, dated services or significant cosmetic work outstanding.
Problem properties sit in a similar bracket: non-standard construction, cladding under review, lapsed planning, boundary disputes or other issues that tend to put off open-market buyers and their mortgage lenders. We are typically happy to consider these alongside straightforward stock.
Personal circumstances make up the balance of the reasons we hear — probate, divorce, relocation, financial difficulty, downsizing and ill-health. Flats with shorter leases also come up regularly, particularly where a formal extension would be expensive; our short-lease guide covers that situation in more detail.
The King’s Cross property market
The property landscape in King’s Cross divides between two quite different markets. The historic streets to the west and south, including King’s Cross Road, Pentonville Road, Gray’s Inn Road and the streets around Cromer Street and Argyle Square, are dominated by Georgian and Victorian terraced houses, the majority of which have been converted into flats. To the north of the railway lands, the King’s Cross Central regeneration scheme has delivered a substantial number of new-build apartments since around 2014, including buildings such as Plimsoll, Tapestry, Gasholders London and the Granary Square frontages.
This mix brings several considerations that are worth understanding when selling. Many leases on the older conversion flats granted during the post-war period are now sitting between 60 and 90 years remaining, and anything below 80 years brings the property into marriage value territory under the Leasehold Reform, Housing and Urban Development Act 1993. The newer blocks in the regeneration zone tend to carry substantial service charges and a number have required an EWS1 form before mortgage lenders will proceed. Our guide to selling a short lease flat sets out the options in detail.
Recent Land Registry transactions in the N1C and N1 portions of King’s Cross typically show one-bedroom flats in the historic streets selling between £500,000 and £650,000, two-bedroom flats between £700,000 and £1.1 million, and new-build flats in the regeneration zone trading at a premium, with two-bedroom apartments at Gasholders commonly above £1.5 million. Period houses are rare in the immediate area and tend to clear above £2 million when they do come to market.