How to sell your flat quickly for cash

If your flat has a short lease, selling it can feel like an uphill battle. Buyers will often ask you to extend the lease first, and honestly, who can blame them?

Most banks and mortgage lenders are pretty strict when it comes to lease lengths, especially if it’s under 80 years. Here’s what some of the mainstream banks require:

• Nationwide: They’re all about longer leases, especially for new build flats, and usually want at least 125 years on the lease.

• Barclays: They typically look for at least 70 years left at the start of the mortgage.

• Santander: They’re okay with 55 years at the start, but only if there’s at least 30 years left when the mortgage ends.

The tricky part? Extending the lease gets more expensive the shorter it gets, which can be a massive financial strain – extending at 85 years can cost £5,000, but extending at 60 years can cost £38,000.

This can make selling a flat with a short lease incredibly difficult, especially if you’re hoping for a fast sale. If extending the lease isn’t an option for you, it might be worth exploring other ways to sell, such as using a cash house buyer.

Flats just aren’t as in-demand as they used to be, which is making it tough for owners to sell and move up the property ladder. Compared to houses, flats have seen slower price growth, and demand has dropped.

In fact, according to the Financial Times, flat sales have dropped by 25-33% over the past three years compared to where they might have been if values had continued to rise steadily. This has left many flat owners struggling to build enough equity for their next move.

The Financial Times attributes this decline largely to the post pandemic “race for space,” where buyers have been prioritising larger homes over smaller flats, leading to a significant drop in demand for these properties.

Adding to that challenge, high mortgage costs and expenses like Stamp Duty have made things even tougher for flat owners. In cities like London, it’s now common to see flats listed for less than their original purchase price, showing just how much values have fallen.

Most mainstream mortgage lenders are cautious about lending on certain types of flats, such as those with:

• Unsafe cladding (EWS1 certification required).

• Short leases.

• High density ex-council blocks or properties with complex management structures.

These restrictions mean fewer people can buy your flat, which slows down the process and limits your options.

A lot of landlords are leaving the rental market because it’s no longer as profitable as it used to be. Tax changes, rising costs, and stricter regulations have pushed many to sell their buy to let flats. 

This flood of flats hitting the market has created an oversupply, giving buyers more choices than ever, and as a result:

• Sellers are having to lower their prices just to stay competitive.

• Some owners feel pressured to spend money fixing up their flats to attract interest.

• Flats are taking longer to sell, leaving owners feeling stuck and stressed.

The combination of too many flats for sale and not enough buyers has pushed prices down even further. If you’re in a position where you need to sell quickly, working with a cash buying company like The Property Buying Company could be a good option to help you move on without the usual hassle found on the open market.

One question many sellers ask is whether a company has to buy directly to be considered a true cash buyer. The short answer? No. What really matters is that cash buying is the core focus of their business. Offering alternative solutions, like auctions, or investor matching, just adds flexibility and makes sure you get the best option for your situation.

Yes, absolutely! We genuinely mean it when we say, “we buy any house in any condition.” While the condition of your flat might impact its value, it won’t stop us from making you an offer.

Because of how our company operates, we may buy your flat directly, hold onto it for a time, or sell it after some renovations. Renovation costs are factored into the cash offer we provide, but rest assured, the condition of your flat won’t stop us from helping you sell quickly and easily.

If you’ve been searching for ways to sell your flat fast, you’ve probably seen claims from cash buyers promising sales in as little as 7 days – we make those claims too! But here’s the honest trust; while it’s possible, a 7 day sale usually happens only in rare cases, like when someone is facing repossession.

That said, we do move quickly. For example, The Property Buying Company’s fastest sale ever was completed in just 2 days! However, most of our customers choose the timeline that works best for them. Last year, our average sale took 113 days, which is still two months faster than the estate agency average for 185 days.

Here’s how it typically works:

1. We’ll provide you with an initial cash offer in 24 hours.

2. You’ll receive a formal offer within 5 days.

3. After that, it’s up to you – you can choose to complete the sale the following week, month, or whenever suits you best.

In terms of cash buying, we will offer you on average around 80.39% of your market value, while our estate agency service will offer you 12%+ more! Our valuation process has three main stages to make sure you get a fair and accurate cash offer:

1. Initial valuation: Once you make an inquiry, we’ll talk to you about your flat and use cutting edge data tools to compare similar properties in your area. This helps us provide you with an initial cash offer.

2. Regional manager visit: We’ll send one of our Regional Managers to visit your flat. They’ll meet with you, take a closer look at your property, and ensure everything checks out. If all is in order, they’ll confirm the offer. And don’t worry if your flat is tenanted — we can work around that!

3. External RICS valuation: As a final step, we’ll arrange for an external RICS valuation to value your flat. This is just an extra layer of due diligence to confirm everything. Once that’s done, we can proceed to exchange and completion.

Yes we will! Short leases can make things a bit more complicated, but we’re happy to work with you. If our initial cash offer doesn’t meet your expectations, you have options. You can choose to extend your lease and come back to us, or you can try selling through our open market estate agency. Either way, we’re here to help you find the best solution.

Unfortunately, no, not all cash buyers are reliable. Some claim to be cash buyers but don’t actually have the funds – they rely on investor backing or, worse, use your details without your permission.

To avoid this, make sure the company you work with is a member of The Property Ombudsman and the National Association of Property Buyers. These memberships guarantee that the company follows strict industry standards, so you can sell with confidence.