Sell House Fast London

What makes the London market different?

London is an incredibly popular place to live and demand for houses and flats across the city’s neighbourhoods constantly remains high. It’s a hub of fantastic entertainment, dining, bars, recreation, and a massive range of diverse industries with a great number of job opportunities thanks to its position as an important financial hub for the rest of Europe.

But no matter where you live in London, if you’re a homeowner and you own a property that you want to sell you are likely to have an experience that’s different from selling a house anywhere else in the UK. It can be daunting but it’s still possible to find a buyer in this unique market.

There are several reasons why England’s capital city has such a one-off property market that doesn’t necessarily mimic the fluctuations of supply and demand in other locations.

Among the many issues you might encounter that can complicate your attempt to sell a house quickly in London are: leasehold hurdles, short leases, listed buildings, shared access, converted houses, high property values, property sale chains, selling an HMO and much more.

Leasehold homes

You’ll find that throughout London many houses and flats are leasehold homes rather than freehold. These are properties where someone known as the freeholder owns the rights to the home but another person leases the right to live there for a specified amount of time and payment of annual ground rent. The typical lease ranges from 90 to 120 years but can be longer or shorter.

There are a number of restrictions that leaseholders face, including potentially having to obtain permission from the freeholder before making major changes to the property; an obligation to pay additional fees to the freeholder beyond the annual ground rent; and additional limitations. These restrictions can discourage certain buyers from having any interest in such properties.

Short leases

Even if you own a leasehold house or flat in London and are able to generate some interest in it from prospective buyers, they still might decide against making an offer if the time remaining on the lease is too short – also known as a short lease property.

Generally, this means a lease that has less than 80 years left to run. These homes are harder to sell because the shorter the remaining duration of the lease, the harder it can be to obtain a mortgage for the property. Lenders will generally want to see leases that have at least 25 to 30 years left to run after the end of the mortgage period before they would consider providing lending for a leasehold property. And many mortgage companies will outright refuse to provide a loan for houses or flats that have short leases.

Listed buildings

Because the capital city was founded centuries ago, many of the buildings are listed. That means these properties are deemed to have certain historic or architectural qualities that are worth preserving. As such, certain protections are put in place by the government that restrict what someone can and cannot do to the property if they buy it.

Listed buildings are ranked as Grade I, Grade II*, and Grade II, with the first category imposing the strictest limit on changes that homeowners can make to the house or flat. Selling a listed property can sometimes be a hindrance because sometimes buyers are thinking about building an extension or making other renovations, and listed status might prohibit this.

Most buildings erected before 1700 will be listed, and the same applies for properties whose construction dates through to 1850 – and this can affect many properties in London. However, homes built within the last 30 years are generally not listed.

Shared access

Another issue that some London homeowners encounter when trying to sell is shared access, which occurs when more than one property shares access to a drive, pathway, or similar area. This can complicate the selling process if the person intending to buy your home wants to make changes to the shared area but knows they will meet opposition from the other people that share it. This issue occurs all over the UK but can be particularly prevalent in London.

Converted houses

Because of the limited space available for constructing new properties in London, many developers have taken to converting older buildings – including warehouses and other previously non-residential properties – and turning them into houses and flats.

But some buyers might be turned off by such properties, and not all developers ensure that their conversions adhere to all the necessary planning permission requirements and other standards that they should meet. If you have a converted house that falls in this category you might struggle to sell it because a buyer won’t want to be liable for any problems resulting from a failure to meet such standards, whether it was intentional or not.

High property values

If you take some time to search some London postcodes on property websites like Zoopla and compare the price of houses and flats there to similar-sized properties elsewhere in the UK, you’ll notice London sale values are much higher.

That’s due to a large number of factors, including the fact that it’s the capital city and therefore seen by many as a very desirable place to live. There is also a limited amount of land available to develop new properties, so the supply of houses and flats for sale is much smaller than demand, which drives prices up. And some people see investing in London homes as a sound investment strategy, with those purchases further reducing the available supply of homes.

Property sale chains

Homeowners looking to sell in London often have to put up with property sale chains. These occur when there are several home sale transactions that are all reliant on each other, and if one fails then all of the sales fail. For example, if the purchase of your next home is dependent on you selling your existing house, and the buyer for your existing home also needs to first sell their property, you’re in a sale chain. Because of the unpredictably of the housing market and individual home sales, it can be very easy for a property sale chain to collapse.

This is especially the case in London, where the many unique attributes of the property market compared to the rest of the country can make property sale chains even more complex.

Options for selling your London house or flat

If you’re reading this guide and recognise that your London house or flat might have some of the attributes listed above that could complicate a sale, it’s important not to panic. None of the factors we’ve discussed are considered complete dealbreakers and you can still find a buyer.

However, what you will need to consider before listing your home for sale is which method of selling you’d like to pursue. There are generally three ways that you can try to find a buyer for your home, each with their own pros and cons: selling your home through an estate agent, selling your home through an auctioneer, or selling your home to a fast property buyer.

Below you’ll find detailed information on all three selling strategies that should help you with deciding on the best choice for your particular circumstances and needs.

Selling your home through an estate agent

Perhaps the most traditional option for selling your house or flat is to use the services of an estate agent. These are experts in local property markets who will do most of the work involved with trying to find a buyer for your home, but they’ll charge fees for their work.

The comparison site Moneyfacts has useful information about the best way to find a reputable estate agent, and their advice is well worth following. Some of the steps that you should take when trying to find the right estate agent include asking around friends and family for companies with a good reputation; researching individual estate agents by looking up reviews and any other information about them online; and using an estate agent that has experience in selling properties like yours; among several other important tips to know about.

Once you’ve settled on an estate agent that’s right for you needs, they will be responsible for producing a listing that will be used to advertise your home. The listing will include a description of your home along with important facts and figures such as the total number of bedrooms and bathrooms, as well as photos of the exterior and interior for interested buyers to see.

A central part of the process for selling your home through an estate agent are the viewings, which are times when people that might want to buy your property will arrange to visit it in person to tour the rooms and decide whether they’d like to eventually make an offer on the home. Estate agents will usually handle these time-consuming viewings, but they can be a hassle for homeowners because it means you’ll constantly have to keep your house in first-rate condition so that it looks best for potential buyers. If you’re storing furniture and other items to improve the property’s appearance on viewings, this can be a frustrating time.

One drawback of selling your property through an estate agent is the fact that you won’t know when you will find a buyer. There are no legally binding deadlines that are associated with selling your home this way, and your ability to find a buyer will rely on the current status of the London property market including the supply and demand for properties like yours. For those homeowners who are looking to quickly sell, an estate agent might not be the best choice because in certain cases you could be waiting many months before finding a buyer.

In addition, you will also be responsible for paying the estate agent commission if they eventually find a buyer for your property. The estate agent will typically charge this fee as a percentage of the final home sale price, meaning that you’ll have to subtract that cost from whatever offer you receive on the property.

Still, some homeowners do like the fact that estate agents will handle a lot of the work that goes in to selling a property, and they’re happy to pay the fee as a trade-off for not having to do it.

Selling your home through an auctioneer

When you sell your home at an auction, the first step is that you’ll speak with the auctioneer to decide on a reserve price for your property. This is the minimum price at which your home will be allowed to sell for. Auctioneers will try to convince you to set this value at a low level, perhaps less than the minimum at which you want or need to sell your house.

However, auctions are unpredictable and there is zero guarantee that competitive bidding will happen for your house. In the worst-case scenario, your home might generate very little interest. Once the auctioneer closes the bids – think of the person lowering the hammer after saying “going, going, gone” at an auction – then the last bid received above the reserve price is considered to be a legally binding agreement to purchase your home. Therefore, you’ll be bound to accept the bid even if you needed or wanted more money for your property.

Although this financial risk is present at every auction, some homeowners are willing to accept it in exchange for a certain buyer for their property. Unlike a sale through an estate agent that can fall through in the many weeks between an initial offer and exchange, or completion, of contracts and payment, an auction sale is binding at the time of the winning bid.

And the date of the auction also gives homeowners a specific day and time when their property will sell, which creates much-needed certainty about finding a buyer.

There are some fees associated with selling your house or flat through an auctioneer, which the auction house will charge for all of the work that they do with advertising your home and hosting the auction. Yet in many instances the person selling the property is able to pass the obligation for paying these fees to whoever placed the highest winning bid on the home.

Selling your home to a fast property buyer

A third option, and one that can save you a lot of time and money when trying to sell your house or flat, is contacting a reputable quick property buying company.

You can often secure a sale on a much speedier schedule than through an estate agent. That’s because fast home buying companies generally aim to help homeowners complete a sale within just a few weeks, which is great news to anyone looking to sell their property as fast as possible.

You also won’t have to host a number of viewings for strangers to come and see your property to decide whether they want to buy it. Instead, you’ll work one-on-one with the fast home buying company, providing a simple and hassle-free way to secure a buyer for your house.

And you can also ensure costs are kept to a minimum when you sell your property to a quick home buyer, because the reputable companies never charge fees for their work. That means you can plan on getting the entire cash amount that the fast property buyer offers you, without having to deduct any fees or other charges from that total apart form your own legal fees.

It’s also easy to get peace of mind when selling your home this way, because an independent organisation known as The Property Ombudsman (TPO) provides sufficient oversight of the fast home buying industry to often prevent against any scams. The trustworthy quick property buyers are registered members of TPO and as such comply with its policies designed to protect homeowners. To find out whether an individual fast home buyer is a member, simply visit TPO’s website and click on “Find a member” on the main page. You’ll be taken to a search page where you can enter the company’s name. If the business is a member you’ll be taken to their listing and a note that they follow TPO’s Codes of Practice.

Please note that if a fast property buying company is not listed as a member of TPO, you should strongly consider not selling your home to them because there is no guarantee that they are trustworthy or that they follow any of TPO’s rules for protecting homeowners when selling.

Looking to sell your London property fast?

We are committed to buying houses and flats in London and the surrounding areas regardless of condition or tenure, and are happy to consider both tenanted and vacant properties. If you are looking for a quick sale of your home, LDN Properties should be your first call – you can request a cash offer now from London’s leading cash property buyer by clicking the button below. We don’t charge any fees or lock you into contracts – our aim is to provide you with a convenient and quick house sale.

• A cash offer for your home
• Zero agents fees to pay
• Fast sale of your property
• A timescale that fits your needs
• No EPC fee for you to pay
• “Sold as seen” is fine by us
• Tenants can remain in the property
• No fees payable to us whatsoever
• With no “For Sale” boards, your sale remains confidential
• Hassle-free sale is exactly what we like to achieve

Why sell your London home to LDN Properties

Selling your house in London can be a little more difficult than elsewhere in the country. As we all know, London has some of the highest value properties around the country and other complex issues. Leasehold property, short leases, converted houses, listed buildings, shared access and many more – these issues are the often found more often in London. Based here in London and with expert knowledge of the property market, we would consider ourselves to be a perfect match for anyone looking to sell a house fast in London. You can simply request an offer and sell your house in as little as a few weeks. We are rated Excellent on Reviews.co.uk and always look to provide you with a professional and reliable cash home buying service.

Even if you are just considering selling your London house, we are happy to discuss the valuation for your house and share any thoughts on the best approach to selling. There are many different ways to consider including using an estate agent, a London property auction or a private sale. When it comes to selling London property, there are many pros and cons to consider. We are happy to talk through the options with you!

Steps for selling your London house fast

There are a number of key steps to take when you decide to sell your house to us and we’ll be working hard to ensure the process moves forward as quickly and smoothly as possible.

After your initial enquiry, we quickly get to work researching and preparing your indicative offer. All offers are valid for 7 days, giving you ample time to consider the sale of your house and ask any questions. Most importantly, there is no commitment at this point whatsoever and it will cost you nothing.

If you are happy with our indicative offer and would like to proceed with selling your house, we shall then begin the legal process as well as formalising our offer.

Solicitors will be instructed and we circulate a "Memorandum of Sale" containing full details of the property you are selling and the terms of our offer. Any further surveys or inspections required will be arranged with you as early on as possible.

We will soon be discussing exchange and completion dates for the sale of your house, therefore it is always good idea to have a broad plan in mind so we can aim to work with your timescale as much as possible.

With 15+ years experience as a cash property buyer in London and around the UK, we strive to provide exceptional service, and you will always have an individual point of contact at LDN Properties who you can speak with at any time day or night.

To help sell your London house fast, we are happy to make you a no obligation formal cash offer for your property at no cost to you – please call us on 020 7183 3022.