Donall Murphy has responded to a letter in The Sunday Times seeking advice on the sale of a leasehold retirement apartment, which the author’s daughters are struggling to sell due to low demand.
He advises that the daughters check the terms of the lease with a solicitor, and to establish if the landlord might vary the lease or buy it back. He suggests that, alternatively, there may be the option to sublet the flat to gain an income for the estate. He adds that reducing the asking price could stimulate interest from potential buyers, and that, if all else fails, to consider selling the property by auction.
Consider also using specialist retirement home estate agents or check if the landlord has its own resales service. If that is the case, then consider if the landlord’s service would obtain a better outcome than using another independent estate agent.”
The article is available to view at The Sunday Times by subscription only.
Donall Murphy is a partner in the property law and conveyancing team. He advises both buyers and sellers in relation to freehold and leasehold transactions, dealing with many high value properties in prime locations.
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