How To Sell A Block Of Flats In The UK: A Step By Step Guide
Selling a block of flats can be a complex process, but with the right expertise and approach, it can be a seamless and stress-free experience. At BlockLand, we specialise in making block sales simple, fast, and hassle-free. Here’s a comprehensive guide on how to sell your block of flats in the UK.
Step 1: Understand the Market
Before putting your block of flats on the market, it’s essential to understand the current property market. Factors such as interest rates, rental demand, and the impact of tax changes (like Multiple Dwellings Relief) can influence the value of your property and the level of interest from buyers.
At BlockLand, we stay up-to-date with the latest market trends and investor activity, ensuring that you’re informed about the best time to sell your property.
Step 2: Get an Accurate Valuation
An accurate valuation is crucial for selling your block of flats. This involves assessing the rental income, the quality of the building, and the location’s potential for future growth.
When valuing a block, many high street agents often miss the mark. Rather than considering the unique nature of an unbroken freehold block, they simply tally the number of flats and apply market comparables, adding up the total value.
This method overlooks the fact that such a block cannot be sold as separate units until it has been split, a process that comes with additional costs. Instead, a more accurate valuation should adopt a hybrid approach that balances market comparables with yield analysis. Neglecting this comprehensive method can leave properties languishing on the market, as landlords are misled by agents who don’t fully grasp the intricacies of valuing their block.
Step 3: Prepare Your Property for Sale
First impressions matter. To attract serious buyers and investors, it’s important to present your block of flats in the best possible light. Consider making minor repairs, decluttering common areas, and ensuring that the property is well-maintained.
Ensuring that all tenancies are properly managed is also extremely important, if tenants aren’t properly referenced, deposits aren’t taken or compliance is out of date, you may be forced to sell the property vacant.
At BlockLand, we help landlords prepare their blocks for sale by providing guidance on the key improvements that will have the biggest impact on value.
Step 4: Marketing Your Block of Flats
Effective marketing is key to reaching the right buyers for your property. This includes creating a professional property listing, using high-quality images, and highlighting the key selling points of the block.
Our marketing approach includes:
Reaching out to our database of serious property investors.
Using digital marketing techniques to maximize exposure.
Conducting one comprehensive viewing followed by a detailed inspection report, so investors can make offers without needing multiple viewings.
Step 5: Negotiating Offers
When offers start coming in, it’s important to assess each one carefully. Consider factors such as the buyer’s financial position, the speed at which they can complete the purchase, and any conditions attached to their offer.
BlockLand’s team of experts will guide you through the negotiation process to ensure that you achieve the best possible outcome for your sale.
Step 6: Closing the Sale
Once you’ve accepted an offer, there are several steps to complete before the sale is finalized. This includes conducting legal due diligence, drafting contracts, and arranging the transfer of funds.
We work closely with solicitors and other professionals to ensure that the closing process is smooth and efficient. Our goal is to take the hassle out of selling, so you can focus on what matters most.
Case Study
- Block of 4 x 1 Bedroom Flats in Dudley, Dixons Green Rd
- Sale agreed just 7 days after instruction
- Just 1 viewing needed
- 3 offers presented to the landlord
- Achieved asking price
