Doesn't take a week

We inherited a flat — but what to do with it when we don't want to live in our home town? Sell it! That would give us a foundation for our own place, assuming the market doesn't go mad. We knew our neighbour had once been interested in a bigger flat, so we approached her first. We asked around the family and got four more interested parties from there. That's actually why so few flats ever hit the open market — they're claimed before they even get listed. We'd already settled on a price and who we wanted to sell to.

We had the flat repainted, measured every room, and took photos. Then came the viewings — roughly thirty minutes of walking through the place explaining what's what, where, and why. Based on our criteria we went with the neighbour — a bigger flat will make a real difference for her. But that's not where it ends. You need a contract, escrow through a solicitor, a preliminary purchase agreement, an energy performance certificate, and time. Lots of it. Agreeing on the contracts, working through feedback, waiting for the deposit, waiting for the buyer to sort their mortgage. Then you finally sign and wait on the Land Registry — 30 days. After about two months you finally have the money in your account and can hand over the keys and help with the energy transfer.

Also prepare to deal with the tax office. First, when you receive a property as a gift from outside your direct family. The tax office comes back around when you sell it — it's income and income is taxable. Fortunately, if you plan to use the proceeds towards your own housing you pay nothing. Even so, be ready for a call from your local tax office.