A family we had acted for on another purchase two years prior.
Additional space for their children relocating to London.
Our client was already based in South Kensington but initially wanted to consider larger family homes further afield. After previewing several large properties over the course of almost a year, we concluded a move away from central London would be too much of a compromise.
We then explored the option of purchasing the lower ground floor flat in their current building but were unable to reach an agreement with the vendor close to what we deemed fair value. We turned our attention to the three lateral upper flats in the same building, each over 1,000 sq ft which were being sold with the freehold of the wider property, which encompassed our client’s current flat. Although it was a probate sale with some time pressure, the initial asking price was very high. It didn’t account for the scope of renovation required internally and in the communal areas. Our offer recommendation factored in research on local planning precedents to advise what works would and would not likely be permissible. After tracking the property for several months, we ultimately agreed the purchase at 27% below the initial asking price.
A Full Service
Purchase progression was not straightforward and involved liaising across various third parties including five law firms, a private bank, planning consultants and several surveyors.
The additional purchase of the freehold and creating new leases/title plans for the previously undemised flats while ensuring it was compliant with the lender’s requirements was not straightforward. Despite the relative complexity of the purchase, we managed to exchange in just over two months.