Approached by one of our regular introducing agents, on the face of it this 3 bedroom garden flat was a non-starter. Being sold by the mortgagee in possession the flat had two major issues, namely that the freeholder was absent and the defaulting borrower had converted the existing 1 bedroom flat into a 3 bedroom flat without his permission. With these inherent issues the flat could only be sold to a cash buyer and any buyer would run the risk that in the event of the freeholder reappearing, he could serve them with a forfeiture of lease notice. Motivated by the prospect of purchasing a 3 bedroom flat for the price of a one bedroom flat, we immediately appointed private investigators to trace the freeholder. With news of the Freeholder’s whereabouts we approached him and were able to agree a purchase of the freehold. Having secured the freehold, we were happy to purchase the flat through the introducing agent.
This transaction was definitely one of our most challenging, educational and rewarding.
"From investment studios to new build blocks Property Experts always perform."- Rob Wright, Director – Robinson Jacksons Estate Agents -
"10 years ago I meet the guys at an auction where I purchased one of their lots. 10 years later they’ve built me a healthy rental portfolio and introduced me to the concept of Build to let."- Richard Goaman – Investor -
"I’ve dealt with Bruce and his team for many years and enjoy the realistic and fresh approach that they adopt. Whether buying or selling through us, a deal is always reached."- Dominic Smith MNAVA, Senior Auction Surveyor-BidX1 Auctioneers -
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