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.
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