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New development in Crystal Palace

Following an extensive marketing campaign we found a viable purchaser willing to proceed at £765,000. Please get in touch if you would like to know more.

Property Details

Crystal Palace, London. Brand new 3 bedroom semi-detached house.

Overview

The property formed part of a new build development, comprising a modern style 3-bedroom semi-detached house. Knowing the property was vacant and having obtained clarity from the solicitors, we subsequently took possession and secured the property, prior to instructing a suitable selling agent.

Complexities

Following an extensive marketing campaign, we then found a viable purchaser willing to proceed at £765,000. However, following their mortgage survey, the lender placed a full retention on the property based upon:

  • External cracking to the flank wall, suggesting significant movement.
  • Defects to the flat roof element, which needed to be rectified.
  • The Build Zone warranty insurance was insufficient and needed to be increased to a suitable figure.

Solution

As a result, we arranged for a Structural Engineer’s report to be undertaken, which established that the external cracks were merely a result of sun exposure and had no impact on the structural integrity. In relation to the roof works, we obtained relevant quotes and swiftly instructed a specialist contractor to rectify the issues within the same week. Finally, in relation to the warranty, we contacted the Build Zone team direct and through negotiation were able to increase the policy limit to satisfy the lender’s criteria. Having resolved all of the above factors, the purchaser obtained the mortgage and proceeded toward exchange and completion at £765,000 in March 2019.

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