The property was in the process of an extensive programme of refurbishment. Please get in touch if you would like to know more.
Stratford, London. Two-bedroom first floor apartment undergoing refurbishment.
The property comprised a split level two-bedroom first floor apartment, forming part of a converted building, situated on a predominantly residential street. Upon receipt of our appointment in April 2018, we undertook an initial occupancy check in order to establish the current status of the property. From our attendance we quickly noted that the property was in the process of an extensive programme of refurbishment, albeit works were not ongoing at the time of our visit. We in turn took possession, secured the site and installed internal cameras.
From our discussions with the borrower, it soon became clear that the funds for the works had run out and in effect we were now left with a property that was not mortgageable via conventional standards, thus restricting the re-sale market.
In addition to the above, the borrower was lacking in experience, with expectations of value in the region of £350,000 vastly exceeded that of the present market value, which was deemed to be in the region of £225,000.
Having quickly established the situation, it appeared that the most expedient route was to dispose of the property via a suitable property auction, in order to avoid incurring any further major costs for the borrower.
The guide figure was set at a realistic level and subsequently sold and exchanged at £245,000 in May 2018, one month after our initial instruction.