Our clients had been renting in London for more than 10 years but felt that the market conditions had changed so significantly that it was now the right time to buy their own home. They wanted a lateral apartment, in Kensington and Chelsea, of at least 2300 square foot within a mansion block that benefitted from a good sized lift. Their budget was circa £3.75m and they were happy to undertake a project if it made financial sense.
The combination of our client’s exacting requirements and the lack of good quality options both on and off the open market meant that we undertook once of the longest searches in Black Brick’s history. 2 years after we started the search we identified a stunning apartment of more than 2700 square foot on the first floor of one of Kensington’s best mansion blocks. The property had not been modernised for 40 years and only had 11 years remaining on the lease. We used our extensive network to conduct an independent valuation as to the likely cost of extending the lease and sought advice as to whether our client’s proposed refurbishment would be permitted. On the basis of our research we put forward an offer and agreed terms with the seller at £1.35m which was £350,000 or 20.5% off the asking price.
We are patient – we work with our clients for as long as it takes to find the perfect property.