An international client required an investment property in a prime area of central London presenting a reliable capital investment for the long-term while generating reasonable rental income in the short to medium-term.
Search: In advance of the client’s arrival in the UK, Garrington provided a comprehensive comparable report of recently sold properties closely aligned to the property search brief. The purpose was one of education, to ensure the client had as much insight as possible into the local property market, enabling them draw a clear boundary within which the search would take place.
Negotiation: Due diligence suggested that based on location the property was overpriced and this resulted in it being pushed into the next stamp duty, therefore alienating some purchasers.
Garrington’s knowledge of the area led to a more realistic opening offer with the additional flexibility on completion dates to accommodate the vendor’s onward move. Aware of the strength of the clients’ cash purchasing position, and with funds to accommodate an increase in stamp duty, a moderate increase to the opening offer was put forward. Garrington then decided to slow down the pace of the negotiation and allow the vendor time to further consider the offer. The final result was positive.
Value delivered: With limited time in the UK to view property, having representation on the ground ensured the clients availability was utilised with the upmost efficiently. Once the offer had been accepted and the client returned to Australia they were then hugely reliant on Garrington overseeing the conveyancing process and holding the everything together.