In 2016 we saw a flat being marketed on the internet which we thought may work for one of our buy to let investors. There was a short lease, it needed to be fully modernising and there was a mild case of Japanese Knotweed in the communal gardens, rendering the flat un-mortgageable, but our client, ever up for a challenge, bought the flat anyway as he had cash funds available.
It took the best part of a year but with our help the flat was modernised, the lease was extended and the ongoing treatment to eradicate the knotweed had been effective. The flat was then mortgaged, a tenant was found and there was a substantial ‘paper profit’ to reward the buyer for their hard work.
A few months passed and one of the other owners in the block wanted a quick sale on a flat he had just inherited. He made some enquiries as he had heard we had acted very quickly in the purchase of the last flat and through one of his neighbours he made contact with GPC. Again there was a short lease and the flat needed some TLC. We had a family looking to buy a flat in the area for their children to use in the future and this was perfect. By this stage we had intimate knowledge of the block to advise on the lease extension negotiations and the knotweed was now a thing of the past. This was another excellent value purchase on a flat that was not ever openly marketed.