The property currently has one year left on the lease; the freeholder has the right to serve a section 61 notice for possession at the end of the year. The lessee has a matter of weeks to counter this for a statutory extension of 90 years. The lease extension alone is expected to cost £2.25m – £2.45m.
This is a one bed one bath first floor flat in Knightsbridge. Its main feature is the large reception room that leads out onto a balcony, which looks directly into the gardens. The large windows bring in vast amounts of natural light and it has a beautiful view.
Potential buyers started bidding at £150,000 and it wasn’t long before offers started to come in at double that. At this point a frenzy started and no one buyer wanted to be outdone. Within a matter of days it looked like the property was going to be sold at £450,000. After a day of silence most of the potential buyers had fallen by the wayside leaving two parties not wanting to show their hand and even offered added incentives such as attended exchanges.
With a weekend in between, the owners instructions were to achieve the best possible price and buyer was made aware of this.
Eventually on Monday lunchtime, the vendors solicitor confirmed that contracts had exchanged well in excess of £500,000.Back to News