£2.8 million
April 2016
Mayfair, W1
Our Client
An Indian buyer.
The Challenge
Our Indian client was looking for a 2 bed apartment in Mayfair or Knightsbridge with the specific requirement that the building should have a 24 hour front desk porter and air-conditioning. Due to currency remittance laws in India, their budget was constrained providing a further challenge to the search.
The Perfect Conclusion
We successfully agreed the purchase of this three bedroom, 7th floor, 1100 sq. foot apartment in a highly regarded apartment block in Mayfair next to Grosvenor Square. As a result of our negotiations we saved our client £400,000 from the asking price and managed a difficult conveyancing process through to a successful exchange of contracts. The property was held under two leases – one short lease with the immediate landlord and a longer concurrent lease granted by the Grosvenor estate. The short lease contained a provision which essentially could have restricted our clients from selling the property for a 7 year period. We successfully managed to negotiate with the landlord to vary the short lease to remove the relevant provision and also negotiated for the vendor to pay the premium for the this which was £65,000. Crucially we also introduced our client to a financial advisor who successfully arranged a mortgage that could work with their remittance restrictions and enable them to buy.
We would be delighted to hear from you to discuss your own property requirements. For a non-obligatory consultation, please contact us.
