Full advisory on property acquisition.
Our client, a film producer, and his wife had already fallen in love with a unique Belgravia town house being quietly marketed by its owner. They asked us to check they were not missing anything else and to advise on the offer and transaction.
- Our client simply was not prepared to lose this unique property. Formed from a modestly sized terraced house, lovingly restored and cleverly linked to a one-off artist’s studio to the rear, it offered perfect accommodation for his family and an unusual level of security, privacy and anonymity.
- Having laboured to create such a special property, the vendor had been thrilled with the valuations provided by competing sales agents and was unwilling to compromise on price.
Firstly our client wanted comfort that this Belgravia town house really was “the one”. We scoured the local market, establishing that nothing available matched up. Having completed this exercise, he was sufficiently confident to proceed with an offer.
The property was held in an offshore company so we explored the possibility of acquiring these shares and liquidating the company (with potential SDLT savings). This route was dismissed when due diligence revealed prior transactions by this company, exposing our client to a low but unacceptable level of risk.
Our analysis of comparable sales and knowledge that the tube passed close below, made us cautious about the price our client should pay for this hard to value (and potentially illiquid) gem. We argued our client’s case with the vendor (in a civilised manner!) and finally were able to agree an acceptable price.