A search with specialised requirements
The search: Specialised searches require the unique ability to understand and accurately interpret client requirements and understand personal circumstances.
In this search, the client, a Trust set up to manage a property purchase as a result of a medical compensation case, was searching for a house to meet the needs of a family whose daughter had a disability. The Trust members were the parents and appointed solicitor.
With a £2M budget, the property’s location was pivotal to the search as it needed to be within convenient traveling distance to the child’s existing school. Also among the comprehensive list of requirements was a minimum of five bedrooms, open plan living areas, wide hallways and a heated swimming pool. It had to be suitable, or adaptable, for wheelchair access both inside and out, have accommodation for a carer and access to a level garden and garage.
Upon instruction the family had already ascertained, from a previous viewing, that they were attracted to one particular street and asked Garrington to first assess an alternative property on this street. With a guide price of £2.5M, the Consultant agreed it had potential but was in dire need of refurbishment. After weighing up the costs involved and finding out the house had been marketed at a considerably lower price of £1.9M only five months earlier, the Consultant put forward a bold offer of £1.65M to establish the vendor’s sentiment. The offer was promptly rejected with feedback that the vendor wished to achieve the asking price. While the property had huge potential, it was agreed to leave the offer on the table and continue the search.
Personalised letters were written to a number of pre-selected properties to gauge if there was any owner interested in selling. One response presented a property for consideration, however on viewing it was concluded that the property did not lend itself to the client’s requirements.
Garrington obtained access to a further property on the same road the clients had originally favoured. It offered an excellent opportunity and a near perfect solution for the family with only minor works required in advance of moving in.
Negotiation: Again it was marketed at £2.5M but, after a protracted negotiation process, terms were agreed at £2.3M based on the strength of the client’s chain free position, together with it being a 100% cash purchase and their eagerness for a quick transaction.
This best and final offer was accepted by the vendor on an exclusive basis and subject to contract and survey; with a 14 day exchange period.
Value delivered: This search highlights the very specific circumstances in which Garrington can add value. Area knowledge and local architecture expertise were fundamental in advising the client on the best type of property to meet both their current and future needs.
Being mindful of budget restrictions, the Consultant negotiated hard to limit the overspend as much as possible which was mitigated by the fact that the property would need a lower level of on-going investment for adaptation works due to its existing layout. Liaising closely with the Trust ensured they felt secure in the features and appropriateness of the property to justify the required increase in budget.