Case Studies

London, E5: THE PUZZLE… part commercial, part residential, structurally unsound, freehold title with charging order on lease

The owner of this freehold property (combining commercial and residential), which was structurally unsound (and hence attracting offer in the region of £110,000), granted a commercial lease for a small premium several years earlier.

The tenant later got into financial difficulty and THE TENANT’S mortgage company obtained a Charging Order from Romford County Court over some of the their assets including this lease, which meant that the owner of the whole property (the freeholder), who had an offer of only £110,000 on the property so far, was faced with the mortgage company refusing to remove the charge unless the vendor settled the £30,000 debt, and the solicitors advice was to pay it! With the team behind Puzzle Property funding the project, the retained legal experts ensured that the seller netted an additional £65,000 MORE than if they had taken their solicitors advice ­ remember there is solution to every puzzle, and Puzzle Property usually have it so contact us NOW so we can solve your Puzzle too!

Colchester, Essex: THE PUZZLE… partial refurbishment and title defect renders property unfit for mortgage purposes.

The property had various issues, firstly caused by the vendors attempt to renovate the property and running out of funds, which rendered the property unfit for mortgage lending, thus devaluing it significantly. In addition, the conveyance of a previous sale had revealed a defective title issue which meant it was impossible to determine clear ownership and gave rise to a potential costly boundary dispute. Negotiations and discussions with the neighbour were futile, as he essentially held the the seller to ransom. The team from Puzzle Property got involved, reopened negotiations, facilitated a cash purchase through a nationwide agent which they negotiated at full market rate from someone who wanted this particular property, rectified the title, simultaneously ensuring the sale went through at full market value and making the property mortgageable for the onward purchaser when it came time for him to sell.

Brixton, London: THE PUZZLE… DSS tenants with nothing to lose would not vacate and allow the sale.

The client had come to us after being unsuccessful trying to sell through estate agents and had unsuccessfully tried complete a sale due to a DSS tenant refusing to move out, yet it transpired that the tenant was actually willing to move out, but they were effectively barred from doing so as the council advised them that they would not be placed on the council’s priority list unless they were actually evicted!

The issue was that due to an incorrectly served section 21 in the first instance and the eviction process was set to go on for up to an additional year acting under the solicitors instructions. The team from Puzzle Property took the case on, coordinating and funding the process and organised the exclusive Puzzle Property Fast­Track­Evict (FTE), which took care of the incorrect documentation, and within one month of discovery of these incorrect documents, the situation was resolved with free legal and Estate Agency fees, for approximately the same price as his local estate agents were charging, more importantly thanks to the team at Puzzle Property, the vendor was able to avoid losing his sale and achieve full market value, saving themselves thousands of pounds.

West Yorkshire: THE PUZZLE… Unauthorised charge on house after divorce.

In a divorce settlement, as a result of financial misconduct by her ex-­husband, a lady vendor was granted 100% of the matrimonial home by the judge. During the sale process it was established that the charge which the lady vendor thought was from an old mortgage had been registered as security from a re-mortgage shortly after the breakdown of the marriage leaving a secured loan on the property for £126,000. The vendor did not remember agreeing to the loan (though paperwork was produced by the bank that implied she did). The management at Puzzle Property helped the vendor by coordinating and funding the legal challenge against the lender. The lady vendor would not have otherwise known how to proceed, where to go, or had any ability to fund the action. With Puzzle Property funding, coordinating and supporting her through the litigation process, this ultimately resulted in the lady vendor receiving an additional £70,000 on the sale that she would otherwise not have received without the involvement of Puzzle Property management.

Port Talbot, Wales: THE PUZZLE…Japanese Knotweed.

After a buyer was found for the property it was established that Japanese Knotweed was present in close vicinity of the property. Japanese Knotweed is an extremely aggressive plant that grows through anything and spreads very quickly, and if not dealt with, can attack the fabric of the building rendering it unsafe, making it worthless as it will need to be taken down at cost and the entire area eradicated of the Japanese Knotweed. It is extremely difficult to get rid of, if you cut it then it grows again, and even a tiny piece of root left in the ground can shoot up again. Lenders are understandably cautious of this destructive weed if it is mentioned at the survey stage, as it weakens the security they would hold (the property) if they decided to lend.

Expensive surveys and possible eradication totalling thousands of pounds were required. The buyer wouldn’t pay, and the vendor was not able to afford the specialist survey or the treatment to relinquish the plan, so the Puzzle Property team agreed to fund and coordinate this for them at their own cost, and allowed the sale to take place and deferred all payment until the sale meaning that the vendor was able to proceed at full market value as opposed to the offers at 50% of market value they had been offered. This process netted the sellers in excess of £40000 additional money than they may have otherwise received.

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