Secured against a buy-to-let mortgage, this property had been converted into two self-contained flats which had subsequently fallen into disrepair.
We immediately obtained proof of the existing tenancy agreements that were in place for each flat and ensured that the rent was collected.
We also identified that the owner had failed to maintain each property and ring-fenced those repairs that were required immediately.
As a result of this due diligence, we also realised that gas safety certificates were urgently needed for both property.
The cost for this repair and maintenance programme – which was carried out swiftly using an existing network of contacts – was covered entirely by the rental payments.
After obtaining appraisals from several leading local agents, we agreed to sell the property subject to existing tenancies, as the cost of obtaining vacant possession was not financially viable.
Due to its excellent location, the property was subsequently listed with a local estate agent – and successfully sold for close to its asking price just four months after CG&Co had initially been appointed.