Having previously acted for a client on a successful search, Garrington were once again called upon to search for a large lateral flat with a minimum of 5 bedrooms. Ideally, the property would have a green outlook and be located in the South Kensington, Kensington or Knightsbridge areas and be above ten million pounds (GBP) in value.
Throughout the search Garrington previewed suitable properties on behalf of the client, arranging viewings for those that matched the criteria. Amongst the carefully selected range of properties which were viewed and considered, a home in Kensington was identified as the ideal house that the client wished to purchase.
A CAUTIOUS RACE
It was Garrington’s opinion that the asking price was not unreasonable yet a discount was clearly desirable. Accordingly, an opening offer was made, with a view to increasing if required. With so few properties of this quality in this location Garrington were soon advised by the selling agent that there was significant interest in the house and that offers over the asking price had been submitted. After a thorough consultation, Garrington were instructed to offer an increased amount to try to secure a transaction agreement. At this point, the selling agent informed Garrington that the vendor was to resolve the competing interest with ‘best & final’ offers to be made by midday on the Friday of that same week. After submitting a calculated offer, Garrington were informed that the client’s offer had not been successful, although they were second place in the process. Later on that Friday afternoon, Garrington received a call from the selling agent informing them that the successful bidder had not made good on his offer of exchanging contracts the same day. Perturbed by this, the vendor asked whether our client was prepared to match the higher offer. To avoid the opportunity of the original agreed sale going through, Garrington enquired as to what price the vendor would consider withdrawing from the first buyer in favour of a second. On Saturday morning the vendor responded; that he would accept an offer with a 4% increase on the currently agreed amount with the additional security of a deposit. Both Garrington and the client felt this price was too high for the house and it was agreed that a 2% increase would be offered with a deposit. On the basis that this deposit arrived first thing on the Monday, the vendor agreed to accept our client’s offer whilst withdrawing the contract from the first buyer. On Monday the solicitors agreed exclusivity terms for the deposit based on the condition that contracts were exchanged by 5.30pm on Tuesday. A building survey was quickly arranged by Garrington for the following morning and the client arranged to fly to London to meet Garrington and his solicitor early on Tuesday morning. On Tuesday the surveyor confirmed that he saw no reason not to buy the property, and despite a last minute higher offer coming in, contracts were exchanged with completion set for later in the year.
Garrington’s professional, experienced approach resulted in the acquisition of a highly sought after property under demanding time constraints. Although the client lost the initial best bids process by not overpaying for the property, Garrington were available to steer the client through the ensuing negotiations, keeping the competing interest at bay and ensuring all parties were directed to the eventual successful conclusion.