Chronically short of time and frustrated by the lack of suitable properties coming to the market, our client retained Garrington to find a period property surrounded on all sides by its own land, in the countryside between Nottingham and Oakham.
SEEKING PEACE AND QUIET
Whilst there was a preference to be based in Rutland, where the client regularly enjoyed the local recreation facilities around Rutland Water and planned to send their children to school, this had to be balanced with a less than 50-minute commute to work, regular trips to London and frequent trips abroad. The property also had to be very private and offer potential to be improved and value added.
From the outset Garrington sought off-market opportunities. At the time the property market in the search area was fairly inactive, with little coming to the open market. As a result of this effort five off-market opportunities were identified quite quickly, although none transpired to be the perfect opportunity. Nevertheless, part of this programme involved driving around the search area looking for suitable properties and dropping off letters of introduction to target properties. During one of these excursions, Garrington drove past a property that the client had previously rejected upon seeing the details digitally. Seeing the property in its full setting convinced Garrington that the property was worthy of further consideration and the client was persuaded to attend a viewing. Two and half hours later, the client had a conundrum; the property and its situation nestled in secluded countryside was ideal and it had taken the client 50 minutes to drive to it from work, however, they were now not sure whether this was indeed too long a commute.
CHANGE IN PRIORITIES
After a lengthy discussion with Garrington it was agreed to change the search brief, making proximity to Nottingham a priority whilst still looking for a period property surrounded by its own land. The exercise of viewing a close to ideal property on the limit of the commute zone and discussing the relative merits with our consultant had helped our client to clarify their priorities in light of the work commitments and lifestyle. With the change to the brief, the Garrington suggested that the client considered a property that had previously been perceived as being too close to Nottingham.
After accompanying the client on a viewing of this property, it was agreed with the client that the property, if secured at the right price and if it could be altered to rectify its awkward layout, offered real potential. Garrington considered comparable evidence and following discussions with the client negotiated and secured the property with a sizeable discount (£350,000 less than the seller had paid two years earlier). Not yet in the clear, Garrington continued to carefully monitor the transaction whilst arranging for builders, planning authorities, architects and various surveyors to assess the property throughout the purchasing process ensuring the client could fulfil their desires and make the property work for them.
For a time starved client, engaging Garrington to search, secure and carry out due diligence on a property purchase was of obvious benefit. However, the client also highly valued the consultative nature of the service, helping them to clarify their needs in the context of work and home life commitments as well as skilfully holding the final deal together whilst the potential, shortcomings and opportunities of the property investigated.