Sanjeev Shah of Perrin Myddelton has completed the sale of a circa £6.2m Central London apartment for a non-UK resident high net worth client. The transaction was complicated from the outset because we were dealing with a non-resident seller and buyer. In addition we also needed to deal with the discharge of a private mortgage on the property in favour of another non-resident private individual.
During the transaction it was discovered that our seller’s predecessor’s in title had not sought consent from the Grosvenor Estate (landlord) for extensive alterations to the property. We worked closely with both selling agents (Beauchamp Estates and Knight Frank) to ensure the appropriate waivers were secured from the Grosvenor Estate in a timely manner to facilitate completion of the sale.
The transaction was further complicated by the buyer’s requirement that the seller commence the process to extend the term of the lease of the property.