1 Bed Flat

The property was purchased for cash with an immediate exchange under auction conditions. The flat needed a light refurbishment, and was marketed for rental soon after. The past service charges were seen as onerous, which had the potential risk of reducing the property’s market value as well as having an adverse impact on the ‘mortgage-ability’ of it in the future. Callum consulted other owners in the block and initiated the Right to Manage process under Commonhold and Leasehold Reform Act 2002, a block managing agent is being appointed and this is expected to substantially reduce the service charges bill and increase cash flow. The property will be held in the portfolio for the long term.