Swift work enables a short lease to long lease development in Chelsea
The United Trust Bank Development Finance team were approached by a regular client of ours to fund the urgent acquisition of a short leasehold property in a prime road in Chelsea. It was essential that we met the completion date and also that we ensured the lease extension notice had been served on the Freeholder correctly by the vendor prior to our client exchanging contracts. It was also very important that the premium had been agreed. For this reason, advice was taken from London’s leading leasehold reform solicitor.
The project was to reconfigure a large two bedroom flat and carry out a full high quality refurbishment programme at a cost of £400,000.
Following some quick work by the team, the purchase took place on the due date, the lease extension notice and premium agreement was all in order and the client is now on site and building out.
Loan size £1,252,000 being 60% of GDV.