Transaction of the month: Negotiation and acquisition of a family house in Knightsbridge, £4.65m
Our client had identified a house they wanted to buy and they engaged us to handle the negotiations and acquisition process.
They wanted to gain comfort and transparency on the value of the property and they recognised that being professionally represented would help them to secure the property on the best possible terms.
We already had a strong track record with the selling agent, who we had bought through many times for other clients over the years.
We advised our client on price per square foot values of houses on the street and we meticulously assembled their offer letter and supporting documents.
There was a competing buyer (also using a buying agent) who submitted a higher price than us and was paying 100% cash. To even out our client’s position, we offered a substantial non-refundable deposit.
The seller initially accepted the other buyer’s higher offer, but after a week the buyer had failed to make sufficient progress with the purchase and the sellers realised they had made a mistake.
On the estate agent’s recommendation, they came back to us and we agreed the purchase on our original terms, paying less than the other buyer.
We exchanged contracts and completion was scheduled for ten days later.