The initial brief was to source a family home, on either the outskirts of Cambridge or in a nearby village, with easy access to Norwich, Stansted Airport and London. The client envisaged this property to be a home for the long-term and proximity to a range of services was a priority. In addition privacy was a paramount consideration, as was minimal road noise.
With a budget of approximately £1.25M they were open to suggestions of different architecture styles but did require at least four bedrooms and a good sense of space with flexibility to reconfigure the internal layout. A private garden was also noted as a key requirement.
The Search: After a productive first tour the client suggested a budget adjustment to £1.5M to reflect their changing priorities. Villages were still to be considered but the focus needed to be placed firmly on good facilities, including a village school. This narrowed the search area and allowed the consultant to concentrate on a smaller number of key areas.
The consultant learned of a small new development in a highly sought after village and immediately arranged to view the properties. One particular property was preferred but, after a second viewing, it was decided that the location was too noisy.
The consultant highlighted the potential contradiction between the desire for a central location versus the need for peace and quiet. A constructive open discussion led to the decision that to achieve location and amenities, an element of noise would have to be accommodated.
The consultant provided two properties for consideration that met the refined brief requirements, although both needed extensive refurbishment or redevelopment. Whilst considering these two properties the consultant introduced them to a third home in a favoured area. The property had a guide price of £1.5m and offered spacious living accommodation in superb condition. The client immediately asked the consultant to secure the property for them.
Negotiation: The property was attracting significant interest and, with a competitive bidding situation now looming, the Consultant was instructed to proceed with a strong bid to secure the property quickly and combine this with a ‘lock out agreement’ to protect the client from the competition.
Using comparable research to reach a valid opinion on value, an offer of £1.4M was submitted. This offer was rejected with the agent indicating that the vendor wanted to achieve a sale price much closer to the guide price. A best and final offer of £1.45M was then submitted with emphasis placed on the clients’ excellent position.
Whilst the vendor was keen to continue negotiations with other parties they were swayed by Garrington’s presentation of the purchaser’s strong position and agreed to the offer. The consultant was then involved throughout the conveyancing process to ensure that the purchase moved to a painless and swift completion.
Value delivered: The consultant’s role was fundamental in interpreting the client’s change in priorities and managing any new directions the search took as a result. An open and honest appraisal of a client’s tastes and requirements was the key to delivering the successful outcome evident in this search.
Garrington’s experience, professionalism and relationship with the selling agent meant that we managed to secure the property at a fair price in the face of competitive interest.