You have acquired your new investment property and laid out the major costs including the purchase, stamp duty, and legal fees. Your next priority is to refurbish the property to get it on the market as quickly as possible, so it can finally start showing a return. You've dealt with the planning, all the necessary consents are in place, you are ready to refurbish, add that extra space thereby adding value and increasing potential revenue. You get the builders in, they're reliable, they're fast and their finish is excellent. Best of all you've saved money because the builders handled everything, they didn't need any expensive professionals telling them what to do and advising on current legislation. Job done your flat is rented and you're ready to move on to the next project.

This is exactly what one of our clients did recently, the builders finished the property as expected on time, on budget, the property looked great and it rented well with good returns. However, after some time they decided to sell the property and it was at this point where things started to unravel. At the crucial point of exchange it turns out that the project wasn't signed off by Building Control and the sale cannot proceed until it is signed off. A reputable Building Control firm has been instructed and they have highlighted a list of issues to be addressed before they can grant approval. The list amongst other items includes lack of proper ventilation in kitchens and bathrooms, which during the project would have been simple to install, but now the job is done there are no easy solutions. The list also includes safety requirements which, had they been addressed during the project, could have been easily incorporated into the design.

By saving on relatively small and necessary professional fees the project has ended up costing extra in expensive follow up repairs which have also changed the aesthetics of the property, delayed exchange and potentially lost the sale. Luckily our experienced team was on hand to advise and guide our client to fix the mistakes and quickly move on to the next project. Why not contact Abacus Estates today to discuss how our Property Management Team can assist you to maintain your most valuable asset.

24 hour Emergency Contact 020 3815 5722 | propertymanagement@abacusestates.com