The Long Slog

Today we finally completed on an existing apartment block in the north west. We issued heads of terms on the 22nd March 2022 so it’s ultimately taken almost 16 months to successfully complete. The ‘big name’ buyer went into administration, their sister company stepped in and then also went into administration but thankfully the actual funder who was buying the scheme on their behalf has continued with the transaction. The process has been exceptionally painful and mind numbingly slow and probably the most protracted sale I have been involved in for more years than I can remember and this is my twenty sixth year in property. How these care related funds can realistically expect genuine vendors to wait and wait and wait beggars belief. Thankfully we secured the agreement with the buyer that they would pay the rent once vacant possession had been secured and whilst each month’s rental payment was late and had to be chased it was ultimately paid. On top of this and due to the delay we managed to secure two five thousand pound increases on the purchase price. During this prolonged period the vendor’s finance costs have more than tripled as his fixed rate deal came to an end and interest rates have increased. Weekly and often daily this has consumed some of our working life and the fee income is marginal. In all honesty if we weighed up the man hours committed to this deal it’s not been worth the hassle. However, professionally we have stuck with it, done our utmost and finally secured legal completion for all involved. We move on and mark this one down to experience.