MANAGING DIRECTOR OF KAY & CO, CENTRAL LONDON ESTATE AGENCY
Q. I am selling my house for £5m but the buyer’s survey report has shown that the roof needs some work and they want me to fix it between exchange and completion. The buyer’s surveyor is saying that they should allow up to £25,000 to do the works but my builder thinks he can do it for less. What should I do?
A. You could agree to fix the roof and if your builder thinks it will cost less than the £25,000 the surveyor has suggested, then great. That said, I strongly recommend that rather than take this on yourself, the much cleaner way of dealing with this will be to simply agree a sum to deduct from the sale price and let the buyer deal with take on the repairs himself. The problem with dealing with it personally is that lawyers will almost certainly want a further surveyor prior to completion to ensure the work has been carried out to a sufficient standard, which will incur additional costs for the buyer. It could also cause problems (and additional costs) for you if, for whatever reason, their surveyor decides that he is unhappy with how your builder had done the work. I would offer them £15,000, explain your reasoning and see how you get on.
Q. I am selling my flat and want to buy a new build apartment in central London. What are the main advantages of these developments?
A. There are a number of advantages that new build homes offer over second hand homes. Unlike ordinary refurbished flats, they have the advantage of being built around a completely new infrastructure, from foundations to plumbing, wiring and insulation all the way through to the roof. They will be built with modern building regulations in mind too, so will be more energy efficient and benefit from suitable sound proofing. If you choose your development carefully they will have state-of-the art fixtures and fittings too as well quality common parts which should ensure that the building stands head and shoulders above anything else in the area which will also help you from a longer term investment perspective and you should reap the rewards when you eventually come to sell. If you are looking centrally, I would suggest you take a look at Ftizrovia Apartments, a luxury scheme by Ridgeford Properties and The Manhattan Loft Corporation close to Great Portland Street in W1. It is a very well thought out development, which ensures you won’t be disappointed.