Knightsbridge flat for sale for just £250,000 (but there’s a catch)
Given just 190 days remain on the lease of a flat in Egerton Gardens, Knightsbridge, an asking price equivalent to £1,315 per day or £250,000 might seem a little high but great interest has been expressed in it since it came to the market in late January.
Currently owned by a stockbroker and for sale through Kaye & Carey, the 1 bedroom, 692 square foot ground floor flat has the appealing feature of direct access to communal gardens to the rear.
Of the property agent Matthew Kaye commented:
“The lease is up on September 26th. We have been inundated with calls from people asking about it. We’ve said, ‘sorry to deflate you but have you seen that the lease is very short?’ The home could do with some updating but with a longer lease would sell for around £1,750,000”.
“But [as it is] now it’s a niche market. We need cash buyers, not just for the original price of £250,000 [as mortgages are not available on leases so short], but also for the subsequent loan for the lease extension”.
A 90-year extension on the lease has been agreed for £1,275,000 and a Section 42 Notice of Claim has been served. If no buyer emerges and this isn’t paid, the apartment will simply revert its the freeholder, the Wellcome Trust.
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Cheap at half the price !