Receivership and Recovery / Residential Receivership and Recovery / Residential

Sale of Flat at Pavillion Apartments, St Johns Wood, London

Property:

5-bedroom 3,500 sq ft flat in a prestigious, portered block opposite Lords Cricket Ground in St John’s Wood, an affluent area in central London

This flat had multiple issues:

Originally 3 separate flats and 3 separate leasehold interests remained.
Located at the rear of the block overlooking an electrical transformer station.
Dated and requiring modernisation.
Borrower in occupation.

The charge prevented occupation by the borrower and we sought possession through the courts to enhance value and allow a sale. Having obtained possession, we dealt with clearing the borrower’s possessions in an equitable way as well as removal of a dumped car.

Insights Sale of Flat at Pavillion Apartments - Strettons

Achieving a sale was essential given the rate at which interest was accruing. We reviewed the viability of reconfiguring the flat back into 3 separate flats.

We carried out a basic redecoration prior to marketing via an internationally recognised firm and a boutique firm of estate agents. Following this, we achieved a sale that repaid the loan.