After a nine month long ordeal, two first time buyers are toasting an unexpected windfall
Buying a two-bedroom flat in Bristol turned into a nightmare for one couple(Image: Zoopla)
Two first-time buyers are celebrating after turning a nightmare purchase of a suspiciously cheap flat into a profitable venture. Carlton Howard, 28, and his girlfriend Abi, 24, thought they had secured a bargain when they agreed to buy a two-bedroom flat with a balcony on King Square Avenue, a stone’s throw from Stokes Croft, for a cut-down price.
However, problems with the property’s external cladding, and errors with the land registry, led to a nine-month long delay with the purchase, which pushed their relationship to breaking point.
“The sale process nearly broke our relationship, and damaged friendships, it was that exhausting,” Carlton said. “We gave up our rented accommodation because the agents had assured us this was a quick sale property. We then had to stay with friends, and after three months of overstaying there, we moved into a short let, which we were only able to get because I’m an architect, and a client had a place we were able to use short term.”
“It was a massive strain on us mentally; nothing went as expected, and it stacked up in cost month on month.” After the couple had agreed on a price for the property, they were told incorrect material had been used in the construction of the apartment’s wooden balcony, which would have to be replaced.
Problems with the cladding on the property’s balcony led to lengthy delays(Image: Zoopla)
The process for getting the paperwork sorted with the previous owner for this was “extremely slow” and caused lengthy delays for the couple getting a mortgage approved, which made them worried they would lose the flat for good. A possible reason for the property being available at a reduced rate was previous buyers having pulled out when they faced difficulty getting finance, due to the same issues.
After that problem was eventually resolved, and the sale process handed over to solicitors, an issue with the property’s title was identified. The plans of the building had changed, and the correct version was not filed with the land registry, which hadn’t been picked up by the original solicitor who first acted on the sale when new. The couple had to proceed through a deed of variation, allowing the problem to be resolved retrospectively.
Eventually the issues with the flat were resolved and the couple was able to move in. A year later, they had it re-evaluated and were told it was worth £70,000 more than what they’d paid for it.
Mortgage adviser Luther Yeates, who helped guide Carlton and Abi through the months of uncertainty during their purchase, said there were potentially hundreds of similarly undervalued properties.
He added: “While many buyers are currently locked out of the market, there are hundreds of flats that are undervalued due to fear and confusion around cladding, survey requirements, and lender hesitancy. With the right guidance, buyers can not only gain access to these properties but also purchase them well below asking prices.”