This four-bedroom terraced house was in a fantastic location, only minutes from where the Crossrail entrance would be, but it had a lot of structural issues and tenants that could potentially be difficult to evict. We were confident we could make a good profit if we remedied the issues and converted the property into three separate flats, but we insisted on vacant possession, so that we wouldn’t have to deal with evicting the tenant. That meant there was a significant delay between exchange and completion.
While we waited for the tenant to leave, we applied for planning as intended but, as the time passed, we reassessed the project and decided it would suit us better to try to sell ‘back-to-back’, passing it on to another buyer before we took ownership. As it happened, there was a delay with the legals, so we missed the back-to-back, but did manage to complete the sale two weeks later. And, because we owned it for such a short time, the annual ROI equates to 600%!