My client agreed a purchase price of £483,000 for a house that was converted into three flats – all of which had short leases, but the lease extension was pre-agreed.

We agreed with the lenders that they would be happy for two of the flats to be instantly resold to buy-to-let investors – which they were, at their open market value of £250,000 each.

This left the investor owning the third £250,000 flat for free!

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