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Strettons","url":"https://ggfx-strettons.s3.eu-west-2.amazonaws.com/i.prod/45_ecb0e84f06.png"}},{"Content_Section":"<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:8,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-usefontface=\"true\" data-contrast=\"none\">They were poorly managed by the borrower who was&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">substantially in default. The simplest exit was to sell all&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">the properties straight away but, with the main lender&rsquo;s&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">agreement to hold interest, we worked with the&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">borrower and lender to rationalise the portfolio.&nbsp;</span>​</p>\n<p data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:8,&quot;335562768&quot;:4,&quot;335562769&quot;:0}\"><span data-usefontface=\"true\" data-contrast=\"none\">This included:&nbsp;</span>​</p>\n<ul style=\"font-weight: 400;\">\n<li data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-usefontface=\"true\" data-contrast=\"none\">Agreeing a premium with the freeholder to&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">formalise consent for the conversion of one flat&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">into 3 units.</span>​</li>\n<li data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-usefontface=\"true\" data-contrast=\"none\">Obtaining certificates of lawful use and creating 3&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">new leases to allow for each flat to be sold&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">separately - 2 to be sold by private treaty to&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">owner-occupiers after obtaining vacant possession&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">and undertaking works, and one studio sold&nbsp;</span><span data-usefontface=\"true\" data-contrast=\"none\">tenanted via auction.&nbsp;</span>​</li>\n</ul>","Image_Section":{"alternativeText":"","url":"https://ggfx-strettons.s3.eu-west-2.amazonaws.com/i.prod/43_30660b6c30.png"}},{"Content_Section":"<p><span class=\"TextRun SCXP259951952 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-usefontface=\"true\" data-contrast=\"none\"><span class=\"NormalTextRun SCXP259951952 BCX0\">Further work included agreeing lease extensions on 2&nbsp;</span></span><span class=\"TextRun SCXP259951952 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-usefontface=\"true\" data-contrast=\"none\"><span class=\"NormalTextRun SCXP259951952 BCX0\">flats where leases had less than 60 years remaining with a&nbsp;</span></span><span class=\"TextRun SCXP259951952 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-usefontface=\"true\" data-contrast=\"none\"><span class=\"NormalTextRun SCXP259951952 BCX0\">view to sell both properties as AST investments.&nbsp;</span></span><span class=\"EOP SCXP259951952 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