A Rental case study in Park Drive, Canary Wharf
Case study background and context
Our client was a Diplomat, moving to London to commit to a one-year rental term and had the obligation to negotiate a 6 months diplomatic clause within the rental agreement. This diplomatic clause was specifically tailored for a single professional employed by an Embassy.
Property search criteria
- 1 bed
- Fully furnished
- 12 month contract
- Break clause at 6 month
The challenge
With only one day available for viewings, our client aimed to secure a property within a two-week timeframe following the viewing. Negotiating a six-month break clause proved to be an additional challenge, particularly given the prevailing preference among landlords, notably investors or multi-landlords, for 12-month rental agreements without such clauses. Moreover, the client encountered difficulties during the referencing process due to their salary being paid in euros. Non-UK-based salary deposits typically do not meet referencing criteria. In response, we facilitated negotiations with the referencing company and the landlord to arrange a 3 months upfront payments as an alternative to the standard 12-month advance payment, thereby resolving the referencing challenge and facilitating the client's rental agreement.
Results and outcomes
We viewed 10 apartments in 1 day, made an offer on 2 of them, and after 2 days of negotiation, we successfully secured our client's favourite apartment and agreed upon the right terms for him.
The key to success
Tenacity, adaptability, and negotiation skills are pivotal for success in property finding. Tenacity ensures relentless pursuit of ideal properties, adaptability keeps pace with market changes, and negotiation skills forge mutually beneficial agreements. These qualities are the cornerstone of a successful outcome.
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