Bringing new life to old properties: our relationship with Aventria Property
Instead of auctioning or selling these run-down properties, Aventria Property renovates and brings new life to them, resulting in a profitable sale price. In fact, one recent property sold for almost triple the amount it was initially valued at.
How does it work?
Several of the Court of Protection matters that our solicitors deal with involve an individual who has lost mental capacity and therefore cannot make a decision themselves about the sale of their property. In this situation, the person’s appointed Deputy (or the Court itself if a Deputyship is not in place) can act on their behalf and put the home up for sale.
Many probate or Court of Protection properties are in need of plenty of work and are often not eligible for a mortgage. They are therefore often sold at auction or at a low price and snapped up by developers or first-time buyers who are keen to renovate them and make a profit. Our work with Aventria to redevelop the home before it is listed means that the client and/or their loved ones benefit from the money made on the makeover, rather than it going straight to a builder or developer.
Once our solicitors are made aware of the property, they instruct Aventria who work to keep it in the client’s estate and manage the redevelopment project. They start by investing cash and organising the planning, including instructing architects, and their builders proceed with the work needed to renovate the property.
In our most recent example, a neglected bungalow that was part of a Court of Protection estate was knocked down and transformed into a modern four-bedroom detached house in the desirable Henleaze area of Bristol.
After completion of the work, the newly built eco-friendly house on Kellaway Avenue was valued at a whopping £850,000 (up from its initial valuation of £320,000) after renovations took place.
Acting as a Deputy can be an overwhelming responsibility. For advice on managing someone’s property sale or to speak to us about instructing a professional Deputy to help with a loved one’s financial affairs, our Court of Protection solicitors are here to help.