A Victorian conversion, taken from acquisition to registered leasehold titles.
An anonymised account of a single Title Split project undertaken by Inspired Property Group — the sourcing, the structure, the professional team, the finance, the registration and the exit. Figures rounded; identifying detail removed.
The asset and the opportunity.
The property was a substantial Victorian end-of-terrace in a well-established English regional city — already converted, on a single freehold title, with four self-contained flats let on assured shorthold tenancies. The vendor was a long-standing private landlord exiting the sector.
On paper, it was a competent buy-to-let. On the title, it was a structural opportunity. The four units were physically discrete, individually metered, and capable of standing as separate registered leasehold titles — but had never been split. The implied uplift on the sum of the individual values, against the freehold-as-a-whole price, was material.
How the project entered the pipeline.
The property was not on the open market. It came through a relationship with an agent we had transacted with previously — one of the channels we maintain precisely because they produce off-market stock with motivated vendors and realistic price expectations.
We ran our standard first-pass filters before any site visit: tenure, title plan, EPC band, planning history, structural notes from the agent, and a rough comparable check on the individual flat values against the asking price. The numbers were sufficient to warrant inspection. We declined a second project the same week that did not clear the same filters.
The numbers, before adjustment.
Figures are illustrative and rounded for confidentiality. Past performance is not a reliable indicator of future results. Nothing on this page constitutes financial promotion or an offer of any kind.
How the transaction was set up.
The acquisition was completed through a special purpose vehicle, with investor capital introduced under a documented loan agreement and a first legal charge taken at completion. The professional team — solicitor, broker, surveyor and managing agent — was instructed before exchange, not after, so that the title split work could begin the day completion funds cleared.
We do not separate sourcing, structuring and execution into different firms. The same operator who underwrote the deal also signed off the leases, the lender pack and the eventual sales. That is deliberate.
The split itself.
1 · Lease drafting
Long leases were drafted from a tested template, adjusted for the specific service charge arrangements, parking allocations and access provisions. The drafting was done by a solicitor we have used on every project of this type.
2 · Compliance works
The works were limited and targeted: fire doors, mains-linked alarms, EICRs, EPC improvements and tidying. No speculative refurbishment. Total spend was kept inside underwriting tolerance.
3 · Land Registry submission
The applications for the new leasehold titles were submitted as a single, fully prepared bundle. Two minor requisitions were dealt with by return. The new titles were registered within the expected window.
4 · Re-valuation
Surveyors instructed by the incoming lenders and buyers valued the units in line with the original underwriting. The uplift implied at acquisition was substantially crystallised on registration.
5 · Exit
Two units were sold to owner-occupiers. Two were refinanced and retained on long-term BTL mortgages. Investor capital was redeemed in full and on schedule, with returns paid in accordance with the loan agreement.
What this project reinforced.
Off-market sourcing matters
The margin existed because the property came through a relationship, not an auction. We do not pay a premium for the privilege of bidding against other operators.
Professional team first
Instructing the solicitor and broker before exchange compressed the timeline by months. The cost of doing this is trivial. The cost of not doing it is significant.
Selectivity protects capital
Two other deals reviewed in the same fortnight were declined. The discipline to say no is what protects the return on the deals we do.
A private conversation.
Each enquiry is read personally.