Q&A
DO YOU HAVE A WAITING LIST FOR PROPERTIES?
Yes at times we do. In such an event we will allocate a place on our waiting list or even buy to order to meet individual investor’s criteria.
HOW MUCH IS THE RESERVATION FEE?
£1, 000 is paid to reserve a property. This is non refundable except in exceptional circumstances. The £1,000 is deducted from the price upon completion.
WHAT HAPPENS TO THE RESERVATION FEE IF THE SALE DOES NOT PROCEED?
If the sale does not proceed due to the property being down valued by a mortgage surveyor or is withdrawn from sale, then the reservation fee will be refunded or transferred to another property. If the sale does not proceed because of the investor, then the reservation fee will not be refunded.
HOW DO I KNOW THAT ANY DISCOUNT IS GENUINE?
We will provide you with a copy of a survey report produced by a RICS valuer. This report will give you a report on the property’s condition and its current market value.
WHICH VALUERS DO YOU USE?
Like a bank, we use a panel of valuers all of whom are used by major lenders.
HOW DO YOU SOURCE PROPERTIES?
We use extensive advertising campaigns on TV and radio together with leaflet drops to selected areas. Our skilled buying team also work closely with estate agents throughout the North Of England to ensure we have a constant flow of available properties for our investor clients.
WHAT TYPE OF PROPERTIES DO YOU BUY AND WHERE?
We provide new build and traditional homes throughout the North Of England. We only buy in areas of high tenant demand in established residential areas. Many of our properties are sale and rent backs, where the vendor remains in their home as a tenant. All properties have to work in terms of value and rental to ensure that a Buy To Let Mortgage is available.
WHAT IS SALE AND RENT BACK?
Where a seller releases the equity in their house, by selling to a landlord who allows them to remain in their home as a tenant. This is a great solution for all parties concerned as the seller frees up any money in their home but can still live there as a tenant. The investor gets a good tenant who is likely to stay for longer than a normal tenant.
WHAT TENANCY AGREEMENT DOES THE TENANT HAVE?
We ensure that tenants have an Assured Shorthold Tenancy (AST) which complies with lenders requirements and protects the landlord.
DO I GET ANY RENT PAID IN ADVANCE?
We try to provide a minimum of 6 months’ rent in advance for sale and rent back properties.
WHAT HAPPENS IF ANY WORKS ARE NEEDED ON THE PROPERTY?
The price includes any works needed. A schedule of works is included in the contract and the cost of these works is held by the solicitors until satisfactory completion. All works are carried out within 28 days of completion.
WHO MANAGES THE PROPERTY AFTER PURCHASE?
We will introduce you to a number of management companies who will provide a full management service. However such is our belief in the availability of finding tenants for these properties we will act as a tenant sourcing agent to ensure that the right tenant is put into your property.
HOW MUCH DOES THE TENANT SOURCING SERVICE COST?
We charge a flat fee of £250 for finding a tenant and getting them signed up to an appropriate agreement.
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Low Deposit Deals
We have some great deals on a selection of our new developments helping you to quickly start life in your new home..Check out the Property section for more details.
