Our minimum fee is £3,600 or 2% of the agreed sale price, whichever is the higher of the two. So for a property agreed at £150,000, since 2% of this is £3,000, the fee would be £3,600 (the higher of the two). If the agreed sale price is £200,000, then since 2% of this is £4,000 (higher than the minimum of £3,600) the sourcing fee would be £4,000.
A £1,600 reservation fee is payable immediately to reserve a deal, make it yours and begin the conveyancing process. The balance is payable in full, on exchange of contracts.
Our ability to secure the deals we offer, relies on our commitment to guaranteeing sellers a swift and straightforward sales process. When we accept a bid on a property, it’s crucial for us to have confidence that the buyer is fully committed. This commitment ensures that we can maintain the rapid pace of sales necessary for our operations. It also provides peace of mind to you (in that we will not accept offers from anyone else for that property) and shows commitment to both us and the vendor that you are serious in completing on the sale.
There can be situations where, due to no fault of your own, the deal will be lost. This could be due to the vendor pulling out, or there’s an issue with the property that can not be resolved. Or something else. In these instances, your reservation fee will be refunded in full. If you simply change your mind and choose not to proceed with the purchase, you will not receive a refund.
Depending on the complexities of the deal, yes you may be able to. But we’ll always take an offer from a investor that is offering cash or bridging finance over one that needs go through the mortgage process. It’s important to understand that, good property deals don’t hang around very long. Speed is of the essence and investors need to move quickly.
There are a whole bunch of reasons why vendors might sell their property BMV (Below Market Value). They usually have a genuine reason and selling BMV quickly is more important to them, than the lower price that they’re happy to accept.
- Having been in the property industry for over 20 years, we’ve learnt that there are numerous reasons a vendor will sell their property below market value, but typically these can often be categorised into the 4 D’s:
Divorce – where ex partners need to sell their home in order to move on)
Debt – to prevent a repossession from taking place and losing everything
Death – when the owner has died and the beneficiaries are keen to sell quickly for numerous reasons
Depatriate – where, for one reason or another (eg. A new job) they need to move to another country quickly - There’s also the factor of speed. Where a traditional sale on the open market through say an estate agent, can take anything from 4 to 6 months from offer being accepted all the way through to completion. And that’s assuming the sale doesn’t fall through! With 1 in 3 sales on the open market statistically falling through, it’s just too long and risky for some to sell this way. Selling below market value eliminates all of these due to it usually being sold to a cash buyer, where mortgages, valuations and surveys are not necessary.
- Valuations and environmental surveys are typically a condition set by the mortgage lender. They want assurance that the property they’re lending you the money for is worth how much you say it is worth, and to also identify any potential issues with the property regarding boundaries, structural integrity or title defects. Issues such as Japanese knotweed, flood risks and easements will also be revealed by a survey.
- When however, your buying below market value and speed is imperative, surveys are often foregone due to the results not coming back for several weeks. This of course, will cause a lot of delays in the conveyancing process. In these situations, surveys will be indemnified against through an insurance policy, to protect against potential losses resulting from issues discovered after the property purchase.
- To ensure our clients are happy with the valuation, we will always provide a market appraisal from local estate agents and in some cases, from a RICS surveyor.
We aim to assist every investor who joins our platform, which is why we offer a free investment consultation call to all new registrants. This call serves as an opportunity for mutual acquaintance and allows us to better understand your investment preferences. By refining your criteria during this consultation, we can tailor our property deal recommendations to best suit your needs and ensure we’re able to source for you, the perfect investment property. Your success is our success.
It’s so very easy. Once we’ve received your initial enquiry, we’ll arrange a consultation call with you to better understand your requirements and preferences. We’ll then get to work to source the perfect property matching your criteria. Once we’ve found it, carried out the due diligence, done our homework on the property, crunched all the numbers and you’re happy to proceed, we’ll send over all the relevant paperwork for you to sign, and to make the reservation fee payment. We’ll be by your side, doing as much of the work as we can, all the way to completion.
