Friday, 03 Sep 2010
Tel: 0845 130 5567
Fax: 0121 336 1838
A. Yes. Usually within 28 days but can be as soon as 7 days.
Q. Will I be able to stay in my home?
A. Yes. We give you the option of sale and rent back under an assured short hold tenancy agreement.
The Purchase Process
Background
Consumer Property Ltd is property sourcing and trading business administered within the Sutton Coldfield area of the West Midlands region, with outsourced home based administrators nationally. We have spent over 10 years in the property business and receive in excess of 100 purchase enquiries weekly.
Our company acquires properties from distressed and motivated sellers through web-based advertising, billboard advertising, press and local media and affiliated agents. These properties are acquired for resale to our portfolio investment clients who are pre-qualified to confirm they have funds available for fast property purchase. Our administrative role is to contact customers and update their details to our database.
The Process
Consumer Property use a team of telesales agents to qualify all new business. The agents are given remit to address the following
Verbal acceptance of the proposed purchase price
Signed and faxed agreements
Acceptance and payment of the valuation fee unless paid by investor
Confirmation of instructions for solicitor
Reservation
A reservation fee will be payable by the buyer prior to purchase of all properties. To ensure we can act quickly in the purchase of properties from motivated sellers we usually ask for funds to be deposited upon account.
All properties are presented to the investor prior to purchase for acceptance. This usually includes breakdown of the purchase price, deposit, % below market value, estimated mortgage payment, rental figure and yield. Our buying criteria usually allows for all properties purchased to be well below market value with up to £500 of the sellers legal costs paid by the purchaser.
Valuation Instruction
In order to fully process the deal once the customer has accepted the verbal offer we require a RICS approved survey to be carried out at the expense of the vendor unless the investor requires this for mortgage purposes. Should the investor require more information prior to purchase a Hometrack online valuation can be provided for comparable evidence.
Any investor purchasing a property does so on the undertaking that all prices stated are subject to valuation.
We can give no undertaking as to the condition of any property supplied and suggest a full structural survey is carried out prior to purchase.
Completion
Upon exchange of contracts the nominated solicitor will request the deposit and drawdown of the mortgage advance. These funds will be sent to the sellers' solicitor. Upon completion the deposit paid will be returned to the deposit provider if the purchase price is below market value.
Maintenance of Assets
Once we have sourced a property, we recommend that you place your property in the hands of an approved letting agent. Given the regulations surrounding the TDS (tenants deposit scheme) and the introductions of EPC's (Energy Performance Certificates) we recommend you use an ARLA approved agent or similar and pay a rate not exceeding 12% of monthly rental. If you are confident enough to manage your properties we recommend membership with an approved association such as the RLA or NLA, both of whom offer tenant deposit schemes, insurance and much more.
Exit Strategy
Once we have established a working relationship with a client, part of our service is to ensure an appropriate exit strategy has been put into place. This can typically be in the form of
Sale on the open market
Sale to another investor
Placing property in trust
Transfer of equity to partner/children
We recommend with all the above strategies that the advice of a fully qualified tax adviser is sought in advance, particularly where CGT is concerned.
Should you require further information on our services please contact us on 0845 130 5567 or email admin@consumerproperty.co.uk