Landlords feel the calm after the heat
A few weeks ago I reported back about this house that I had seen in Tottenham, North East London (http://www.yousellquick.co.uk/landlords-feel-the-heat/ ) . I went back there on Wednesday this week to welcome the RICS surveyor in and inspect the property – we have almost finished works upon this property because the the house was left in a very poor state after the non-paying tenants were evicted. (Which is when Jackie the owner rang us a few weeks ago)
Basically our involvement: We will purchase the house quickly, bring it up to rentable standards – perform electrical (17th Part P) and gas safety etc. Jackie will receive a good proportion of cash now and still has an passive interest in the property. In ten years when we sell the house that 41% of shared equity should have risen so it will be a windfall again. Obviously the 59% that we retain should have increased in value as well (we are very confident about that!).
The RICS surveyor came round to value the property, we had a good conversation about house prices and the way that they were going (to summarise, down). The surveyor reports back to the lender, we get the report back from the lender with yes or no to actually lending on the property. The gentleman valued the property at £300,000 which is good – because the house was on for £315,000 at the estate agents for 6 months. The work that we had done to improve the house had paid off.
In summary Jackie will get the cash in three weeks to fund her business, we have an tenant waiting to move in to the house. In ten years we will sell the house and 41% will go to Jackie. It is easy and very straightforward; again a WIN-WIN situation for all of us.
“YouSellQuick gave me a very good deal and helped me through the whole process.”
“I got exactly what they offered in my bank account, nothing less, no extra fees or commissions.”
We can buy your house right now, please contact us
We can give you a preliminary offer over the phone
Final offer is subject to independent RICS valuation