
A TRIED AND TESTED
ALTERNATIVE TO REPOSSESSION!
Introduction
- Fast Track Homebuyers will give the customer a guaranteed option to buy back their home at a fixed discounted price to the market value at completion. The Buy Back option can be exercised at 2 years from completion.
- The Sale, Rent Back and Buy Back product allows
customers facing repossession to sell their home at a price
that will redeem all their secured debt.
- The customer can then rent their home back,
with a fixed price contract to buy back within an agreed
period.
- If the customer does not exercise their buy
back option, the customer can continue to rent back their
home.
FAST TRACK
HOMEBUYERS CAN STOP REPOSSESSION UP TO 1 HOUR PRIOR TO
EVICTION!
How does it work?
Purchase
- From initial enquiry a decision in principle
is given immediately.
- If successful, a representative of Fast Track Homebuyers will
arrange a personal inspection of the property within 12 hours
or sooner.
- Fast Track Homebuyers will make a verbal
offer to the customer, followed by a formal offer in writing.
- The customer meets with their solicitor to
consider and understand all aspects of the transaction.
- Exchange of contracts and completion
take place within an agreed timetable.
Rent Back
- The customer can rent their home back under
an Assured Shorthold Tenancy agreement.
- The customer is charged rent at market rate
or below.
- The customer has no responsibility for the
maintenance of the building.
- Fast Track Homebuyers will take on the following
responsibilities:-
- Buildings insurance
- A British
Gas 3 Star maintenance contract to take care of the boiler,
central heating system, plumbing, drains and electrics
- Dedicated
repair and maintenance service at no-charge for any reported
faults
Buy Back
- Fast Track Homebuyers will give the customer a unique guaranteed
option to buy back their home as a fixed price at any time
in the next three years from completion.
- The customer can then choose whether to
buy back their home at any time during the option period,
with the guarantee that if the house price has increased
the buy-back price is fixed. The customer keeps any new
equity in the home therefore benefiting from any new equity
in the home during the option period.
- If the customer does not exercise the option
agreement they can continue to rent their home back under
the Assured Shorthold Tenancy agreement.
The Legal Process
- As part of the transactional process both
Fast Track Homebuyers and the customer must receive independent
legal advice and representation.
- The customer can choose from a panel of
Fast Track Homebuyers Law Society registered solicitors to
act for them. Fast Track Homebuyers will pay all costs. All
vendor solicitors have the experience and expertise to handle
multiple property transactions with the minimum of fuss and
delay.
- All panel solicitors have the experience
and understanding of Fast Track Homebuyers to conduct the
exchange and completion of the sale within 48 hours.
- If the customer uses
their own solicitor Fast Track Homebuyers will provide £500
towards the costs [paid on completion].
Qualification Criteria
Property
- Property value up
to £500,000, located
in England and Wales.
- Properties of a higher value will be considered
on a case by case basis.
- The property must be of standard construction
and mortgageable.
- Non standard construction property will be
reviewed on a case by case basis, subject to a structural
survey.
- Acceptable properties for the Sale, Rent Back
and Buy Back product include:-
- Private standard freehold and
leasehold houses, bungalows and flats
- Studios
- Shop uppers
- Low rise ex-local authority flats
[not over 4-5 floors]
- Ex-local authority houses
- Properties in need of part or full refurbishment
The Benefits for the Customer
- Although the price for which the property
is purchased by Fast Track Homebuyers will not be at full market value, the
ability for the customer to remain in their home, as opposed
to being forced to move out, with a future option to buy
back when they are more financially secure, will usually
represent best overall value.
- The customer has the security and peace of
mind of a guaranteed legally binding sale and the comfort
of not having to move out of their home.
- The customer pays an affordable monthly rent,
significantly less than their mortgage repayment.
- Fast Track Homebuyers do not charge fees, in fact we cover all
costs, including legal representation.
- The customer has the ability to buy back their
home at a fixed price in the future when they are more financially
secure.
- The customer receives
no further adverse credit ratings and throughout the buy
back option period the customer’s credit rating should
improve.
- Complete privacy - no one apart from
Fast Track Homebuyers, the Bank and the customer need know the house has
been sold.
CALL FAST TRACK HOMEBUYERS
FOR AN IMMEDIATE DECISION IN PRINCIPLE ON
0845 257 1683 [24 HOURS – 7 DAYS
A WEEK] OR CLICK HERE |