EXCLUSIVELY FOR LANDLORDS WITH AN UNDER PERFORMING PROPERTY IN THEIR PORTFOLIO

Introduction

• Fast Track Homebuyers will give the ex-Landlord 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.
• Fast Track Homebuyers will make the landlord an offer to buy their investment property.
• Once the landlord has decided to proceed and the purchase is completed, Fast Track Homebuyers will own the property and become the landlord. Fast Track Homebuyers will either continue to rent out the property to the existing tenants, under a new Assured Shorthold Tenancy, or rent out the property on the open market.
• At completion, Fast Track Homebuyers will grant the ex-Landlord the option to buy back their property investment at a fixed price within an agreed period.
• The ex-Landlord can then choose when they want to buy back, with the comfort and guarantee that if the value of their property investment has increased the buy back price is fixed. As such, the landlord will keep the additional equity resulting from any price increase during the option period.
  

Sale, Rent Out and Buy Back - How does it work?

Purchase

• From initial enquiry a decision in principle is given immediately.
• If successful, Fast Track Homebuyers will commence initial due diligence on the property value and rental cover to confirm the decision in principle.
• A representative of Fast Track Homebuyers will arrange a personal inspection of the property within 12 hours or sooner.
• Verbal agreement will be reached with the customer, followed by a formal offer in writing.
• Customer meets with their solicitor to consider and understand all aspects of the transaction, with the conveyance process, although quick, being fully professional and impartial.
• Exchange of contracts and completion takes place within agreed timetable.
  

Rent Back

• Where possible, the property will be offered to the existing tenant under a new Assured Shorthold Tenancy with Fast Track Homebuyers at an open market rent.
• If the property is vacant, Fast Track Homebuyers will actively rent out the property on the open market under an Assured Shorthold Tenancy agreement.
• Fast Track Homebuyers will take on the following responsibilities:-
  • Buildings insurance
  • A central standard maintenance contract with a British Gas three 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 ex-Landlord a unique guaranteed option to 'buy-back' their home at a fixed price up to three years from completion.
• The ex-Landlord can then choose whether to buy back their property at any time during the option period, with the guarantee that if the property price has increased the buy-back price is fixed. The ex-Landlord keeps any new equity in the property by benefiting from any price increase during the option period.
  

Sale, Rent Out and Buy Back Legal Process

• As part of the transactional process both Fast Track Homebuyers and the Landlord must receive independent legal advice and representation.
• The Landlord 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 Landlord uses their own solicitor Fast Track Homebuyers will provide £500 towards the costs [paid on completion].
  

Sale, Rent Out and Buy Back 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 Out 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 Landlord

• Although the price for which the property is purchased by Fast Track Homebuyers will not be at full market value, the ability for the Landlord to release an under performing property from their portfolio as well as having a future option to buy back when they are more financially secure, will usually represent best overall value.
• The Landlord has the security and peace of mind of a guaranteed legally binding sale.
• Fast Track Homebuyers do not charge fees, in fact we cover all costs, including legal representation.
• The Landlord receives no further adverse credit ratings and throughout the buy back option period their credit rating is improving.
• Complete privacy - no one apart from Fast Track Homebuyers, the Bank and the Landlord 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