
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
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