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Date Year
22/04 2008
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Liverpool L36, Huyton - attractive 2 bed apartment - 17.3% BMV to you
This property will be completely 'no money down' - and requires very little work upon completion.
- Valued
- Searches started
- 2 bed apartment
- Modern decor and little work needed.
This apartment is in a nice part of Huyton to the east of Liverpool.
The vendor is moving abroad for health reasons an has already bought another property. The prvious buyer of this property, a first-time-buyer, pulled out due to the current mortgage restrictions.
Ref 071
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Greetings!
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Please see the last section of this email for links to further information about this deal, and general terms and conditions.
If you wish to register your interest, or request further information, please email back. This does not commit you to proceed with the purchase.
Kind Regards
Arlo
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The Numbers
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by Article Author
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Basic Figures
Market Value:
£ 110,000 (already RICS valued)
Your Price:
£ 91,000 (including FF)
Below Market Value
By:
17.3%
Rentals
*:
£ 500 pcm single let
*****
This should fit Mortgage Express instant remortgage criteria!
*****
Total BMV to you after Finder's Fee: 17.3%.
You will need to reimburse for the survey, and cover both sets of legal fees. Other cost would include broker fees and bridging costs.
You will £2,500 cashback which will help towards fees. You can expect this to be a no money down deal.
Upfront Costs
- Deal Fee (to secure the deal) £ 500 (subtracted from FF)
- Survey
£ 300
- Search Fees
(solicitor)
£ 300
1 and 2 payable directly to me via PayPal or bank transfer within 24 hours of your acceptance to take on the deal. 3 is payable to the solicitor, unless otherwise stated above.
Finder's Fee
- 'Your Purchase Price' - see above - is calculated by adding the actual Agreed Price (AP - agreed with the vendor) to the Finder's Fee (FF) payable.
- Both the AP and FF are private and will be revealed only to the investor chosen to proceed with this deal.
- The FF is payable upon completion and comes from your remortgage finance.
Upon Completion
- Broker (variable)
- Bridging Finance (if applicable, varies, normally a flat £500)
- Finders Fee (any remaining, see above, varies) - minus the Deal Fee which has already been paid to secure the deal
- Purchase Solicitor (typically £450+, plus VAT and disbursements)
- Vendor's Solicitor (normally a flat £500)
On a typical £100,000 property, all the fees, should come to around £2,000 - £2,500 (excluding the Finder's Fee).
Notes
All mortgages are subject to survey and the purchasers own financial standing. Figures given are for illustrative purposes only.
FINALLY - please remember we can provide you with a 'deal stacker' template (MS Excel - if you do not have Microsoft Office please contact me for an alternative). This spreadsheet will give you a much more comprehensive financial analysis, which also allows you to play with the variables involved, and allows you to compare and contrast different mortgage products.
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The Details
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AREA / PROPERTY DESCRIPTION
The property is situated in a nice part of Huyton (click here). The apartment is on the ground floor of a two-story building.
It is an attractive 2-bed property, and the elderly couple who live here use the second bedroom as a dining room. It has a modern kitchen and bathroom and a spacious main living area. Both bedrooms are easily doubles.
Surprisingly this elderly couple have good modern tastes in decor, and the property would take very little to get to a lettable standard. The apartment has been given a guide market rent of 500pcm by the surveyor.
This will not quite fit the Mortgage Express 'bridge and instant remortgage' route. However there are several alternative methods of funding which will allow a 'no money down' deal (15% for deposit, and 2.3% to cover professional fees - finder's fee already paid).
More specific details, including finance method, will be available to the person this property is offered to.
WHY BELOW MARKET
VALUE?
The couple are moving abroad due to the elderly gentlemans health. They have already purchased a property abroad as their property was already agreed for sale. But the young couple who wanted to buy it had their mortgage application pulled. Aparently this saga went on for several months, each time the young couple went to get new mortgage finance, the mortgage landscape changed. I think that with several failed mortgage apps, their credit was probably compromised too.
The vendors approached several cash buyers but di not trust anybody except my negotiator (thanks Clare!).
Please note your interest ASAP.
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Finally
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Past and Current Deal Archive:
Archive
Disclaimer:No part of
this email constitutes or forms part of a contract. White & Co is not
a licensed estate agency or licensed investment advisor. White & Co
is not authorised by the Financial Sevices Authority to give investment or
financial advice.
Terms & Conditions:
By replying to this email, or emailing back with the deal / lead reference number, you acknowledge and agree to the terms and conditions should you be chosen to purchase this lead and you then agree to proceed. Please note 'stating an interest' or requesting further information does not commit you to anything.
Terms and Conditions Page
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Contact Information
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