White & Co Property Solutions Ltd
Date     Year
01/10    2008
 
Toxteth, L8 - 3 bed end terrace, repossession - now 22% BMV to you


Good condition, ready to let out.
  • Not valued yet
  • Vendor agreed to drop sale price if the valuation lower than expected
  • discount therefore remains the same to you
The vendor is about to be repossessed.  The vendor wishes to sell the house and leave and will not require a rent back.


UPDATE - buyer failed decision in principle, looking for a new buyer.  Cannot be bought with Colleys survey, as the owner tried to sell at low value recently to another cashbuyer and they have 66k on the previous val.  So only mortgage would be BOI at 85% LTV (all the other ones use Colleys exclusively).

Its offered at NOW 22% BMV.  As it is low-value and cashflows well, this will stack up for an 85% BTL mortgage.

ref 113
Photo - Arlo Greetings!

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NEW - completely NMD purchasing method - you can borrow the entire upfront costs of the deal (brokers, reservation fee, survey and searches) - see next section.

We now have a fully compliant and comprehensive NMD financing scheme in place.

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
The Numbers
by Article Author Property Investment Image






Basic Figures
  1. Market Value:                                        £ 95,000
  2. Your Price:                                               £ 74,100 (including FF)
  3. Below Market Value By:                      22%
  4. Rentals:                                                      £ 525 pcm


Mortgage Examples
  1. Different LTV mortgages examples - note that 85% + may not be possible on traditional buy to let mortgages, but other finance suggestions are included later.  NB this stacks for 85% BTL.
  2. 90% LTV -  let-to-buy mortgage - you could get around £11,400 cashback towards fees.
  3. 85% LTV - you will get £6,650 gross cashback - around £3,000 cashback after after ALL fees.
  4. 80% LTV - you will get £1,900 cashback, and will require around £1,500 ish for purchase fees, but will have a better mortgage rate, and £20,000 in equity. 
             
Upfront Costs                          
  1. Reservation Fee (to secure the deal)        £ 500 (subtracted from FF) - this may be waived if you have previously purchased property through us and is charged to new investors only, to ensure we do not attract 'time-wasters' who may end up causing harm to our vendors.
  2. Broker fee                                                               £ 395 
  3. Survey                                                                      £ 300 ish
  4. Search Fees (solicitor)                                     £ 250
  5. TOTAL - depending on (1) above, you could pay between £950 - £1,450 during the purchase process.
  6. You may borrow the upfront costs from us - you will be charged £150 for this service, and the entire amount, including this fee, will be deducted from the completion amount.  This is subject to terms and conditions - please contact me to discuss.
  7. Notes -  1, 2 and 3 above are only payable after you have had 24 hours to do you own due diligence and have decided to take on the deal, and
    you have had a successful 'decision in principle' from our brokers.  3 is an approximate figure and may change according to lender or property price range. 4 is payable to the solicitor, unless otherwise stated above, but only after successful valuation result.  

What is the 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 the completion funds if you choose to use our NMD finance scheme. 

Costs Upon Completion
  1. NMD finance - £1,500
  2. Finders Fee - if you paid a reservation fee, you will be rebated this back along with the rest of the cashback.  The FF is described above, and doesn't actually affect any of the figures given in this email.
  3. Legal fees - you agree to pay both purchaser and vendor legal fees which should come to around £1,200 total on a typical 100k house
 
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.



The Details

AREA / PROPERTY DESCRIPTION

 Photos - click HERE
 
The property is 3 bed victorian end terrace in the Dingle / Toxteth area of south Liverpool, just on the outskirts of the city centre.  There are great local transport links (train and bus), plenty of local amenities and schools.

Location map HERE

The property has gas central heating, and full double glazing, and also has modern well finished bathroom and kitchen.  Around Christmas they had hoped to sell the property for around £110,000, although this is now clearly impossible in the current market.  I would estimate around £95,000 for current market value.  I had bought a nearby property, less well finished, without double glazing, which valued at 95k in May.

Very little needed except the necessary certificates.  You may take a view to white-and-magnolia the place, but apart from that the property is ready to let.

L8 is a very popular rental location, and any time I have a property in the classified ads in this area, i always get a huge number of enquiries.  The local housing allowance rate for 3 beds in this postcode is £525pcm.

WHY BELOW MARKET VALUE?

The vendor has owned the property for several years.  Last year she  got married after a short relationship.  He turned out to be very manipulative and abusive and she ended up running up debts, and needing a remortgage to pay them off.  He also persuaded her to put his name on the remortgage.  Since then she has split up with this man, but now has run into serious arrears and is about to be evicted.

Her mother is living with her for protection until the property can be sold.  They intend to move somewhere and have a fresh start, as she does not want a rentback due to the bad memories in the house.  She simply wants to end all ties with this man and the house.

The estranged husband has consented to the sale at the agreed price.



Finally


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