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Armchair Acquisition

Acquisition Services for the Armchair Investor.


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Workshops

Buy To Let Workshops The Complete Series of Workshops
Acquisition Services First Choice
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Printable Version

Open the First Choice article as a PDF.

 

 
Our Service

 

Our service starts with sourcing, costing and negotiating the purchase of a property either through Estate Agents or by evaluating auction results (see Buy-to-Let at Auction ), viewing & costing suitable properties listed in forthcoming auctions and arriving at a maximum bid price, which takes into account various factors that affect the viability of the investment.

 

We continue on to instruct Solicitors & Mortgage Brokers, instruct & oversee the builders and furnishers and generally ensure that the transaction proceeds smoothly.

 

We finish by instructing local letting agents to let and manage the property.

 

Where a client wants us to continue to be involved in any aspect of their investment from reviewing the performance as and when necessary, through being their letting agent's "1st call" in the event of any problems, to advising on future planning & strategies, we can be retained on a time-cost basis. See Account Management .

 

Our service is completely 'hands off' as far as the investor is concerned, with all the investment criteria being agreed in advance.

 

Sources of Property

 

We buy property principally through two sources, Estate Agents, who sell the types of property that we are looking for, and Auctions selling property in pre-determined locations.

 

In addition we have developed a network of investor Consultants across the UK, who liase with their local Estate Agents and are often first call when a suitable property is registered.

 

Our Consultants also carry out local prospecting, noting properties that are in a distressed/derelict condition, and then try to contact the owners with a view to making an offer following an inspection, plus keeping us advised of any local New-Build that is being offered at a substantial discount.

 

Pre-Offer/Bid Inspection

 

Whether we are buying through an Agent of at Auction, all properties are inspected and, prior to offer, fully costed as regards the works necessary to put the property into good order, see Refit Specification .

 

All measurements are checked, in the case of Auctions measurements are seldom included in the Particulars, and any re-design of the internal layout settled.

 

This inspection is generally carried out with our local builder who subsequently provides us with an estimate of the cost of the necessary work.

 

In the case of Auctions, our local builder always views properties that are of interest prior to Auction and estimates the cost of the refit works.

 

We rely initially on our builder to identify and advise on any structural, rot, damp, or infestation problems.

In the event of serious problems, a local surveyor would be instructed.

 

Local architects are also instructed in respect on any matters concerning Planning and Building Regulations, unless they are of a minor nature, when they are handled by our local builder.

 

Where possible internal & external photographs are taken.

 

We also obtain post refit guide vacant possession and rental values from local agents.

 

The results of this inspection are then fed into one of our Matrices in order to arrive at our maximum Offer or Bid price.

 

In the case of Agent purchases we generally start with an Offer that is up to 20% below the Asking Price.

 

In the case of Auctions we contact the Auctioneers to see whether a pre-auction offer would be entertained and act accordingly in respect of properties that we are interested in.

 

The Auctioneers are also instructed to forward the Legal Packs to our Solicitors McCormicks for checking.

 

In the event that we are unable to buy prior to the Auction, we then attend the Auction on behalf of our Clients, note the general tenor of the Auction, and bid accordingly.
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