Conveyancing

McCormicks of Leeds are our preferred Solicitor. They have acted for our Clients for over six years and have always carried out their work efficiently.

Letting & management

All properties can be let and managed at preferential rates by local Letting Agents, who initially reduce their standard fee of by 10%, and are appointed by Buy-To-Let Ltd.

Our appointed letting agents report & account directly to the investor.

Acquisition Service Fees

Our fees for sourcing through Estate Agents and at Auction are incentive based and reflect how any DIY investor would act in that he/she would try and drive down the cost of the property and also look for a cost effective refit that did not sacrifice quality in either the short or long term, as that would inevitably lead to higher ongoing maintenance charges.

We take the cost of the property and add to that the cost of the refit.

Subsequently, when the property is valued for mortgage/re-mortgage purposes we deduct the total cost of the property (exc Stamp Duty, Insurance & Mortgage Costs) plus the refit costs and charge a fee that is 35% of the difference, subject to a minimum of £ 4,000 per property, VAT inc. (see Example Fee Calculation )(see Fee Valuations )

It is therefore in our interests to both negotiate down the price of the property or bid competitively at auction and ensure that the refit costs are competitive.

Where an investor does not apply for a mortgage/re-mortgage, we, at our discretion, will instruct a local panel valuer to carry out an Open Market Valuation (OMV) on which our fee will be based.

We only carry out this valuation where we feel that the OMV is greater than the combined cost of property purchase, refit and our minimum fee.

By virtue of our buying expertise and regularity we are often the first call that Estate Agents make when instructed to sell a property that is suitable for our investors and we are also called in to help mend buying chains where one party cannot proceed, for whatever reason.

We have also developed a sophisticated method of evaluating properties offered at Auction and are often able to buy at substantially less than market value, including "prior to auction".

Our aim is to restrict the amount of cash that any investor leaves in the property to 15% of the post refit valuation, so that the overall cost of reaching a ready to let state is the equivalent of the 85% loan that the property will qualify for, taking into account any loan to rent ratio restrictions at the best interest rate available at that time.

Whenever we are instructed to source and buy a property, whether through Estate Agents or at Auction, or both, we require a one-off £ 250 Administration Fee , a £ 250 non-refundable Commitment Fee , which is taken into account when preparing our fee account following a successful purchase, plus a £ 5,000 Deposit , which is held on account generally, in our Client Account, against any expenses that we may incur on your behalf.

Where a Client cancels our instructions then the £ 5,000 Deposit is refunded less any expenses that we may have incurred such as Solicitor's costs or outstanding fees.

To summarise: We initially require the sum of £ 5,500, £ 250 Administration Fee , £ 250 Commitment Fee , £ 5,000 Deposit , thereafter we require a £ 250 Commitment Fee in respect of any additional properties that we are instructed to buy, which can be applied against the Deposit subject to the credit balance.

Our fee structure is based on buying a single property at a time for a Client, where we are buying a property that will subsequently be converted into a number of single dwelling units, our minimum fee may be applied to each dwelling unit created, subject to our sole discretion.

Account Management

We can remain on-board after the property has been let to oversee the performance of the investment and be the Agent's 1st call in the event of any problems arising.

We can also carry out annual/end of tenancy inspections and monitor the value of the property with a view to taking up a Further Advance for another Acquisition. See Re-Investment Strategy.

Our Account Management Fee is charged on a time cost basis at £150 per hour, min 15 mins.

Refit Specification

All properties undergo a standard refit, which includes the following.

•  Complete Redecoration.

•  Pine Internal Doors with Brass Fittings or HMO Fire Doors.

•  Existing Single Electric Sockets converted to Double Sockets.

•  Power Shower

Where not fitted, the following will be installed.

•  Built In Wardrobes to all Bedrooms.

•  Combi Gas Central Heating System.

•  UPVC Windows (Freehold only)

•  Washing Machine Plumbing.

Subject to condition the following will be upgraded or replaced.

•  Kitchen.

•  Bathroom.

•  Wiring.

All properties will be

•  Carpeted. (Kitchen & Bathroom Vinyl/Laminate)

Subject to local demand properties will be

•  Supplied with Cooker, Fridge/Freezer & Washing Machine

•  Fully furnished.

•  Fitted with made-to-measure lined Curtains